Terms of business

1. Introduction

Wexford Insurances Ltd. (The Company) is a member of the Irish Brokers Association (IBA). The Company does not have any tied relationships with any institution that would compromise its ability to offer you professional advice and choice on general insurance (all non-life insurance). We are able to place your business with leading insurers and other financial institutions where relevant.
Please refer to Section 12 below for more details on the services we provide.
Details of how you may contact us and other relevant organisations are contained in Section 11 below.

The information detailed below sets out the terms that will apply to any business service provided by us and should be read carefully. Please do not hesitate to raise any queries that you may have.

 

2. Authorised Status

The Company is regulated by the Financial Regulator as an Authorised Advisor. A copy of our Statement of Authorised Status is displayed in the public area of our office.

The Company is authorised to provide the following services:

  • Offer broad based advice in relation to all classes of non-life insurance (motor, property, liability, marine, etc.).
  • Receive and transmit orders on your behalf for a product(s) to one or more of the Product Producers (insurers and financial institutions) with whom the Company has agencies. A list of the agencies we hold is available on request

3. Remuneration Policy

Normally the Company is paid a commission by a Product Producer where it holds an agency appointment for any product that it arranges with the Product Producer on behalf of a client. Also the Company reserves the right to apply a brokerage fee for all general insurance (non-life insurance) products that it arranges or amends with a Product Producer on behalf of a client.
The amount of this fee will be specified to each client when the Company arranges or amends a general insurance product(s) with a Product Producer on behalf of a client.

The brokerage fee is charged to cover the following:

  • Sourcing of the product
  • Administration costs
  • Risk management advice
  • Claims handling
  • Standard advice on product placement

The Company charges an administration fee where it gives advice which, either results in no product being placed or, the product being placed with a Product Producer with whom it has no agency appointment.

The administration fee scale is:
Director €190.00 per hour
Consultant € 90 .00 per hour

The rate of the administration fee is consistent with those recommended by our professional body, the IBA.

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4. Handling Clients' Money

The Company accepts payment in cash, debit/credit card or negotiable instruments (e.g. cheque) in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995.

This includes the renewal of a policy, amendment to an existing policy and the acceptance of a proposal by an insurer. Monies received from clients are retained in our Client Premium Account, which is a bank account solely for clients' monies. We are not authorised to accept cash, debit/credit card payments or negotiable instruments (e.g. cheque) in any other circumstances.

5. Payment of Premiums by Clients

Clients are required to pay the premium for a new policy, the renewal of an existing policy or an additional premium where an alteration has taken place to an existing policy within the credit terms agreed with the Product Provider. The premium is payable immediately unless credit terms have been specifically arranged with us. Where credit terms are provided they are 7 days from the policy inception or renewal date or alteration date.

In some cases the Product Provider may require to receive payment prior to the policy risk being accepted and it is clearly stated to the client where payment is required on this basis.
The Company is able to arrange premium finance schemes operated by a bank or finance house if clients require longer credit terms. Please ensure you read and understand the terms and conditions of the premium finance scheme.

Also some Product Providers offer a direct debit system to facilitate the payment of a premium.
The Company issues a receipt for cash or negotiable instruments (e.g. cheque) payment received. This is required under Section 30 of the Investment Intermediaries Act 1995. A receipt is issued with your
protection in mind and should be stored safely.

6. Non-Payment of Premiums by Clients

If a client fails to pay within the credit terms agreed when cover is arranged, the Company will advise the Product Producer involved and cover will be cancelled. In the event of cancellation the client may be liable to a cancellation charge. The amount of this charge could be the full premium cost or some lower amount. The Company will notify you of the amount of the cancellation charge.

7. Premium Rebates to Clients

Premium rebates are transferred to clients within 5 business days after the rebate has been received from the Product Provider or, if applicable, being notified by them that a rebate is due.

8. Conflict of Interest

It is the Company's policy to avoid any conflict of interest when providing business services to its clients.
However, where an unavoidable conflict arises we will advise clients of this in writing before we provide any business service.
If you have not been advised of any such conflict you may assume that none arises.

9. Complaints

The Company has a written procedure in place for the effective consideration and handling of complaints. This procedure ensures:

  • All complaints are recorded.
  • Written complaints are acknowledged in writing within 5 business days and regular updates provided.
  • All complaints are fully investigated and the outcome of the investigation communicated to the person who raised the complaint.

Written complaints should be addressed to:

Ken Lawler, Director.
Contact details are stated at Section 11.

You may contact the Financial Services Ombudsman if a complaint has not been resolved and the company's complaint procedure is exhausted. You may also contact the Irish Brokers Association if you are dissatisfied with the company's handling of and response to your complaint.

Contact details are provided at Section 11.

10. Consumer Protection

The Investor Compensation Act 1998
The Company is a member of the investor compensation scheme established under the Investor Compensation Act, 1998. This legislation provides for the establishment of a compensation scheme and to the payment, in certain circumstances, of compensation to clients of firms covered by the Act. However, you should be aware that a right to compensation will only arise where money or investment instruments held by this firm 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 that Act. In the event that a right to compensation is established, the amount payable is the lesser of 90 per cent of your loss which is recognised as being eligible for compensation or €20,000. In addition to the Compensation available under the Investor Compensation Act 1998, the Company is bonded through its membership of IBA for €250,000 with an inner limit of €100,000 per client

11. Contact Details

Our office is located at:

Wexford Insurances Ltd
86 South Main Street
Wexford Town
Co. Wexford

Tel. 053 91 22466
Fax 053 91 23920
Email: info@wexfordinsurance.com
Web: www.wexfordinsurance.com

Other organisations:

The Financial Regulator
P.O. Box 9708
6-8 College Green
Dublin 2

Tel. 01 410 4000
Fax 01 410 4060

 

Irish Brokers Association
87 Merrion Square
Dublin 2

Tel. 01 661 3067
Fax 01 661 9955

Financial Services Ombudsman's Bureau
3rd Floor Lincoln House,
Lincoln Place,
Dublin 2

Lo-Call 1890882090
Tel. 01 662 0899
Fax 01 662 0890

12. Business Services

The services we provide include but are limited to: Motor, Household, Travel, Crèche, Legal Expenses,
Commercial Vehicle, all classes of Liability, Fleet, Special Types, Haulage, Bloodstock, Marine,
Commercial Property, Farm, Shop, Professional Indemnity, Directors & Officers and Credit Insurance.
(TOB/Rev 3 01/11/2009)

13. Data Protection

We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is used only for legitimate purposes. To fulfil these objectives we may share information with our sister company Wexford Financial Services Ltd and other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time.


You have the right at any time to request a copy of any ‘personal data’ within the meaning of the Data Protection Act, 1988 (as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.