Terms of Business

Terms of Business

Our Company and Status Veritan Consultants Ltd t/a Brady Burns & Associates is a wholly owned subsidiary of Aston Lark Group Limited. Our office is located at 31 Main Street Newbridge Co Kildare and we can be contacted by telephone at 045 434365 or email to [email protected]. We are authorised and regulated by the Central Bank or Ireland (Ref C4164) as an Insurance Intermediary under the European Union (Insurance Distribution) Regulations 2018. Copies of our regulatory authorisations are available on request and are displayed in the public areas of our offices. The Central Bank of Ireland holds registers of regulated firms and you may contact them on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials. We are subject to the Consumer Protection Code, the Minimum Competency Code and the Fitness and probity standards. These codes offer protection to consumers and can be found on the Central Bank website www.centralbank.ie.

Description of Services We offer a wide range of services including risk assessment, risk management, insurance placements, and claims assistance and in this capacity provide broad-based advice in relation to most classes of non-life insurances. No insurance company holds any shareholding in us or any of our subsidiaries or associated companies.  We do not have any holdings or voting rights in any insurance company. We do not have any tied relationships with insurance companies which would affect our ability to offer advice on a fair and personal analysis basis. We are a member of Brokers Ireland and Broker Line Direct (BLD).

Brady Burns & Associates will offer advice on a fair and personal analysis of the market in relation to most classes of general (non- life) insurance policies. This means we will research the marketplace, recommend and provide the most appropriate product to suit your needs.  We will identify and select a suitable product producer and on receipt of your instructions we will transmit orders on your behalf to one or more product producers (a list of which is available on request). 

We will only offer advice on a limited analysis of the market in relation to Legal Expenses Insurance. Cover will be offered via Arag Legal Protection Limited and MIS Underwriting Limited.

When you seek cover for travel, pets, weddings, car hire excess or gadgets, cover will be offered via Blue Insurance Limited.

General Statement of Charges We are remunerated by commission on most non-life insurances from the Insurers with whom we place business. A summary of all arrangements for any fee, commission or remuneration paid or provided to us which we have agreed with product providers is available in our office or on our website. We may in certain circumstances apply a brokerage charge as follows:

 Personal InsuranceCommercial Insurance
New Business and RenewalStandard Charge €25 up to maximum of €250Up to a maximum of 40% of the premium or €200, whichever is greater
AlterationStandard Charge €25 up to maximum of €75Up to a maximum of 40% of the premium or €200, whichever is the greater
Duplication of DocumentsStandard Charge €20Standard Charge €20
Facilitating Premium Finance ArrangementsUp to 4% of the Premium Finance AgreementUp to 4% of the Premium Finance Agreement
Administration of returned cheques/direct debit defaultsStandard Charge €25 up to maximum of €75Standard Charge €25 up to maximum of €75

These are standard fees and we reserves the right to charge a higher fee should the complexity of the product require it. Fees for Processing Return Premiums Up to 10% of the Return Premium amount may be charged. In accordance with the Consumer Protection Code, this Fee will not be charged without the customer’s prior written agreement. We may also charge a Claims Handling Fee by negotiation. Fees for Advisory Services Senior Advisor Personal Lines up to €150.00 per hour Senior Advisor Commercial up to €350.00 per hour Support Staff up to €150.00 per hour.

In all cases, where a charge is being applied, you will be notified. Personal Lines cases include Private Motor / Commercial Vehicles/Household/ Travel/Personal Accident. Where agreed, a premium rebate will be used to offset other premiums outstanding at the time the rebate becomes due. A fee may be charged where insurance advice is provided, and no insurer premium applies.

Conflicts of Interest In all circumstances we will endeavour to avoid conflicts of interest with clients. If such a situation does arise, we will explain the position fully and will always ensure that, whilst seeking resolution, we treat our customers fairly. In some cases, we may be a party to a profit-share arrangement with product producers where we provide extra services for the provider. Agreements to this effect are in place with the following, Aviva, Liberty Insurance and AXA Insurance Ltd. Any business arranged with these providers on your behalf is placed with them as they are, at the time of placement, the most suitable to meet your requirements taking all relevant information, demands and needs into account.

Your Obligations When instructing us to place or to renew insurances, your obligations will differ depending on whether you are classed as either a consumer or a commercial client.

Consumer – Duty not to make a misrepresentation

If you are a consumer as defined by the Financial Services and Pensions Ombudsman Act you must answer all questions posed by us or the insurer honestly and with reasonable care so as not to make a misrepresentation to insurers. Failure to comply with this duty may mean that the policy is void and the insurer may not be liable to pay all or some of your claim(s). Specific questions will be asked. Where you do not provide additional information (after being requested to do so) it can be presumed that the information previously provided remains unchanged. Please see Appendix A for Consumer Insurance Contract Act 2019 information, which provides further information relevant to you the consumer, including yours and insurers pre and post contractual obligations.

Commercial Client (Non-Consumer) –Duty to disclose material facts

When instructing us to place or to renew insurances, you have a duty of disclosure, meaning it is your responsibility to fully disclose, in a clear and accessible manner, all material facts regarding your insurance policy. A material fact is any information which may influence the acceptance or assessment of your proposal or alter the judgment of an Insurer in assessing risk. All material facts should be disclosed and if you are unsure as to whether a fact is material, it should be disclosed. This duty continues throughout the term of your insurance.

A material change is any information which may alter the judgement of insurers that has not previously been disclosed as a material fact. Any material change that occurs after the arrangement of any insurance must be disclosed to Insurers as this duty continues throughout the term of your insurance.

As Your circumstances change, your needs will also change. You must advise us of any changes and request a review of the relevant policy so that we can ensure that you are provided with up-to-date advice and a product best suited to your needs. Failure to contact us in relation to changes in your circumstances or failure to request a review may result in you having insufficient insurance cover.

All answers or statements given verbally, on a proposal form, claim form or other document relevant to Your insurances will be your responsibility and you should always check the accuracy of the information you provide to us and/ or insurers. Failure to comply with your duty of disclosure may mean that the policy is void and the insurer may not be liable to pay all or some of your claim(s).You should seek our advice if you are in any doubt as to your obligations.

Default by Our Client Where a client defaults on the premium due, we will seek to reconcile the matter directly with the client by instruction to forward payment to avoid cancellation. If the matter cannot be resolved within a given time frame, the product producer will be notified of the default and instructed to cancel the policy. Legal action against such default may be initiated by the product producer to recoup any premium that may remain outstanding. It is of utmost importance to the continuance of your insurance cover that the premium is paid in full and in line with credit terms.

Cooling Off Period/Right of Withdrawal (Distance Marketing Directive) A consumer is defined by the Distance Marketing Directive, as a natural person acting for purposes outside his/her trade, business or profession. Where you qualify as a consumer under this directive you have the right to withdraw from an insurance policy which was provided at a distance (i.e., via internet or via telephone, without any face to face contact with us) within 14 days of the start date of the policy or the date you received the policy schedule, whichever is the later, without penalty and without giving any reason under S.I. No. 853/2004 European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 – this is known as the Cooling Off Period.  This right to withdraw does not apply to any insurance policy under which insurance cover is provided for less than 1 month. In relation to Life Assurance and Pension products, You may withdraw within 30 days of inception date of the policy or the date You received the policy schedule, whichever is the later (i.e. the Cooling Off Period is extended to 30 days).  The right of withdrawal must be exercised by notice in writing to Veritan Consultants Ltd t/a Brady Burns & Associates, 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. Any fee or charge paid by the consumer to us for work carried out prior to cancellation shall not be refundable. If the cover is motor insurance the premium cannot be refunded and/or issued until the Certificate of Insurance and Windscreen Disc have been received by us.  The rights under this directive do not affect Your rights as a consumer under the Consumer Insurance Contracts Act 2019.

Complaints Veritan Consultants Ltd t/a Brady Burns & Associates have in place a written procedure for the effective handling of complaints received. This procedure ensures that complaints will be acknowledged in writing within 5 business days. All complaints will be fully investigated, and the findings will be communicated to you at the earliest opportunity.   We will provide you with an update on the progress of the investigation into your complaint, in writing, within twenty (20) business days of the complaint being made. We will aim to provide you with our decision on your complaint, in writing, within forty (40) business days of the complaint being made, unless we write to you advising that a response will be delayed. All complaint investigations will be overseen by the Compliance Director.

Should you remain dissatisfied with the final response from the above or if a final response has not been received within forty (40) business days of the complaint being made, you may be eligible to refer the complaint to the Financial Services and Pensions Ombudsman (FSPO) at Financial Services and Ombudsman, Lincoln House, Lincoln Place, Dublin 2, Ireland, email [email protected] and website www.fspo.ie.

Data Protection We collect and record personal information for the purpose of providing insurance products appropriate to your cover needs. This information will be passed to insurance companies/providers who require it to offer terms. The data will be processed only in ways compatible with the purposes for which it was given and as outlined in our Data Protection Policy. You have the right at any time to request a copy of any ‘personal data’, our office holds about you, within the meaning of the General Data Protection Regulations. Full details of your rights in respect of your personal data are detailed in the Privacy Notice on our website.

Insurer Security We do not and cannot guarantee the financial security of any Insurer. This is a matter for the Regulator in the Insurer’s 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 agency appointments is available on request.

Investor Compensation Company Ltd Veritan Consultants Ltd t/a Brady Burns & Associates is a member of the Investor Compensation Scheme established under the Investment 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, clients should be aware that a right to compensation will only arise where money or investment instruments held by Veritan Consultants Ltd t/a Brady Burns & Associates on clients’ 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, and to the extent that the client’s loss is recognised for the purposes of the Act. If 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. Further information on the scheme is available from the Central Bank of Ireland.

Brokers Ireland Compensation Fund As a member of the Brokers Ireland, we are also a member of the Brokers Ireland 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 Investor Compensation Scheme (established by law) has failed to adequately compensate any client of the member.

New Business & Renewal The consumer is under a duty to pay their premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. A court of com

(These Terms of Business are valid from 01/06/2022 until further notice)

Appendix A – Consumer Insurance Contracts Act 2019

This section, and the duties and rights under same, applies only to policies governed by Irish Law, where the policyholder is a consumer as per definition set out below – it does not apply to any other policyholder.

1 – DEFINITION

The following definitions are set out in the Consumer Insurance Contracts Act, 2019:

“consumer”, in relation to a financial service, means—

(a)      (i) a natural person, not acting in the course of business,

          (ii) a sole trader, partnership, trust club or charity (not being a body corporate), with an annual turnover in its previous financial year (within the meaning of section 288 of the Act of 2014) of €3 million or less, or

         (iii) an incorporated body that—

                (I) had an annual turnover in its previous financial year (within the meaning of section 288 of the Act of 2014) of €3 million or less, and

               (II)is not a body corporate that is a member of a group of companies (within the meaning of section 8 of the Act of 2014) with a combined annual turnover (in the previous financial year (within the meaning of section 288 of the Act of 2014) of the group of companies), of greater than €3 million,

that—

(A) is a customer of a financial service provider,

(B) is a person or body to whom a financial service provider has offered to provide a financial service, or

(C) has sought the provision of a financial service,

(b) a consumer who was, in relation to a credit agreement, a customer of the financial service provider in a case where a credit servicing firm undertakes credit servicing in respect of the credit agreement concerned,

(c) an actual or potential beneficiary of a financial service, or

(d) an employee or a former employee entitled to benefit from an income continuance plan;

“consumer”, in relation to a pension product, means an actual or potential beneficiary of an occupational pensions scheme, a trust RAC or a PRSA who believes they have suffered financial loss because of maladministration of the scheme, trust or PRSA, as the case may be;

2 – NEW BUSINESS & RENEWAL

You may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 working days after the date You were informed that the contract is concluded. This does not affect the notice periods already provided under European Union (Insurance and Reinsurance) Regulations 2015 ( S.I. No. 485 of 2015 ) or the European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004 ( S.I. No. 853 of 2004 ) which is 30 days in respect of life policies, irrespective of whether the sale took place on a non-face to face basis, and 14 days in respect of general policies only on sales that took place on a non-face to face basis (distance sales). The giving of notice of cancellation by You will have the effect of releasing You from any further obligation arising from the contract of insurance. The insurer cannot impose any costs on You other than the cost of the premium for the period of cover. This right to cancel does not apply where, in respect of life assurance the contract is for a duration of six months or less, or in respect of general insurance, the duration of the contract is less than one month.

Insurers may also request an update on information You previously provided, which the insurer shall specifically describe and provide You with a written copy of the matter previously disclosed. You must respond honestly and with reasonable care to any such requests. Where the You continue to pay the premium, without response, it shall be presumed that the information previously provided has not altered. Renewal of the contract by insurers shall not be taken to remedy any previous breach of Your duty of disclosure arising under this Act

3 – PAYMENT OF PREMIUM

You are under a duty to pay Your premium within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.

4 – ALTERATION OF RISK

Any clause in a contract of insurance that refers to a “material change” will be interpreted as being a change that takes the risk outside what was in the reasonable contemplation of the contracting parties when the contract was concluded.

5 – CLAIMS HANDLING

You must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance. If You become aware after a claim is made of information that would either support or prejudice the claim, You are under a duty to disclose it. (The insurer is under the same duty). If, in respect of the insurance contract the insurer is not obliged to pay the full claim settlement amount until any repair, replacement or reinstatement work has been completed and specified documents for the work have been furnished to the insurer, the claim settlement deferment amount cannot exceed:

(a) 5% of the claim settlement amount where the claim settlement amount is less than €40,000, or

(b) 10% of the claim settlement amount where the claim settlement amount is more than €40,000.

An insurer may refuse a claim made by You under a contract of insurance where there is a change in the risk insured, including as described in an “Alteration of Risk” clause, and the circumstances have so changed that it has effectively changed the risk to one which the insurer has not agreed to cover. You must cooperate with the insurer in an investigation of insured events including responding to reasonable requests for information in an honest and reasonably careful manner and must notify the insurer of the occurrence of an insured event in a reasonable time. If You make a false or misleading claim in any material respect (and know it to be false or misleading or consciously disregards whether it is) the insurer is entitled to refuse to pay and to terminate the contract.

Where an insurer becomes aware that a consumer has made a fraudulent claim, they may notify the consumer advising that they are voiding the contract of insurance, and it will be treated as being terminated from the date of the submission of the fraudulent claim. The insurer may refuse all liability in respect of any claim made after the date of the fraudulent act, and the insurer is under no obligation to return any of the premiums paid under the contract. A court of competent jurisdiction can reduce the pay-out to You if You are in breach of Your duties under the Act, in proportion to the breach involved.

Brady Burns Insurance Brokers.