Terms & Conditions

Dempsey insurances (Trim) Ltd is regulated by the Central Bank of Ireland

Market Square, Trim, Co Meath

Tel-046 9431312  

E-Mail Address: insurance@dempsey.ie

TERMS OF BUSINESS FOR DEMPSEY INSURANCES (TRIM) LTD Effective date SEPT 2020

These Terms of Business set out the general terms under which our firm will provide business services to you and the respective duties and responsibilities of both the firm and you in relation to such services. Please ensure that you read these terms thoroughly and if you have any queries we will be happy to clarify them. If any material changes are made to these terms we will notify you.

Authorisation with the Central Bank of Ireland

Dempsey Insurances (Trim) Ltd is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Communities (Insurance Mediation) Regulations, 2005; as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995 and as a Mortgage Intermediary authorised under the Consumer Credit Act, 1995, and as a Mortgage Credit Intermediary under  the European Union (Consumer Mortgage Credit Agreements) Regulations 2016. Copies of our regulatory authorisations are available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials.

Codes of Conduct – Dempsey Insurances (Trim) Ltd is subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can be found on the Central Bank’s website www.centralbank.ie

Our Services – Dempsey Insurances (Trim) Ltd is a member of Brokers Ireland.

Our principal business is to provide advice and arrange transactions on behalf of clients in relation to general insurance products. A full list of insurers, product producers and lending agencies with which we deal is available on request on our website www.dempsey.ie

Insurance Intermediary Services

Dempsey Insurances (Trim) Ltd acts as an Independent Broker which means that:

1. a) the principal regulated activities of the firm are provided on the basis of a fair analysis of the market; and
2. b) you have the option to pay in full for our services by means of a fee.

Fair Analysis

The concept of fair analysis is derived from the Insurance Mediation Directive.  It describes the extent of the choice of products and providers offered by an intermediary within a particular category of life assurance, general insurance, mortgages, and/ or a specialist area.  The number of contracts and providers considered must be sufficiently large to enable an intermediary to recommend a product that would be adequate to meet a client’s needs.  The number of providers that constitutes ‘sufficiently large’ will vary depending on the number of providers operating in the market for a particular product or service and their relative importance in and share of that market.  The extent of fair analysis must be such that could be reasonably expected of a professional conducting business, taking into account the accessibility of information and product placement to intermediaries and the cost of the search.  In order to ensure that the number of contracts and providers is sufficiently large to constitute a fair analysis of the market, we will consider the following criteria:

1.The needs of the customer,2.The size of the customer order, 3.The number of providers in the market that deal with brokers,4.The market share of each of those providers, 5.The number of relevant products available from each provider,6.The availability of information about the products,7.The quality of the product and service provided by the provider,8.Cost, and 9.Any other relevant consideration

Dempsey Insurances (Trim) Ltd. can provide advice on and arrange products from the following range: household, motor, commercial, liability. Dempsey Insurances (Trim) Ltd provides general insurance on a fair analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs).Please see table of fees below or visit our website www.dempsey.ie

Non-Life Remuneration – Dempsey Insurances (Trim) Ltd is remunerated by commission from insurers on completion of business.  Details of this remuneration are available on request. Where an override commission is received, this will be disclosed to you in general terms. Details of maximum Brokerage fees are in table below.  We receive commissions from insurance companies ranging from 5% to a maximum of 21% depending on the type of policy.  We can advise you specifically what commission the product you are buying if you request it.
Regular Reviews is in your best interests that you review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change which may result in you having insufficient insurance cover and/or inappropriate investments. We would therefore advise that you contact us to ensure that you are provided with up to date advice and products best suited to your needs.
CONSUMER:DUTY OF DISCLOUSR WHEN COMPLETING DOCUMENTATION FOR NEW BUSINESS/RENEWALS AND MIDTERM ADJUSTMENTS. Section 12 (1)-(5) of the consumer Insurance Contracts act which is effective from September 2021 alters consumers duty of disclosure.
You are now required to answer all questions posed by us or by the insurer honestly and with reasonable care -the rest will be that of the “Average consumer”. Average consumer as per directive no 2005/29/EC of the European Parliament and of the council of 11th may 2005 is reasonably well informed and reasonably observant and circumspect, taking into account social, cultural and linguistic factors. Specific questions will be asked. Where you do not provide additional information (after been requested to do so) it can be presumed that the information previously provided remains unchanged .An insurer may repudiate liability or limit the amount paid on foot of the contract of insurance, only if it establishes that non-disclosure of material information was an effective cause of the insurer entering into the relevant contract of insurance and on the terms on which it did.
COMPLETED PROPOSAL FORMS/STATEMENT OF FACT-Completed proposal forms or Statements of Fact will be provided to you. These are important documents as they form the basis of insurance contracts between mthe insurer and you the consumer. You should review and confirm that the answers contained are true and accurate. Commercial customers-Non Consumer disclosure of information-It is essential that you should bring our attention to any material alteration in risk such as change of address or use of premise. Any failure to disclose material information may invalidate your claim or render your policy void.
You are now required to answer all questions posed by us or by the insurer honestly and with reasonable care -the rest will be that of the “Average consumer”. Average consumer as per directive no 2005/29/EC of the European Parliament and of the council of 11th may 2005 is reasonably well informed and reasonably observant and circumspect, taking into account social, cultural and linguistic factors. Specific questions will be asked. Where you do not provide additional information (after been requested to do so) it can be presumed that the information previously provided remains unchanged .An insurer may repudiate liability or limit the amount paid on foot of the contract of insurance, only if it establishes that non-disclosure of material information was an effective cause of the insurer entering into the relevant contract of insurance and on the terms on which it did.

Conflict of Interest

It is our policy to avoid any conflict of interest when providing our services to our clients.  However where an unavoidable conflict arises, we will advise you of this in writing before proceeding to provide you any of our services. A full copy of our conflicts of interest policy is available on request.

Defaults by Clients

Our Firm will exercise its legal rights to receive any payments due to it from clients (fees and Insurance premiums)for services provided.  In particular, without limitation of the generality of the foregoing, the firm will seek reimbursement for all payments made to insurers on behalf of clients where the firm has acted in good faith in renewing a policy of insurance for the client.

Product producers may withdraw benefits or cover in the event of default on payments due under policies of insurance or other products arranged for you.  We would refer you to policy documents or product terms for the details of such provisions.

Complaints procedure

Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made, in writing.  We will acknowledge your complaint within 5 business days and we will fully investigate it.  We shall investigate the complaint as swiftly as possible, and, the complainant will receive an update on the complaint at intervals of no greater than 20 business days starting from the date on which the complaint is made.  On completion of our investigation, we will provide you with a written report of the outcome.  In the event that you are still dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services Ombudsman.  A full copy of our complaint procedure is available on request.

Data Protection

Dempsey Insurances (Trim) Ltd complies with the requirements of the Data Protection Acts, 1998 and 2003.  The data which you provide to us will be held on a computer database and paper files for the purpose of arranging transactions on your behalf.  The data will be processed only in ways compatible with the purposes for which it was given.  We will not contact you other than in connection with your existing business with our firm. 

New Business & Renewal                                                                             

A consumer may cancel a contract of insurance, by giving notice in writing to the insurer within working 14 days after the date the consumer was informed that the contract is concluded.  The insurer cannot impose any costs on the consumer other than the cost of the premium for the period of cover.                                                                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 competent jurisdiction can reduce the pay-out to the consumer where they are in breach of their duties under the Act, in proportion to the breach involved.                  Post-Contract Stage and Claims

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

• 5% of the claim settlement amount where the claim settlement amount is less than €40,000, or
• 10% of the claim settlement amount where the claim settlement amount is more than €40,000. 

An insurer may refuse a claim made by a consumer 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. 

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.

The consumer 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. The consumer must notify the insurer of a claim within a reasonable time, or otherwise in accordance with the terms of the contract of insurance.                                  

 If the consumer becomes aware after a claim is made of information that would either support or prejudice the claim, they are under a duty to disclose it.  (The insurer is under the same duty).                                                                                                                                 

If the consumer makes a false or misleading claim in any material respect (and knows 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 must notify the consumer advising that they are avoiding the contract of insurance.  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.                                                                Investor Compensation Scheme

The Investor Compensation Act, 1998 provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients (known as eligible investors) of authorised investment firms, as defined in the Act.  The Investor Compensation Company Ltd. (ICCL) was established under the 1998 Act to operate such a compensation scheme and our firm is a member of this scheme.  Compensation may be payable where money or investment instruments owed or belonging  to clients and held, administered or managed by the firm cannot be returned to those clients for the time being and where there is no reasonably foreseeable opportunity of the firm being able to do so.  A right of compensation will arise only

1.If the client is an eligible investor as defined in the Act; and if it transpires that the firm is not in a position to return client money or investment instruments owed or belonging to the clients firm; and to the extent that the client’s loss is recognised for the purpose of the Act.  Where an entitlement to compensation is established, the compensation payable will be the lesser of: 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998 ;or Compensation of up €20,000.  For further information, contact the ICCl at 01 2244955

Brokers Ireland Compensation Fund

We are member of the Brokers Ireland Compensation Fund, Subject to the rules of the scheme the liabilities of its members 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 has failed to adequately compensate any clients of the member.  Further details on request