Terms of Business

Terms of Business
These terms of business set out the basis on which Mike Murphy Insurance will provide services to you. They also detail our regulatory and statutory obligations and respective duties of Mike Murphy Insurance and you in relation to such services. By proceeding with an insurance policy with Mike Murphy Insurance you agree to the terms of business set out herein. Please read this terms of business document carefully.
Regulatory and Authorised Status
Mike Murphy Insurance is a trade name of New Sure Life Ltd. and is authorised by the Central Bank of Ireland as an insurance intermediary regulated under the European Communities (Insurance Mediation) Regulations, 2005.
Mike Murphy Insurance is subject to the provisions of the Central Bank of Ireland’s Consumer Protection Code, which offers protection to consumers. New Sure Life Ltd. is a member of and is registered with the National Consumer Agency as a credit intermediary.
Services Provided
We offer services on a fair analysis basis in relation to all classes of life assurance and general insurance products. We research and recommend suitable product producer(s) and on receipt of your instructions, we transmit orders on your behalf to one or more product producers. Full details of all our services are available on our website www.mikemurphyinsurance.ie or upon request.
Premium Finance
We are registered as a credit intermediary. We may be able to arrange premium finance on your behalf with credit finance providers with whom we have a written agreement only. We may also be renumerated by finance companies for our assistance in the arrangement and administration of insurance premium finance- the maximum commission payable is 5% of the premium financed.
Investor Compensation Company Ltd (ICCL) Scheme
Mike Murphy Insurance is a member of the Investor Compensation Company Ltd. (ICCL) Scheme established under the Investor Compensation Act, 1998. The legislation provided for the establishment of a compensation scheme and for the payment in certain circumstances, of compensation to certain clients of firms (known as eligible investors) is covered by the Act. However, you should be aware that a right to compensation would only arise where client money or investment instruments held by this company 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 the client’s loss, which is recognised as being eligible for compensation, or €20,000.
Brokers Ireland Compensation Fund Ltd.
As a member of the the Brokers Ireland, Mike Murphy Insurance has access to The 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 ICCL (established by law) has failed to adequately compensate any client of the member.
Quotations
Quotations and insurance cover is subject to acceptance by the insurer concerned and in compliance with the insurer’s policy terms and conditions unless otherwise stated. A full copy of the insurers policy wording is available upon request..
Conflict of Interests
It is the policy of Mike Murphy Insurance to avoid any conflict of interest when providing services to its clients. However, where an unavoidable conflict may arise we will advise you of this before proceeding to provide any service.
Premium Handling
Mike Murphy Insurance will accept payments by cash, cheque, credit/debit card or insurers direct debit and are subject to acceptance by insurers in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995.
Premiums are due on or before renewal/inception date of the policy and before any policy changes can be made. It is your responsibility to ensure that your payment/direct debit application and deposit has reached us and that your policy has been incepted/renewed/amended. If we do not receive your renewal payment on or before your renewal date, your policy will lapse and no cover will be in place.
Insurance Contract
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.
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.
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.
Post-Contract Stage and Claims
This does not apply to life contracts
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
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.
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.

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.

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.
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 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.

cooling off period

( Old Cooling Off Period
As defined by SI No. 853 of 2004 a consumer has the right to withdraw from an insurance policy within 14 days of the start date of the policy without penalty and without giving any reason - this is known as the Cooling Off period. In the case of life and pension products the cooling off period is extended to 30 days. Your right of withdrawal may be exercised by notice in writing to Mike Murphy Insurance, quoting your policy number provided that no claim or adjustment has been made to the policy, or is intended to be made, or no incident has occurred which is likely to give rise to a claim or for travel policies. Should this right be exercised the Insurance Company may charge for the period you are on cover in accordance with the terms & conditions of your insurance policy. Please note that our set up charge is not refundable if you choose to withdraw from the policy within the cooling- off period.)

'A consumer may cancel a contract of insurance, by giving notice in writing to the insurer, within 14 working days[1] after the date the consumer was 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 )[2] 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 the policyholder will have the effect of releasing them from any further obligation arising from the contract of insurance. The insurer cannot impose any costs on the consumer other than the cost of the premium for the period of cover.

This right to cancel does not apply where, in respect of a life insurance policy the contract is for a duration of six months or less[3], or in respect of general insurance policies, the duration of the contract is less than one month'.

The following applies to General Insurance only and excludes Life Policies:

If you hold insurance against a liability that may be incurred by you against a third party, where for whatever reason you cannot be found or you become insolvent, or the court finds it just and equitable to so order, then your rights under the contract will be transferred to and vest in the third party even though they are not a party to the contract of insurance.

The third party has a right to recover from the insurer the amount of any loss suffered by them.

Where the third party reasonably believes that you as policyholder have incurred a liability the third party will be entitled to seek and obtain information from the insurer or from any other person who is able to provide it concerning:

 the existence of the insurance contract,
 who the insurer is,
 the terms of the contract, and
whether the insurer has informed the insured person that the insurer intends to refuse liability under the contract.

Cancellation
You may cancel your policy by notice in writing at any time, provided that all reasonable charges pertaining to costs incurred by Mike Murphy Insurance have been paid and provided that no claim or adjustment has been made to the policy, or is intended to be made, or no incident has occurred which is likely to give rise to a claim. Car Insurance policies cannot be cancelled and any premium refunded until the certificate of insurance and windscreen disc have been returned and received by Mike Murphy Insurance. You are entitled to a proportionate return of the premium for the un-expired period of insurance in accordance with the terms and conditions of your insurance policy. A cancellation fee may also apply. If you cancel during the first year (outside of the Cooling Off period) short-term rates apply in accordance with the terms and conditions of your insurance policy.
Please note that our set up charge is not refundable. Insurance companies normally reserve the right to cancel policies at any time by giving appropriate notice to your last known address. Please refer to your policy terms and conditions.
Failure to Pay or Default
We reserve the right to cancel your policy and instigate cancellation proceedings with insurers in the event of the following:
• Your non-payment of the premium at inception, renewal or following a mid-term adjustment.
• Your bank returns your cheque due to insufficient funds or any other reason.
• Non-disclosure of relevant information.
• Non-return of necessary documentation within the required timeframe.
• Insurer imposed cancellation.
• Defaulting on your insurers direct debit plan.
• On instruction from premium finance providers due to a breach in the finance agreement.
Suspension of Cover or a Claim
In the event of a suspension of cover or a claim you must continue with installment payments throughout the period of insurance. Without prejudicing your general rights of cancellation, if you cancel your policy any outstanding payments become immediately payable.
Claims
Failure to disclose all material facts, or disclosures of false or misleading information could result in the policy becoming void or cancelled and you having difficulty attempting to purchase insurance elsewhere, a claim not being paid or the amount reduced, additional premiums which we reserve the right to collect or the terms and conditions of the policy being amended. Material information is any fact that the insurer would regard as likely to affect acceptance or assessment of the risk. If you are in doubt whether information is material you should disclose it. Failure to have property insurance in place could result in a breach of the terms & conditions attaching to any loan secured on that property.
Remuneration and Charges
Mike Murphy Insurance is remunerated by professional charges for our time and work researching suitable terms, products and product producers for your specific needs. An administration charge applies for the activity involved in the renewal of the policy and any alterations that take place during and at termination of a policy. We are usually remunerated by commission received from product producers for the work involved in placing an order and finalising the product with them on your behalf. (Some product producers do not pay a commission). Commission can range from 0% to 30% dependant on the class of insurance. Commission is deemed earned when a product is placed with product producers. We also may receive commission and other payments from life assuranceproviders to whom orders are transmitted. Further details are available upon request.
Complaints Procedure
We have a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Complaints Officer, Mike Murphy Insurance, Mike Murphy House, Unit 7, Sandyford Business Centre, Sandyford, Dublin 18. Each complaint will be acknowledged within 5 business days of receipt, updates will be advised in intervals of not more than 20 business days. We endeavour to resolve complaints within 40 business days and findings furnished to you within 5 business days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of or response to your complaint, you have the right to refer the matter to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Data Protection
Our privacy policy is available on our website www.mikemurphyinsurance.ie or upon request.
Language/Governing Law
All communications in respect of our services will be in English. Please retain a copy of these Terms of Business for your reference.
This Terms of Business is valid from June 2018
For any further queries please write to: Mike Murphy Insurance,
Mike Murphy House, Unit 7, Sandyford Business Centre, Sandyford, Dublin 18 or email info@mikemurphyinsurance.ie.
Scale of charges
Set up Charges
Renewal
Cancellation/Amendments
Private Motor and Household
Up to €150
Up to €150
Up to €150
Commercial (charges are a % of premium)
Up to 25%
Up to 25%
Up to 25%
Bank charges and duplicate documents
Any bank charges incurred by us will be charged to you. We may charge €10 for returned cheques and €25 for all duplicate documentation.
E&OE

New Sure Life t/a Mike Murphy Insurance is Regulated by The Central Bank of Ireland.