Terms Of Business
John Brady Insurances of Drumcor, Loughduff, Co Cavan specialise in the provision of General Insurance services to consumers.
Our firm is authorised in Ireland under Insurance Distribution Regulations to receive and transmit orders or units of shares in undertakings for collective investment in transferable securities within the meaning of the Regulations of 1989, units in a unit trust, other collective investment scheme instruments, or shares in a company which are listed on a stock exchange or bonds so listed or prize bonds, tracker bonds, insurance policies or Personal Retirement Savings within the meaning of the Pensions Act, 1990 . Our firm is also registered as an insurance/reinsurance intermediary under the European Union (Insurance Distribution) Regulations, 2018.
Our firm is subject to the following Codes of conduct issued by the Central Bank of Ireland. These codes offer protection to our clients and all of the Codes can be found on the Central Bank’s website www.centralbank.ie Consumer Protection Code 2012, Minimum Competency Code 2017, Fitness and Probity Standards 2014.
John Brady Insurances offer advice in relation to all aspects of General Insurance. We also transmit orders on client’s behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment. A list of all such entities is contained elsewhere in these Terms of Business.
Our firm provides its non-life services to our clients on a fair analysis basis. “Fair analysis of the market” means that our firm provides its non-life services on the basis of a sufficiently large number of contracts and product producers available on the market to enable our firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet our clients
Our clients personal data is confidential and available only to our firm, we do not pass on clients details to any other firm unless instructed to do so by our client.
General Insurance: We are paid commission on each policy sold (details available in request) but we also charge brokerage at the following rate: Fleet and Commercial business 50% of premium--Motor renewal and new business €200.00. Motor Trade new business & renewals €200.00. House renewal and new business €150.00. Farm renewal and new business €200.00
Conflict of interest
It is the policy of John Brady Insurances to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises.
John Brady Insurances has in place a written procedure for the handling of complaints. This procedure ensures that all complaints are recorded and acknowledged within 5 business days. All complaints are fully investigated and the complainant updated (if relevant) at 4 weekly intervals. All complaints should be directed in writing to Mr Ciaran Brady, Complaints Officer, John Brady Insurances, Drumcorr, Loughduff, Co Cavan. In the event that a client remains dissatisfied with the handling of and/or response to a complaint they may refer the matter to The Financial Services Ombudsman.
John Brady Insurances. is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1998. The 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 also be aware that a right to compensation would only arise where 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 clients loss, which is recognised as being eligible for compensation or €20,000.
John Brady Insurances will accept payments by cheque and cash in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act 1995. Payments must represent premium in respect of either a renewal of a policy, which has been invited by an insurance undertaking or product producer or a proposal accepted by an insurance undertaking or product producer.
We regret that credit cannot be extended to clients in respect of premiums, initial, renewal or additional. Initial or first premiums must be paid at inception of cover and renewal premiums before the policy renewal date otherwise the Company will advise the insurance undertaking or product producer involved and cover will be cancelled.
John Brady Insurances will issue receipts for each payment received pursuant to provision 3.5 of the Consumer Protection Code 2014 and such receipts will be retained in a safe place.
John Brady Insurances actions in the event of default by the client are:
Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit. It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full. Some insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date. We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurers obligation under the policy will be terminated. We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums.
An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producers policy document.
The following are a list of insurance undertakings and product producers form which letters of appointments are held.
NON LIFE GENERAL INSURANCE APPOINTMENTS:
AVIVA, AXA, ANGEL, ARACHAS,AIG, ZURICH, ROYAL SUN ALLIANCE, LIBERTY,ARB
UNDERWRITING LTD, FBD INSURANCE,KIDD INSURANCE,PATRONA
UNDERWRITING.,DOLMEN, KENNCO, EUROPA, AON,SERTUS, THOMOND
WRIGHTWAY, BENCHMARK, PRESTIGE, SECURUS,ALLIANZ.
OPTIS, FINSURE, XS DIRECT, FROST UNDERWRITING, TRAVELERS
HICKEY CLARKE & LANGAN, WORLDWIDE INSURANCE.
John Brady Insurances, Drumcor, Loughduff, Co Cavan
Phone: Fax: Email:
043 6683136 043 6683047 Ciaran@brady-insurance.ie
John Brady Insurances Limited is regulated by the Central Bank of Ireland
EFFECTIVE DATE – 5th OCTOBER 2022