Terms of Business

Mike Murphy House
Unit 7, Sandyford Business Centre
Dublin 18
D18 X3V1
Tel: 01 2900200
@mikemurphyinsurance.ie

Terms of Business

Newsurelife Ltd T/a Mike Murphy insurance
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.

Authorisation with the Central Bank of Ireland
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 registered under the European Union (Insurance Distribution) Regulations 2018. New Sure Life Ltd. is a member of and is registered with the National Consumer Agency as a credit intermediary.
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 on their website at www.centralbank.ie to verify our credentials.

Codes of Conduct
Mike Murphy Insurance is subject to 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
Our Principal business is to provide advice and arrange transactions on behalf of clients in relation to life & pensions/General insurance Products. A full list of insurers/Product producers with which we deal is available on request.
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.

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.
Insurance based Investment Products
We are remunerated by commission for the advice we provide on our insurance based investment products.

Life & Pensions/ Investments
We provide life assurance and pensions on a fair and personal analysis basis i.e. providing services on the basis of a sufficiently large number of contracts and product producers available in the market to enable us to make a recommendation, in accordance with professional criteria, regarding which contract would be adequate to meet your needs
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 policy 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; particularly in relation to PHI and serious illness policies and all policies issued.

Specifically on the subject of permanent health insurance policies we will explain to you; a) the meaning of disability as defined in the policy; b) the benefits available under the policy; c) the general exclusions that apply to the policy; and d) the reductions applied to the benefit where there are disability payments from other sources.

For a serious illness policy, we will explain clearly to you the restrictions, conditions and general exclusions that attach to that policy.


Non-Life
We can provide advice on and arrange products from the following range: household, motor, commercial, public liability, employers liability, Fleet, Directors and Officers, Professional Indemnity, Fire, Carriers Liability, travel insurance and other insurances.
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).
In some cases we may be granted authority from an insurance undertaking to conduct tasks on their behalf, for which we will be remunerated. Where we place your business with this insurance undertaking under this authority you will be notified in advance of the placement.
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.

Sustainability Factors – Investment/IBIPs/Pension Advice
When providing advice, the firm does not consider the adverse impacts of investment decisions on sustainability. “The firm does not intend to consider such impacts in the future” or “The firm will review this approach on an annual basis in (December)”.

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. See our scale of charges overleaf 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 assurance providers to whom orders are transmitted. Further details are available upon request.

Details of the Commission arrangements are available on our website.
https://www.mikemurphyinsurance.ie/renumeration/our-trusted-insurers

In certain circumstances, it will be necessary to charge a fee for services provided. These are listed below. In other circumstances where fees are chargeable or where you choose to pay in full for our service by fee, we will notify you in writing in advance and agree the scale of fees to be charged if different from fees outlined below. Where it is not possible to provide the exact amount, we will provide you the method of calculation of the fee.

If we receive commission from a product provider, this may/will be offset against the fee which we will charge you. Where the commission is greater than the fee due, the commission may become the amount payable to the firm unless an arrangement to the contrary is made.


General Insurance
We may be remunerated by commission from insurers on completion of business. Details of the commission arrangements are available on our website.. Where an override commission is received, this will be disclosed to you in general terms.
Set up Charges Vary

Scale of Charges:
(Charges include set-up, cancellation, amendments)
Private Motor & Household
Up to €150
Commercial
Up to 25% of the insurance premium.

Claims handling: Depending on case.

We will inform you of the amount of fee to be charged. Where it is not possible to provide the exact amount, we will provide you with the method of calculation and the fee.

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.

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 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.

Consumers: Duty of Disclosure when completing documentation for new business/renewals and midterm adjustments
Section 14 (1) – (5) of the Consumer Insurance Contracts Act which is effective from 1st September 2021 alters consumers duty of disclosure:

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’. Average consumer as per Directive No. 2005/29/EC of the European Parliament and of the Council of 11 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 being 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 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.

Commercial Customers: Non-Consumer Disclosure of Information
It is essential that you should bring to our attention any material alteration in risk such as changes of address or use of premises. Any failure to disclose material information may invalidate your claim and render your policy void.

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


Complaints Procedure
We have a written procedure in place for the effective consideration and handling of 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 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 and Pensions Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. A full copy of our complaints procedure is available on request.

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 or other products arranged for you. We would refer you to policy documents or product terms for the details of such provisions.

Data Protection
We are subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Act 2018.

Mike Murphy Insurance 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 accessible. Please refer to our website to download our privacy policy here. Should you require a hard copy by post please let us know.

Please email dataprotectionofficer@mikemurphyinsurance.ie if you have any concerns about your personal data.

The following sections apply to consumer duties and rights arising out of the Consumer Insurance Contracts Act 2019 which was implemented to protect consumers. Non-Consumer Commercial clients have no duties and rights under this Act, and therefore the following sections do not apply to them.

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 working days in respect of general policies and 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 insurance 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
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 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.

Investor Compensation Scheme
Mike Murphy Insurance is a member of the Investor Compensation Company Ltd. Scheme operated by the investor Compensation Company Ltd .The Investor Compensation Act 1998 provides for the establishment of a compensation scheme and for 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 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 owed 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.

Brokers Ireland Compensation Fund
We are also members 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 (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 filed to adequately compensate any client of the member. Further details are available on request.

Important Information-Pre-contractual duty of disclosure
Your answers should be provided honestly and with reasonable care as they are the basis upon which an insurance cover quotation will be offered or refused.
If any of the answers or information is incorrect in this Completed Application Form is incorrect or inaccurate you must notify us immediately and obtain a revised quotation and complete a new Application Form.

Failure to do so may result in your policy being cancelled or result in Insurers refusing to deal with any claims or reduce the amount of a claim payment.
This is an important document for you to read carefully and to retain in a safe place.
Warning
If you are not in a position to answer all of the questions asked of you in this cover application process, honestly and with reasonable care, then you should not proceed with your insurance quotation request.
Completed Application Form
Once your contract of insurance has been set up with an Insurer, you will be provided with a copy of your completed insurance cover application form, either on paper or another durable medium.
Your completed application form should be read in conjunction with your insurance policy cover schedule and your insurance policy wording.
Please read carefully- Impact of Misrepresentation
The Impact of any Misrepresentation by you, is as follows:
(a) Innocent Misrepresentation:
Where you have answered all questions in your application form honestly and with reasonable care but where you made an innocent misrepresentation (that is, one that is neither negligent nor fraudulent) we will pay any covered claim event subject to the terms and conditions of your policy.
(b) Negligent Misrepresentation:
If you make a negligent misrepresentation or fail to take reasonable care in completing your application form your cover may not fully operate and in the event of a claim we will exercise one of the following remedies:
(a) If knowing the full details we would not have entered into the insurance contract, we may avoid the contract, refuse all claims and return any premiums paid by you.
(b) If we would have entered into the insurance contract, but on different terms (excluding terms relating to the premium), the contract may be treated as if it had been entered into on those terms.
(c) If we would have entered into the insurance contract but have charged a higher premium, we may reduce proportionately the amount to be paid on your claim.
(d) Where there is no outstanding claim under the insurance contract, we may either:
(i) give notice to you that in the event of a claim we will exercise the remedies in paragraphs (a) to (c), or
(ii) terminate the contract by giving reasonable notice to you.
(e) Fraudulent Misrepresentation:
If you make a fraudulent misrepresentation or where any conduct by you involves fraud of any kind we shall be entitled to avoid the contract of insurance and refuse any claims.

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.

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.

Premium Handling
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.

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.


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. 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-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 instalment 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
You are under a duty to answer all questions posed by the insurer honestly and with reasonable care. Failure to do so may affect a successful claim being made against the policy and may result in the insurer voiding the contract of insurance.
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. Failure to have property insurance in place could result in a breach of the terms & conditions attaching to any loan secured on that property.

Language
All communications in respect of our services will be in English. Please retain a copy of these Terms of Business for your reference.
For any further queries please write to:
Mike Murphy House, Unit 7, Sandyford Business Centre, Sandyford, Dublin 18 , D18 X3V1
or email info@mikemurphyinsurance.ie.
This Terms of Business is valid from August 2021 E&OE