TaxiFair Insurances Limited T/A TaxiFair Insurances
Terms of business
These Terms of Business applicable from 01/11/2022 set out the general terms under which we will provide business services to you and the respective duties and responsibilities of both us and you in relation to such services. Please ensure 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 and Codes of Conduct
TaxiFair Insurances Limited t/a TaxiFair Insurances is regulated by the Central Bank of Ireland. Our authorisation can be checked on the Central Bank of Ireland registers website at www.centralbank.ie or by calling them on 01-2244000 to verify our credentials. Our reference code is C190144. We are also subject to the Consumer Protection Code, Minimum Competency Code and Fitness & Probity Standards which offer protection to consumers. These Codes can also be found on the Central Bank’s website.
Our Services
We are an Insurance Intermediary. Our principal business is to provide advice and arrange transactions on behalf of our clients in relation to General Insurance, specifically Taxi or Small Public Service Vehicle insurance. We are not under a contractual obligation to conduct Insurance distribution business exclusively with one or more Insurance Undertakings and do not give advice on the basis of a fair and personal analysis, we do however provide advice from the selection of products provided by the companies we have agencies with, we recommend the product in our professional opinion that is best suited to your needs and objectives from this selection of products. We have an agencies with the following Providers:
FBD Insurance plc
Liberty Insurance
Your Duty of Disclosure
We act as your representative to the companies we have agencies with, and we will provide assistance to you for any queries you may have in relation to the policies or in the event of a claim during the life of the policies and we will explain to you the various restrictions, conditions and exclusions attached to your policy. However, it is your responsibility to read the policy documents, literature and brochures to ensure that you understand the nature of the policy cover. Material information about medical history, previous claims, occupation category and any hazardous pursuits are central to underwriting decisions and it is imperative that all information you provide to the insurer is accurate and complete.
You are under a duty to answer all questions posed by the insurer or us on your behalf, honestly and with reasonable care. It is presumed, unless the contrary is shown, that you would know all questions in an application or at renewal are material to the risk undertaken by the insurer or the calculation of the premium by that insurer, or both. Any failure to disclose material information may invalidate a claim and render your policy void. You must inform and disclose any material information including any material changes that might take place between the time you complete an application form and the time your pay the first premium.
To assist us in providing you with a comprehensive service and to keep our records as up-to date as soon as possible, please notify us of any changes to your personal circumstances, e.g., name change, change of address, etc.
Completed proposal forms or Statements of Facts will be provided to you. These are important documents as they form the basis of insurance contract between the insurer and you the consumer. You should review and confirm that the answers contained within are true and accurate.
Consumer Insurance Contracts Act 2019
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.
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.
Non-consumer Commercial clients have no duties and rights under the Consumer Insurance Contracts Act 2019.
Default Remedies
Product providers are entitled to withdraw benefit or cover on default of any payments due under any products arranged for your benefit. It is therefore critical to the guaranteed continuance of your insurance that your premium is paid in full. Some insurers may include as a term of the insurance a settlement due date or in some cases a warranty under the terms of which the premium must be paid to them by a certain date. We inform our clients of such requirements and the relevant date in good time to allow the payment terms to be met. Failure to comply with the terms of the warranty may mean that the insurers obligation under the policy will be terminated. We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums. We will exercise our legal rights to receive any payments due from clients for business services provided. An outline of the action and remedies which the relevant product producers may take in the event of default by a client is included in the product producers’ policy document.
Remuneration
TaxiFair Insurances is remunerated by commission and other payments from product producers on the completion of your business. You may choose to pay in full for our services by means of a fee. Often, we will charge commission and a fee, and this will always be transparently disclosed to you in advance.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. We will give an estimate of this rate in advance of providing you with services.
SCHEDULE OF FEES
Advisory Service Fees:
Up to €350 per hour
Personal Lines including Taxi/Small Public Service Vehicle Insurance:
New Business Fee Up to €350
Renewals Fee Up to €350
Mid-Term Alterations & Cancellations up to €125
Mid-Term Duplicate Documentation €25
Commercial Lines (% of premium):
New Business Fee up to 30%
Renewals Fee up to 30%
Mid-Term Alterations & Cancellations up to 20%
Other possible charges:
Credit Card Fee 2%
Finance Premium Fee 2%
A summary of the details of all arrangements for any fee, commission, other reward/remuneration paid or provided to us by the product producers” is available on our website or in our offices. If you need further explanation on this information, please do not hesitate to call.
Regular reviews
It is in your best interests you do a review, on a regular basis, the products which we have arranged for you. As your circumstances change, your needs will change. Please advise us of those changes and request a review of the relevant policy so we can ensure you are provided with up-to-date advice and products best suited to your needs.
Conflicts of interest
It is our policy 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. As per above we receive commission from companies we have agencies with for the business you transact.
Default on Payments by Clients
We will exercise our legal right to receive payments due to us from clients (fees) for services provided. Insurers may withdraw benefits or cover in the event of default on payments due under policies or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions. We are not allowed to pay your premium to the Insurer until we receive payment from you first.
Client Monies & Receipts
We shall issue a receipt for each payment received. These receipts are issued with your protection in mind and should be stored safely. Every effort is made to ensure clients’ money is transmitted to the appropriate Product Provider without delay.
We will accept payments in cash, by cheque, credit/debit card, in respect of all classes of insurance in circumstances permitted only where the money represents premiums in respect of either a renewal of a policy which has been invited by an insurance undertaking, or a proposal accepted by an insurance undertaking. It is important to note your renewal premium should be paid on or before renewal date.
The acceptance by TaxiFair Insurances of a completed proposal DOES NOT in itself constitute the effecting of a policy. It is only when the Provider confirms the policy is in place and that your policy is live.
Complaints
We have a complaints procedure in place which is available on request. Your complaint can be in writing, email, telephone or face to face. If your complaint is face to face or by phone, we will write to you to confirm our understanding of your complaint. We will acknowledge your complaint within 5 business days, advising you of the name of the person dealing with your complaint on behalf of the company. Please address any complaint to TaxiFair Insurances, 21a Clanbrassil Street, Dublin 8. If in the event, a complainant is dissatisfied with the outcome of our investigation, you are entitled to refer the matter to the Financial Services & Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, Lo call 01 5677000 email info@fspo.ie.
Data Protection
TaxiFair Insurances complies with the requirements of the Data Protection Regulation. The data will be processed only in ways compatible with the purposes for which it was given. We will provide you with a separate Data Privacy Notice it will outline exactly how, what and where we use your data.
Compensation Scheme
We are members of the Investor Compensation Scheme which 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. Compensation may be payable where money or investment instruments owned 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 recognized 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 Co Ltd. at (01) 224 4955.
Governing Law and Business Succession
These Terms of Business shall be governed by and construed in all respects according to the laws of the Republic of Ireland and will be deemed to cover any successors in business to TaxiFair Insurances
DECLARATIONS
I/We acknowledge that I/We have been provided with Terms of Business and Data Privacy Notice for TaxiFair Insurances and confirm I/We have read and understand them.
Direct Marketing
I/We consent to TaxiFair Insurances making contact with me/us in relation to the range of services they provide or their associated or partnership companies which they feel may be of interest to me/us and to the sharing of relevant information. TaxiFair Insurances will still be allowed to contact you in relation to the business you have been advised on, even if you opt out of marketing material. You have the right to be removed from our marketing lists in the future, by contacting us and requesting same. If you wish to avail of these services, please tick here (Otherwise, you will not be on our mailing list): Post: Phone: Email: Text:
We may also use automated data processing or profiling to allow us to give you quotes etc., and for marketing purposes, by signing these terms of business you are also agreeing to us using these systems on your data.
Client: _______________________________
Date: _______________________________