Cullen Insurances and PolskiQuote.ie – Terms of Business

These terms of business set out the basis on which Cullen Insurances and PolskiQuote.ie 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.

WILLIAM CULLEN & SONS LTD T/A CULLEN INSURANCES AND POLSKIQUOTE.IE
William Cullen & Sons Ltd t/a Cullen Insurances and PolskiQuote.ie carry on business at:
  1. The Square, Newport, Co Tipperary. Telephone Number 061-378116. Fax Number 061-378055.  
  2. Insurance House, 31/32 Upper William Street, Limerick. Tel Numbers 061-319268/061-384219; PolskiQuote.ie 061-378000. Fax Number 061-378055.  
E-mail: info@culleninsurances.ie.  We are registered in the Company Registration Office under Company Number 65074.
William Cullen & Sons Ltd t/a Cullen Insurances and PolskiQuote.ie is authorised by the Central Bank of Ireland under the Investment Intermediaries Act 1995, and is registered with the Central Bank of Ireland as an Insurance Intermediary under the Insurance Mediation Directive.  Copies of our various authorisations are available on request.  

William Cullen & Sons Ltd t/a Cullen Insurances and Polskiquote.ie are registered with the National Consumer Agency to act as a Credit Intermediary and we are also members of the Irish Brokers Association (IBA).

STATUTORY CODES
Cullen Insurances and PolskiQuote.ie are subject to and comply with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland.  These Code(s) offer protection to consumers and the Code(s) can be found on the Central Bank’s website www.centralbank.ie
 
SERVICES PROVIDED
We will offer advice on a fair analysis basis in relation to all classes of insurance policies. This means we will search the market available to us on your behalf, and offer or recommend product(s) or services(s) we consider suitable or most suitable, for your particular needs, objectives and circumstances.  We are authorised to provide the following services:
- Offer advice in relation to all classes of non-life insurance (motor, property, liability, marine etc) from only those product producers and other intermediaries with whom an appointment is held.
- We will identify and select a suitable product producer(s) and on receipt of your instruction we will transmit orders on your behalf for a product(s) to one or more of the product producers and other intermediaries with whom an appointment is held, and a list     of product producers is available upon request.
- As a Credit Intermediary the firm can arrange premium finance.
We aim at all times to conduct our business with utmost good faith and integrity, delivering a wide range of insurance services including risk review, risk presentation, market research, insurance placement, insurance administration, loss and claims assistance,   consultancy etc.
This firm does not have a tied relationship with any institution that would compromise our ability to offer you independent advice and choice.
 
REMUNERATION POLICY
Cullen Insurances and PolskiQuote.ie are remunerated by a professional fee for the initial work activity and time spent in seeking the best terms, advice, product and product producer for your specific needs.  An administration fee is also charged for the activity involved in the renewal of the policy and also any alterations that take place during and at termination of a policy.  A scale of our fees is under noted. We are also remunerated by commission received from the product producers for the work involved in placing an order and finalising the product with them on your behalf.  Depending on the class of business the range of commission can be from 0% to 20%.  Details of commission arrangements are available on request.
We are remunerated for the business services we offer you our client in a number of ways:
- By the product providers and premium finance companies with which we place business in   the form of a commission payment (some product providers do not pay a commission).
- By you directly in the form of a compliance fee which we will agree in advance of all   transactions.
- By you directly in the form of an administration fee which we will agree in advance of all   transactions.
 
SCALE OF FEES

 

Initial/New Business Fee

Renewal

Policy Alterations/Cancellations

Personal General Insurance

Up to a maximum of €200

Up to a maximum of €200

Up to a maximum of €200            

Commercial General Insurance

Up to a maximum of 100% of premium 

Up to a maximum of 100% of premium 

Up to a maximum of €200

Personal and Commercial General Insurance

A compliance charge of up to 2% is levied on all general insurance transactions. A fee of €25 will be charged for all duplicate documentation

Note:
- We reserve the right to amend these charges should the complexity of the product require a higher fee. We will confirm and agree     this charge with you prior to any increased charge being applied.
- In respect of premium finance arranged for you on your request, there is an Override Charge of up to 5%. Any default in               repayments by you will incur an administration fee of €25
- It is the company’s policy that any transaction resulting in a return of premium not to make a charge to the client
We may sometimes in the ordinary course of our business also earn income in a number of other ways by providing consultancy services to our clients, and by providing services to the suppliers we deal with on our clients’ behalf.
In respect of new business introduced/referred to our company by our business contacts, we share commission payment received from the product providers.  Commission is also shared with self employed insurance consultants in respect of business introduced and transacted through our company.
CONFLICT OF INTEREST AND COMPLAINTS
It is the policy of Cullen Insurances and PolskiQuote.ie to avoid any conflict of interest when providing business services to our clients.  However, where an unavoidable conflict may arise, we will advise you of this before proceeding to provide any business services.  If you have not been advised of any such conflict you may assume that none exists. This company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director, Cullen Insurances. 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, contact may be made with the Irish Brokers Association, 87 Merrion Square, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
 
CANCELLATION/COOLING OFF PERIOD
A consumer (as defined by SI No. 853 of 2004) has the right to withdraw from as insurance policy (as defined under SI No. 853 of 2004) within 14 days of the start date of the policy without penalty and without giving any reason – this is known as the Cooling Off Period. The right of withdrawal may be exercised by notice in writing to Cullen Insurances/PolskiQuote.ie, quoting your policy number.  Should this right be exercised the Insurance Company may charge a pro rata premium for the period you are on cover.  If the cover is motor insurance the premium cannot be refunded until the Certificate of Insurance and Windscreen Disc have been received by Cullen Insurances/PolskiQuote.ie.
Cancellation:  You, the customer can cancel your policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred by Cullen Insurances/PolskiQuote.ie have been paid and provided that no incident giving rise to a claim has occurred in the current period of insurance, you will be entitled to a proportionate return of the premium for the unexpired period of insurance unless the policy is on a Minimum & Deposit basis, and if this is the case, no return will be allowed on the policy and this will be noted on your policy schedule.  If you cancel during the first year (outside of the cooling off period) short term rates apply. Please see policy terms and conditions.  In the case of cancellation of motor insurance you must return the certificate of insurance and windscreen disc to Cullen Insurances/PolskiQuote.ie.
Insurance companies normally reserve the right to cancel policies at any time by giving appropriate notice to your last known address.  Please refer to your policy terms and conditions.
 
GOVERNING LAW & LANGUAGE
Governing Law:  The laws of Ireland will apply to policies and the Irish courts will have jurisdiction to hear any dispute regarding it, unless otherwise stated on the proposal form or policy terms and conditions.
Language:  The policy and all communication in respect of the policy will be in English.
 
COMPENSATION SCHEME
Cullen Insurances and PolskiQuote.ie are members of the Investor Compensation Company Ltd (ICCL) Scheme established under the Investor Compensation Act 1998.  This 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 of 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.
As a member of the Irish Brokers Association (IBA), Cullen Insurances and PolskiQuote.ie are also members of the IBA 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) had failed to adequately compensate any client of the member.
 
PREMIUM HANDLING
Cullen Insurances and PolskiQuote.ie will accept payments in cash, by cheque, or by credit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995.  Cullen Insurances and PolskiQuote.ie are not authorised to accept cash or negotiable instruments in any other circumstances.  
Premiums are due on or before renewal/inception date.  Under Central Bank legislation very strict rules apply in the payment of premiums to insurance companies.  We will not be able to pay premiums to insurers, which have not been received from clients.  Therefore, to avoid policy cancellation, premiums must be paid strictly within the credit terms, if agreed, otherwise immediately prior to cover incepting.
 
FAILURE TO PAY OR DEFAULT
Product producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit.  Details of these provisions will be included in your policy terms and conditions.   If the premium is paid by instalments and you miss a payment, the product producer may cancel the policy.  The Direct Debit Terms should be referred to, and a copy is available on request.  We will also exercise our legal right to receive any payments due to us for business services provided in the event of a default in payment.
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
- Non disclosure of relevant information (material facts)
- Insurer imposed cancellation
Your insurer may cancel your policy in certain circumstances.  These conditions are clearly outlined on all policy documents.
When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request.
 
DOCUMENTATION
We liaise with product producers to send our clients a formal policy document as soon as possible after inception of cover (unless one is not required or not to be issued).  This document sets out the various terms, conditions, warranties and exclusions relating to the cover and should be read carefully and understood.
We recommend all confirmations of cover, policies and other documents be checked to ensure they are in accordance with requirements.  If they are not, or if any clarification of any aspect of the cover is required, we must be contacted immediately. 
We recommend that clients retain all confirmations of cover and policy documents for as long as a claim is possible under the relevant insurance policies.
We are not authorised to issue Insurance Certificates, Road Traffic Act Discs and Driving Experience Letters unless the client makes payment of the premium.
Period of Insurance:  Subject to cancellation, the period of insurance in respect of any policy will be the period specified as such in the Policy Schedule and/or Renewal Notice, and/or Certificate and Disc.
 
DUTY TO DISCLOSE INFORMATION
Insurance contracts are based on utmost good faith.  It is your duty to disclose to insurers, before the contract is concluded, all ‘material’ information that is known to you.  The obligation of disclosure is not limited to material information of which you are aware; it extends to those matters, which you ought to be aware of in the ordinary course of your business.
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.
If there is any breach of the duty to act with utmost good faith or failure to disclose any material information to insurers, the insurers will be entitled to void the policy of insurance from inception if the breach induced the making of the contract on the relevant terms.  In effect, this means they would be entitled to act as if the policy had never existed and to seek recovery of all claims already paid under the policy.
In completing a proposal or claim form, or other document relating to an insurance policy, the accuracy of all answers, statements and/or information is the insured’s sole responsibility.
 
CLAIMS
It is essential that we are notified immediately of any claim or circumstances that could give rise to a claim.  When you notify us, you must include all material facts concerning the claim.  The policy wording will describe in detail the procedures and conditions in connection with making a claim.  It should be noted that there is no cover for defence costs incurred without insurers’ prior consent.
 
DATA PROTECTION
Cullen Insurances and PolskiQuote.ie are Data Controllers as defined in the Data Protection Act 1988 and 2003.
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 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.
February 2016  

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