Keaney Insurance Brokers Terms of Business
Keaney Insurance Brokers Ltd
30, Lower Leeson Street, Dublin 2
Tel. 01 661 8080 Fax. 661 8081
Registered in the Company’s registration under company no. 200011
Keaney Insurance Brokers Ltd is regulated by the Central Bank of Ireland. Keaney Insurance Brokers Ltd t/a K-Tech Insurance and Risk Management Services is regulated by the Central Bank of Ireland.
Terms of Business
These terms of business set out the basis on which Keaney Insurance Brokers Ltd will provide business services to you as a client of the firm. They also contain details of our regulatory and statutory obligations and the respective duties of both the firm and you in relation to such services.
Keaney Insurance Brokers Ltd is authorised by the Central Bank of Ireland to provide advice and transmit orders in relation to Listed Shares and Bonds, Tracker Bonds and Insurance Policies under Section 10 of the Investment Intermediaries Act, 1995 (as amended). We are also registered as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005 (as amended). Copies of our authorisations are available on request. The Central Bank holds registers of regulated firms. You may contact the Central Bank on (01) 4104000 or alternatively visit their website on www.centralbank.ie to verify our credentials. Our regulatory reference number is C1304. We are subject to the Central Bank’s Consumer Protection Code, Minimum Competency Code, and Fitness & Probity Standards – these documents can be found on the Central Bank’s website www.centralbank.ie.
We will offer broad based advice on a fair analysis basis, which means we review a wide range of products available in the market, primarily in the areas of Commercial and Personal General Insurances. As a Credit Intermediary the firm can arrange personal loans, generally with a view to arranging the financing of insurance premiums.
We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is available on request).
Advice on a limited analysis basis:
We provide advice on a limited analysis basis in relation to Private Health Insurance and the products and services of Irish Life Health are considered in relation to this class of business.
This firm does not have ‘tied’ relationship with any institution that would compromise our ability to offer you impartial advice and choice. This firm does not have a shareholding in any insurer and likewise no insurer has a shareholding in this firm.
Remuneration and Fees
Our normal method of remuneration for services provided is by way of Commission from product producers or Fees charged to clients, or a combination of both. We may receive additional remuneration from product producers based on volume business placed, claims experience, profit sharing or other arrangements. We may also receive renewal commissions while your policy remains in force. Where we arrange premium finance for you, the finance houses may pay us a commission, which can vary up to 1% of the premium financed. All of these payments contribute to the overall cost of running our business and providing you with service on an ongoing basis. Details of remuneration and commissions receivable are shown on the Contact Us page on our website www.kib.ie. Our Fees will be communicated to you at New Business, Renewal, or Mid-term Adjustment stage, and will be clearly set out in our Invoice or Credit Note issued to you. We will, with your written consent as set out below, deduct in certain circumstances an Administration Fee from a premium rebate which may be due to you. Our Invoices/Credit Notes will be inclusive of an insurance premium, administration fee (if applicable), and government levies and/or taxes.
Keaney Insurance Brokers provide consultancy services in relation to insurance covers, contract analysis, claims, where the placement of insurance business or arrangement of a policy may not take place. Project management services also can include survey fees, health and safety fees – we will provide a note of the proposed fee together with an overview of the proposed work schedule for agreement prior to commencement of the project.
Where it is requested that premiums are paid net of commission, we will charge a fee in relation to this request. This will be notified to you and shown on our Invoice.
Conflict of Interests
It is the policy of Keaney Insurance Brokers Ltd to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise we will advise you of this before proceeding to provide any business service. If you have not been advised of any such conflict you are entitled to assume that none arises.
Minimum and Deposit premiums
Where your policy is written on a ‘Minimum and Deposit’ basis this means that you will not get a pro rata refund of premium(s) if you cancel your policy during a renewal year or at year end when the policy(ies) is being adjusted. These Conditions are normally set out in your policy document(s). Similarly, with Deposit premiums any amount which falls within the deposit premium will be non-refundable in the event of cancellation or, when the policy is adjusted at year end.
Where you fund your insurance premium by way of premium finance from a Finance Provider and subsequently cancel a policy, you will receive no pro rata refund from your insurer and you will have to maintain your loan repayments to the Finance Provider for the full term of the loan.
Consumer Insurance Contracts Act 2019
Certain provisions of the Consumer Insurance Contracts Act, aimed at enhancing consumer protection, are effective from 1 September 2020. Set out below are some specific points arising from the new legislation:
Subject to certain conditions, a consumer may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 days after the date the consumer was informed that the contract is concluded. In the case of general insurance, the insurer cannot impose any financial costs on the consumer other than the cost of the premium for the period of cover.
The consumer is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
A court of competent jurisdiction can reduce the pay-out to the consumer where they are in breach of their duties under the Act, in proportion to the breach involved.
Post-Contract Stage and Claims
If, in respect of the insurance contract the insurer is not obliged to pay the full claim settlement amount until any repair, replacement or reinstatement work has been completed and specified documents for the work have been furnished to the insurer, the claim settlement deferment amount cannot exceed
- 5% of the claim settlement amount where the claim settlement amount is less than €40,000, or
- 10% of the claim settlement amount where the claim settlement amount is more than €40,000.
An insurer may refuse a claim made by a consumer under a contract of insurance where there is a change in the risk insured, including as described in an “alteration of risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover.
Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the contracting parties when the contract was concluded.
The consumer must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time.
The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.
If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it. (The insurer is under the same duty).
If, when making a claim, a consumer provides information that is false or misleading in any material respect (and knows it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.
Where an insurer becomes aware that a consumer has made a fraudulent claim, they must notify the consumer on paper or on another durable means advising that they are avoiding the contract of insurance. It will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract.
Some further sections of the Consumer Insurance Act 2019 become effective on 1st September 2021, as follows:
You will be asked specific questions prior to taking out a policy, at renewal, and when you may require alteration to your policy. You are required to answer all questions asked by us, or the insurer, honestly and with reasonable care. Where you do not provide additional information after being requested to do so, it will be presumed by the insurer that any information previously provided remains unchanged.
An insurer may repudiate liability or limit the claim payment if it establishes that there has been non-disclosure of material information by a consumer, and that the insurer would not have issued a policy or issued a policy on the terms on which it did, if that information had been known to the insurer. Likewise, where there has been misrepresentation by a consumer, an insurer may, depending on the type of misrepresentation, reduce the amount of a claim or refuse to pay a claim.
A copy of an application form, proposal form, or statement of fact, where such is relevant to the particular contract, will be provided to you showing the insurers specific questions and information required for underwriting purposes. You must review the document(s) provided and check that the answers you provided are accurate. If any information or answer provided is incorrect you must notify us immediately.
Commercial Customers who are not considered to be Consumers under the Act must continue to bring to our attention all material information which may be relevant to the risk. Any failure to do so may invalidate any claim and render your policy void.
Failure to pay or default
We reserve the right to instigate cancellation proceedings in the event of the following:
- your non-payment of the premium due at inception, renewal or following a mid-term adjustment
- your bank returns your cheque due to insufficient funds or any other reason (please note that any bank charges incurred will be passed on to you)
- non disclosure of relevant information
- if you default on your loan repayments to an Insurance Premium Finance Provider, the Finance Provider will instruct Keaney Insurance Brokers Ltd to cancel policies which are the subject of the loan agreement and obtain pro rata refunds where these are due under a policy, from your Insurer. These will be payable to the Finance Provider. If this happens, your policy(ies) will be cancelled and you will not have insurance cover
- Insurer imposed cancellation
Your insurer may cancel your policy in certain circumstances. These conditions are clearly outlined on all policy documents. Please read your policy document carefully. When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request. We reserve the right to take legal action to recover any monies due to us.
The company has a written procedure in place for the effective consideration and handling of complaints. For the sake of clarity, our preference is that any complaints should be addressed in writing to the Managing Director, Keaney Insurance Brokers Ltd. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 20 working days, we will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, you have the right to complain to the Financial Services & Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. Low Call 1890 88 20 90.
Investor Compensation Company Ltd (ICCL) Scheme
Keaney Insurance Brokers Ltd is a member of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act, 1998. The legislation provided for the establishment of a compensation scheme and to the payment in certain circumstances, of compensation to certain clients of firms (known as eligible investors) covered by the Act. However, you should be aware that a right to compensation would only arise where client money or investment instruments held by this company on your behalf cannot be returned, either for the time being or for the foreseeable future, and where the client falls within the definition of eligible investor as contained in the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the client’s loss, which is recognised as being eligible for compensation, or €20,000.
Brokers Ireland Compensation Fund Ltd
As a member of Brokers Ireland, Keaney Insurance Brokers Ltd is also a member of the Brokers Ireland Compensation Fund Ltd. Subject to the rules of the scheme the liabilities of its member firms up to a maximum of €100,000 per client (€250,000 in aggregate) may be discharged by the Fund on its behalf if the member firm is unable to do so, where the above detailed ICCL (established by law) has failed to adequately compensate any client of the member.
We operate to the highest standards of client confidentiality and meet statutory requirements under the Data Protection Acts 1998 to 2018, and the European Union’s General Data Protection Regulation effective from 25th May 2018.
Our staff and support service providers will use your personal information to offer advice on suitable products, service your business on an ongoing basis, monitor services for quality control purposes, or as otherwise required by law. For these purposes we may share your contact details and other relevant information with product providers and our support service providers, for the purposes of providing you with appropriate advice.
Please note, we may, with your consent, share information with our associated company Keaney Financial Services Limited.
We would also like to offer you products and services which we think may be of interest to you. In order to do so, we would like your consent so that we may contact you by letter, email, SMS text, or telephone (mobile and landline). You have the right to ask us not to send marketing information to you at any time.
Full details of our Data Privacy Notice – Customer Summary is available on request or on our website www.keaneyinsurance.ie
Governing Law and Language
The laws of Ireland form the basis for establishing relations between you and Keaney Insurance Brokers Ltd. All contracts, terms, conditions and communications relating to any policies you may enter with this firm will be in English. The terms set out above apply to any service provided to you from the effective date shown below and should the firm make any material change to its terms you will be notified in advance.
Duty of disclosure
It is your responsibility to provide complete and accurate information for insurers when arranging an insurance policy, throughout the life of that policy, and when you are renewing it. It is important that you ensure that all information provided and all statements made on proposal forms, claim forms, and other documents are, to your knowledge and belief, complete and accurate. Failure to disclose any material information to your insurers could invalidate your insurance cover and could mean that all or part of a claim will not be paid.