Terms, Conditions, Obligations & Responsibilities
Sheridan Insurances Limited trading as Sheridan Insurances is a private Limited Company. We are authorised and regulated by the Central Bank of Ireland under the Investment Intermediaries Act 1995 (as amended), as an Insurance Intermediary under the Insurance Mediation Regulations 2005. We are also registered with the Competition and Consumer Protection Commission as a Credit Intermediary. Copies of our statements of Authorised Status are available on request. Sheridan Insurances Ltd. is subject to and complies with the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland, details of which can be found on www.centralbank.ie.
We are also members of the Irish Brokers Association (“IBA”), and the Investor Compensation Scheme established under the Investor Compensation Act 1998.
We offer a wide range of insurance and financial services from a number of locations within Ireland including Wexford, New Ross and Kilkenny. In addition we offer a range of online facilities at www.sheridan.ie. Our services can include:
• Advising our clients on their insurance and financial needs (such as pensions and investments).
• Arranging insurance cover, pensions and investments in accordance with our client’s instructions.
• Arranging insurance premium finance.
• Helping our clients with any changes to such insurance cover that they wish to make.
• Assisting our clients with claims on insurance policies that we have arranged.
We offer advice on a fair analysis basis in relation to all classes of insurance, pension and investment policies. This means we will research the market place and recommend the best product to suit our clients needs. The suitability of insurance products in the insurance market depends on many factors. These factors will be considered by Sheridan Insurances before recommending an insurance product to any client. In order to provide these services we hold agency agreements with a substantial number of Product Producers, a list of which is available on request and displayed in our offices.
Our Commitment To You
Sheridan Insurances endeavour in all transactions to:-
• Act honestly and fairly in conducting our business activities in the best interests of our clients and the integrity of the market.
• Comply with all regulatory requirements applicable to the conduct of our business activities so as to promote the best interests of our clients.
We are remunerated by both commission and/or fees. We offer all clients the option of paying solely by fee if so desired. Fees are charged for our services to clients and for the provision of advice regarding insurance and financial services as follows;
It is the policy of Sheridan Insurances to disclose actual fees charged on our documentation to you.
• A minimum policy set up fee of €30 is applicable.
• A fee of €20 will be charged for all duplicate documentation.
• An administration fee may apply to policies on direct debit and some product producers may collect our administration charge on our behalf on direct debit policies.
• An administration fee of €10 to cover the expenses of a returned/replacement cheque or direct debit default is in place.
• We do not charge for payments made by credit/debit cards.
• Any third party charges in connection with your policy will be included in the premium.
Advice without placement of a contract is chargeable on a time disbursements basis:
The rate of fees charged is consistent with the rate recommended by our professional body the I.B.A.
We are also remunerated by commission received from the product producers for the work involved in placing orders and finalising policies with them on your behalf. This ranges from 0% to 30% dependent on the class of business, details of which are available on request. A number of product producers pay NO commission. A commission of €22.50 is received under the Roadside and Homestart Assistance product. Where separate premium finance agreements are arranged for you via a premium finance provider we may earn additional commission of up to 7% of the annual premium. Some product producers pay commission that is not related to the placement of individual policies, but is based on other factors such as volume of business placed with them over time.
Should you be entitled to a refund this will be issued in line with CPC 2012 regulations within five business days. Refunds will be issued once the Insurer has confirmed same to Sheridan Insurances Limited. We offer a number of options regarding the processing of refunds;
• We can provide a reduction from another premium currently due
• You may make a donation of the refund to a registered charity
• Refunds will be credited to a credit/debit card where a relevant past card payment exists; all other refunds will be issued by cheque
• Card refunds are processed daily and can take between 7-10 working days to be processed by our Merchant Services provider
• Cheque refunds are processed once weekly and will be sent via An Post, once lodged these may take up to an additional 8 working days to clear
Premium Discrepancies and Errors
Occasionally Insurers will indicate a premium and when the policy/endorsement is issued will charge a slightly different premium. When this occurs and the difference is less than €15, we will not charge this to you; neither will we refund any amount less than €15.
When providing quotations human error does occasionally occur and where this happens we reserve the right to alter any premium, either before or after inception of cover, indicated or quoted to you. If you are unhappy with the revised quote we will obtain a refund for you.
Duty of Disclosure to Insurers and Duty of “Utmost Good Faith”
The law in the Republic of Ireland deems insurance to be a special class of contract which imposes onerous duties upon prospective insured’s (clients) and their agents (us), who are obliged to act with “utmost good faith” towards Insurers at all times. You are obliged to disclose to Insurers, before the contract is concluded, all material information. If you are unsure as to what constitutes material information or whether you should disclose something, please disclose anyway. The obligation of disclosure is not limited to material information of which you are aware. It extends to those matters of which you ought to be aware in the ordinary course of your business. 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. In effect this means that Insurers would be entitled to act as if the policy had never existed, decline to pay any claims, and to seek recovery of all claims already paid under the policy, although the Insurers would be obliged to repay the premium in most circumstances.
The duties of utmost good faith and disclosure apply when you take out your insurance policy, throughout the life of that policy, when you renew your policy, to any claim you may submit and throughout the claims process, and to any situations in which you are required, under the terms of the policy or otherwise, to provide information to Insurers. Failure to disclose any material information may result in the policy cover being void from inception and in claims not being paid
Insurers now share all claims information on the InsuranceLink database. This reports on all claims and will be used by Insurers to verify correct disclosure of claims information. If you fail to disclose any claims information, it may result in the Insurer voiding policy cover from inception and your claim not being paid.
In completing a proposal or claim form, or providing other information, by whatever means, relating to an insurance policy, the accuracy of all answers, statements and/or information will be your sole responsibility. Failure to disclose any material information may result in the policy cover being void from inception and in claims not being paid. Where you are in any doubt, you should seek our advice.
It is essential that we are notified immediately of any new claims, or circumstances, which could give rise to a claim. When you notify us, you must include all material facts concerning the claim. The policy wordings will describe in detail the procedures and conditions in connection with making a claim. Failure to give notification of any incident or claim may result in claims not being paid. Again where you are in any doubt, you should seek our advice.
Our services may be terminated without cause or penalty by either us or you, upon the giving of one month’s written notice of termination to the other or as otherwise agreed. In the event our services are terminated by you other than at the expiry of the policy period or at renewal, we will be entitled to retain any and all professional service fee or brokerage payable (whether or not it has been received by us) in relation to policies placed by us prior to the date of termination. With effect from the date of termination and in the absence of express agreement to the contrary we will have no obligation to perform any further services (whether contained in this Agreement or otherwise) for you. Our responsibility for handling claims reported after the date of termination shall cease in the absence of express agreement.
Limitation on our Liability
Sheridan Insurances liability shall be limited as follows:
• Save in the case of fraud, liability for any loss or damage, however caused suffered by you (or by any other party) arising from or in connection with our services shall be limited as follows;
• Sheridan Insurances shall have no liability in the event of any claim not notified in writing within 45 days from the date of the alleged loss or damage.
• Sheridan Insurances shall have no liability for any loss or damage arising from or in connection with provision of their services where the services were provided over four years from the date of the claim.
• Sheridan Insurances shall have no liability for any claim to any party where such claim exceeds the sum of five million Euro (€5,000,000.00).
Payment Default/ Policy Cancellation
Your Policy may be cancelled 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.
• Non-receipt of required documentation .
• Insurer enforced cancellation.
Your Insurer may cancel your policy in certain circumstances; these conditions are outlined in your policy documents. We collect premiums for onward transmission to Insurers. In the event that such premiums are not paid, Insurers are entitled to cancel cover without notice. It is therefore critical to the guaranteed continuance of your insurance cover that your premium is paid on time. When paying premiums, you must specify the transaction to which the payment applies. In the absence of specific instructions, we will allocate the payment to the longest outstanding transaction on your account and after that, to the earliest transaction due to Insurers. If you have a loan with Close Premium Finance, the rebate from the product producer will be added to your loan account and then the outstanding balance/refund will be determined.
Conflict of Interest
We will seek to avoid conflict of interest but where this is unavoidable; we will explain the position fully before proceeding to provide any business service and manage the situation in such a way as to avoid prejudice to any party. If you have not been advised of any such conflict you may assume that none arises. Sheridan Insurances Ltd. may be in receipt of soft commissions from Product Producers with whom we deal based on levels of business placed. This arrangement will not conflict with our commitment to acting in our clients best interest.
We have in place a written procedure for the consideration of all complaints. If you have a complaint, please submit it in writing. All complaints should be addressed to “The Customer Services Manager”, at your local branch, or alternatively to 93 North Main Street, Wexford or to firstname.lastname@example.org. They will be recorded and acknowledged in writing within 5 working days of receipt. A written update will be issued to you every 20 days and a response to your complaint will be issued within 8 weeks of receipt of your initial complaint. In the event that you remain dissatisfied with our handling of and response to your complaint, you may contact the Irish Brokers Association, 87 Merrion Sq., Dublin 2, the Central Bank of Ireland, P.O Box No. 559, Dame St. Dublin 2 or the Financial Services Ombudsman’s Bureau, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. Our full Complaints Procedure is available on request.
Sheridan Insurances Limited is a member of the Investor Compensation Scheme established under the Investor Compensation Act. This legislation provides for the establishment of a Compensation Scheme and for the payment in certain circumstances of compensation to clients of firms covered by the Act. In the event that a right to compensation is established, the amount payable is the lesser of 90% of the loss which is recognised as being eligible for compensation or €20,000. Further information on the National Compensation Scheme is available from the Investor Compensation Company Limited, c/o Central Bank of Ireland, PO Box 11517, Spencer Dock, North Wall Quay. Furthermore, as a member of the Irish Brokers Association we are bonded to provide additional client compensation of €100,000 per client. This bond has an overall limit of €250,000.
Data Protection & Confidentiality
We will treat any personal (or other) information received by us, from you, with the utmost respect and where appropriate in accordance with data protection legislation, including the Data Protection Act 1988 and 2003. It will be necessary for us to disclose confidential information to Insurers and other parties where such information may be material to the risk being covered.A copy of our Data Protection Policy is available on request. The information provided to our firm may be used from time to time to advise you of the products and services we offer – this service may also be carried out by third parties authorised to act on our behalf. A copy of our Data Protection Policy is available on request. All phone calls may be recorded for training, quality and verification purposes. The information and other data provided to our firm may be used from time to time to advise you of products and services we may offer. When you request a quote from us, you may receive a telephone call, text message and/or email in relation to that quote. There may also be requirements to contact you for the purposes of discussing renewal terms of an existing policy with us or any other query directly related to an existing policy with us. We may also use the information to notify you by telephone, post, mobile phone, e-mail and/or text message about new or existing products or special offers. You have the option to decline to receive further marketing information from us. If you wish to exercise this opt out option please write to The Compliance Officer, Sheridan Insurances, The Arc, Drinagh, Co. Wexford or e-mail us at email@example.com or follow any additional opt out instructions that may be received in communications. If you have more than one e-mail address, telephone number, mobile telephone number or address please make sure to notify us about any changes for each one registered with Sheridan Insurances.
Where communication is by electronic mail, both parties accept the inherent risks in this method of communication. Not withstanding that we have reasonable virus checking procedures on our system, you will be responsible for virus checking all electronic communications sent to you. You will also be responsible for checking that messages received are complete. In the event of a dispute neither of us will challenge the legal evidential standing of an electronic document and the Sheridan Insurances Ltd. systems shall be deemed the definitive record of electronic communications and documentation.
We do not and cannot guarantee the financial security of any Insurer. This is a matter for the Regulator in the insurers home country. If you have any concerns about the security offered, please contact us immediately. A current list of all Insurers with whom we hold an agency appointment is available on request and displayed in our offices.
Retention of Documentation
We will maintain records of the contract(s) we arrange on your behalf. These will automatically be destroyed after a specified periods unless otherwise requested. We are happy to provide this service at no additional charge for as long as we remain your broker.
Our terms of business shall be governed by and construed in all respects according to the laws of the Republic of Ireland.