Terms of Business

SHEERAN INSURANCES LIMITED

Are

Insurance Brokers
Members of Brokers Ireland
Regulated by the Central Bank of Ireland.

Our aim is to advise our clients in relation to all classes of Insurance required by them and to offer a personal and efficient service.

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STATUTORY CODES

Sheeran Insurances Ltd is subject to and complies wih the Consumer Protection Code, Minimum Competency Code and the Fitness and Probity Standards as laid down by the Central Bank of Ireland. These codes can be found on www.centralbank.ie and are in place for the protection of consumers.

THE COMPANY

Established since 1992, our directors are:

Alan G. Sheeran Managing Director
James M Sheeran B. Comm. F.C.A, Finance Director.

CODE OF CONDUCT

We shall ensure in all transactions that we:

– Act honestly and fairly in conducting our business activities with due care and diligence in the best interest of our clients and the integrity of the market.

– Have and employ effectively the resources and procedures that are necessary for the proper performance of our business activities.

– Seek from our clients information regarding their financial situations, investment experience and objectives as regards the services requested.

– Make adequate disclosure of relevant material information in our dealings with our clients.

– Comply with the letter and spirit of all regulatory requirements applicable to the conduct of our business activities.

Date of Issue: 31/05/2018

Data Protection:

Sheeran Insurances Ltd complies with the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.

Sheeran Insurances Ltd is committed to protecting and respecting your privacy. We wish to be transparent on how we process your data and show you that we are accountable with the GDPR in relation to not only processing your data but ensuring you understand your rights as a client.

The data will be processed only in ways compatible with the purposes for which it was given as outlined in our Data Privacy Notice, this will be given to all our clients at the time of data collection.

We will ensure that this Privacy Notice is easily assessable. Please refer to our website www.sheeraninsurances.com, if this medium is not suitable we will ensure you can easily receive a copy by: hard copy or email.

Please contact alan@sheeraninsurances.com if you have any concerns about your personal data.

Premium Handling:

Under the financial regulator legislation rules which apply in respect of the payment of premiums to insurers/suppliers, Sheeran Insurances Ltd will not be able to pay premiums which have not been paid to us. To avoid cancellation, premiums must be paid within credit terms.

Conflict of Interests:

It is the policy of Sheeran Insurances 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.

Our Services:

We will offer advice on a fair analysis basis in relation to all classes of insurance policies. This means we will research the market place and recommend the best product to suit your own needs.

We deliver a wide range of services in relation to Non-life (General Insurance) and Life Insurance business. Normally we will agree in advance the extent of our services to be provided with each individual client. Our business portfolio includes the following Investment Classes and Insurers/Product Providers:

Classes of Investment Instruments:

Administration Bonds		Employer’s Liability		Marine
Agricultural Vehicle		Engineering		Money
All Risks		Excess Employer’s Liability		Mortgage Protection Assurance
Auctioneers Bond		Excess Public Liability		Motor Trader’s Combined
Bloodstock		Exhibition		Office/Surgery
Bonds		Export Credit		Pensions
Business Travel		Farm		Permanent Health Insurance
Caravan		Fire		Personal Accident
Claims Service		Glass		Private Motor
Commercial Combined		Golfer’s Insurance		Professional Indemnity
Commercial Motor		Health Insurance		Property Owners
Computer Insurance		Householder’s		Public Liability
Contingency		Jeweller’s		Risk Management
Contractors All Risk		Legal Expenses		Shopkeeper’s
Cyber Liability		Livestock		Term Assurance
Director & Officers Liability		Loss of Licence		Travel
Domestic Credit		Loss of Profit		Whole of Life Assurance
Employment Practices Liability

Agencies/Product Producers

Our list of product producers is available on request.

Investor Compensation Company Ltd. (I.C.C.L.):

We are members of the Investment Compensation Co. Ltd. scheme established under the Investment Compensation Act of 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 the Act. In the event that a right to Compensation is established, the amount payable is the lesser of 90% of your loss, which is recognised as being eligible for Compensation or €20,000.

IBA Compensation Fund:

We are also members of the IBA Compensation Fund and should you not recover your loss under the ICCL you may have the right to seek recovery under the IBA fund. We are bonded for up to €250,000 with an inner limit of €100,000 per client.

Remuneration Policy:

Sheeran Insurances are remunerated by Commission on Life and Non Life Insurance and in certain circumstances charge an Administration Fee. Details of these fees are listed below. Sheeran Insurances Limited may be in receipt of additional income for good performance with certain product producers. Details of commission arragements are available on request.

Scale of Administration Fees:

INSURANCE TYPE		FEE
House		Commission plus €40.00
Motor		Commission plus €40.00
Commercial		Commission plus fee to be 20% of Premium Invoiced or €100.00, whichever is the greater

Cancellation:

In the event of cancellation of a policy, we do not return any Administration Fees that we have been paid. We deem administration fees as non-refundable and depending on the circumstances a cancellation fee of up to €50.00 may apply.

Complaints:

If you have any complaint about the service you have received please write to Alan G. Sheeran, Managing Director, Sheeran Insurances Ltd. If satisfaction is not reached thereafter regarding the complaint, contact may be made with the Irish Brokers Association, 87 Merrion Square, Dublin 2 or the Financial Services Ombudsman, Lincoln House, Lincoln Place, Dublin 2.

Premium Handling:

Sheeran Insurances Ltd will accept payments in cash, by cheque, bank transfer and by credit/debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Sheeran Insurances Ltd is not authorised to accept cash or negotiable instruments in any other circumstances.

Under the Central Bank of Ireland legislation strict rules apply in the payment of premium to insurance companies. We will not be able to pay premiums to insurers that have not been paid to us. Initial or first premiums are due at inception of cover and renewal premiums at the policy renewal date otherwise we will advise the Insurance Undertaking or Product Producer involved and Cover will be Lapsed/Cancelled. To avoid cancellation premiums must be paid within credit terms.

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 for any other reason
– Non disclosure of relevant information
– Insurer imposed cancellation

Your insurer may cancel your policy in certain circumstances. These conditions are clearly outlined in 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.