Terms of business effective from 19th June 2019.
Martin Keary Auctioneering trading as Keary auctioneering & insurances
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. Contact: Declan Keary Tel: (091) 870034
Authorisation with the Central Bank of Ireland
Martin Keary Auctioneering trading as Keary auctioneering & insurances (C9056) is regulated by the Central Bank of Ireland as an insurance intermediary registered under the European Union (Insurance Distribution) Regulations 2018 ; as an Investment Intermediary authorised under the Investment Intermediaries Act, 1995. 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
Martin Keary Auctioneering 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
Martin Keary Auctioneering 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. A full list of insurers with which we deal is available on request.Office situtated at 51 Main Street,Loughrea,Co.Galway.Company Reg:227084
Directors:Declan & Kenneth Keary.
Insurance Intermediary Services
We act as an Insurance Broker which means that:
a) the principal regulated activities of the firm are provided on the basis of a fair and personal analysis of the market; and
b) you have the option to pay in full for our services by means of a fee.
Fair and Personal Analysis
The concept of fair and personal analysis 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 reasonably be 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 and personal analysis of the market, we will consider the following criteria:
- the needs of the customer,
- the size of the customer order,
- the number of providers in the market that deal with brokers,
- the market share of each of those providers,
- the number of relevant products available from each provider,
- the availability of information about the products,
- the quality of the product and service provided by the provider,
- cost, and
- any other relevant consideration.
Life & Pensions/Deposits & Life Wrapped Investments
We do not provide this service.
Sustainability Factors:Not Applicable
Non-Life
We can provide advice on and arrange products from the following range: household, motor, commercial, public liability, employer liability, farm and travel insurance. We provide general insurance on a fair and personal analysis basis (providing services on the basis of a sufficiently large number of contracts and product producers available in 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).
We will also offer assistance to you in relation to processing claims on policies taken out with us and in seeking renewal terms on your cover.
To ensure continuity of cover, where you have an existing policy which is due to expire and where we have been unable to contact you, we may put continuing cover in force whilst awaiting your instruction. You will be liable for any premiums payable to the relevant insurer for the period of time between renewal and when we receive your instruction. You have the right not to avail of this service.
Statement of Charges
We are remunerated by commission and other payments from product producers on the completion of business.
General Insurance
We may be 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.
Brokerage fee:
Personal Lines:Up to 15% of the Premium , with a minimum up to €50.00
Commercial Lines:Up to 20% of the Premium,with a minimum up to €50.00
Cancellation or MidTerm alteration,Duplicate Documents:Up to €50.00
Claims Handling:Nil
Ongoing Suitability
The firm’s services does not include ongoing suitability assessments.
Regular Reviews
It 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.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.
Disclosure of Information
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 notify insurer of any occurrence or event in a reasonable time.Any failure to disclose material information may invalidate your claim and render your policy void.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.
You must notify the insurer of a claim within a reasonable time or in accordance with the terms of the contract of insurance.
Conflicts of interest
It is the policy of our firm to avoid conflicts of interest in providing services to you. However, where an unavoidable conflict of interest arises we will advise you of this in writing before providing you with any service.
Default on payments by clients
We will exercise our legal rights to receive payments due to us from clients (fees and insurance premiums) for services provided. In particular, without limitation to 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 arranged for you. We would refer you to policy documents or product terms for the details of such provisions.
Cancellation
You, the customer can cancel your policy by notice in writing at any time, for a motor policy you must also return the policy certificate and disc. Please refer to your policy terms and conditions.
Complaints
Whilst we are happy to receive verbal complaints, it would be preferable that any complaints are made in writing. We will acknowledge your complaint in writing 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 not 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 and Pensions Ombudsman (FSPO). A full copy of our complaints procedure is available on request.
Data Protection
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.
Martin Keary Auctioneering. 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 and 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 assessible. Please refer to our website (www.keary.ie), if this medium is not suitable we will ensure you can easily receive a copy by hard copy, or telephonic environment. (pre-recorded).
Please contact us at declan@keary.ie if you have any concerns about your personal data.
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 specific documents for the work have been furnished to the insurer,the claim settlement deferment amount cannot exceed
O 5% of the claim settlement amount where the claim settlement amount is less than €40,000, or
O 10% of the claim settlement amount where the claim settlement amount is more than €40,000.
Consumer Insurance Contracts Act 2019:
Consumers:Duty of Disclosure when completing documentation for New Business/Renewals and MidTerm adjusments:
You are required to answer all questions posed by us or the insurer honestly and with reasonable care – the test will be that of the “average consumer”1.
Before Renewal of the contract of insurance,specific questions will be asked.Again, you will be required to answer honestly and with reasonable care.Where you do not provide additional information(after being requested to do so) it can be presumed that the information previously provided remains unchanged.
Failure to answer all questions honestly and with reasonable care can result in the insurer being able to rely on proportionate remedies for misrepresentation,which include but are not limited to the insurer voiding the contact of insurance.If a policy is cancelled by an insurer you may have difficulty in purchasing insurance in the future.
Completed Proposal Forms:
Completed Proposal forms or Statements of Facts will be provided to you,they form the basis of insurance contract between the insurer and you the consumer.You should review and confirm all answers are true and accurate.
You are under a duty to pay your premium within a reasonable time or in accordance with your insurance 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.
Cancellation of a Contract of Insurance:
If you have taken out a General Insurance Contract ,and we have not met face to face during the process,you may cancel the contract by giving notice in writing to us within 14 working days after the date you were informed the contact is on cover.
If you have taken out a General Insurance Contract, and we have met face to face during the process, you may cancel the contract by giving notice in writing to the insurer within 14 days after the date you were informed the contact is on cover.
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.
Commercial Cutomers:Non-Consumers Disclosure of Information:
It is essential that you should bring to our attention any material alteration in risk such as change of address or use of premises.Any failure to disclose material information may invalidate your claim and render your policy void.
Compensation Scheme
We are members of the Investor Compensation Scheme operated by the Investor Compensation Company Ltd. See below for details.
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 that 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 to compensation will arise only:
- 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 owned or belonging to the clients of the firm; and
- To the extent that the client’s loss is recognised for the purposes 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 to €20,000.
For further information, contact the Investor Compensation Company Ltd. at (01) 224 4955.
Brokers Ireland Clients Compensation and Membership Benefits Scheme.(BIC)
We are also members of the Brokers Ireland Clients Compensation and Membership Benefits Scheme(BIC). Subject to the rules of the scheme the liabilities of its members firms up to a maximum of €100,000 per client (or €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 client of the member. Further details are available on request.
Martin Keary Auctioneering trading as Keary auctioneering & insurances is regulated by the Central Bank of Ireland.
Last reviewed: 12-July 2024