Terms of Business

Description of Services Provided

Cowan Insurance Brokers Limited processes business on behalf of insurance undertakings (Insurers) and other Product Producers, which are authorised by the Financial Regulator to transact business in the Republic of Ireland. Processing business means acting on behalf of and in the interests of the insurance undertaking from whom a commission is received.

Conflict of Interest

It is the company’s policy to avoid conflicts of interest when providing business services. When such conflict arises we shall advise you or your insurance intermediary in writing. If you have not been advised of such conflicts, you may assume that none arises.

Charges

If this policy is cancelled or altered in any way, Cowan Insurance Brokers Limited will charge any amount it deems fit in addition to the premium to compensate it for the time spent in dealing with the alterations or claims that gave cause to the charge. In addition for the arrangement or alteration of any premium, an arrangement charge may apply. Any charge will be stated to you or agreed in advance however.

Quotation Period

All quotes given are valid for a period of 30 days.

Cooling-off Period

As a consumer you have the right to withdraw from any Cowan Insurance Brokers Limited product within 14 days of the start date of the policy without penalty and without giving any reason. The right of withdrawal may be exercised by notice in writing to your insurance intermediary or Cowan Insurance Brokers Limited. Prior to exercising your withdrawal rights you must return any documentation issued in connection with the policy to us or to your intermediary.

Main Characteristics of the Policy

The main characteristics of your coverage is as explained to you by your Insurance Intermediary and as set out in the policy issued or master policy retained by us and the certificate of cover which you have been given by your Insurance Intermediary.

Default Procedure

In the event of default by you the consumer, the Company may choose to cancel or alter the terms of cover provided (including premium charged). In respect of claims, the claim may not be paid.

Cancellation

You (the Consumer) can cancel your cover at any time by writing to your Insurance Intermediary or Cowan Insurance Brokers Limited and returning all documentation held in connection with the period of cover provided.

Complaints Procedure

Any complaint should be notified by contacting your Insurance Intermediary or in writing to Ernest Cowan, marking the letter “Personal and Confidential”. Each complaint will be acknowledged by us within 14 days of receipt. Any complaint will receive regular written updates on the progress of our investigations and within 7 days of the completion of such an investigation, you will receive in writing a report on the outcome of the investigation and any details of any recourse available. If the matter is not concluded to your satisfaction, you will receive in writing a report on the outcome of the investigation and details of any recourse available to you. If you are still not satisfied you can contact the Financial Services Ombudsman’s Bureau, 32 Upper Merrion Street, Dublin 2.

Compensation Scheme

Cowan Insurance Brokers Limited is a member of the Investor Compensation Company Limited (ICCL) scheme. The maximum level of compensation is €20,000 or 90% of the net loss as certified by the Administrator. In addition to the compensation available, Cowan Insurance Brokers Limited also avails of Professional Indemnity Insurance cover.

In addition as members of the Irish Brokers Association, we are bonded for €250,000 with a max of €100,000 per client. This compensation will be used only after the other avenues mentioned in this paragraph have been exhausted.

Governing Law & Language

The laws of Ireland form the basis for establishing relations between you and Cowan Insurance Brokers Limited. All contracts, terms and conditions and communications relating to any policies you may enter into with this Company shall be in English.

General

We may use information you supply for the purpose of Insurance. It may also be used by the product producers. It may also be disclosed to the Financial Regulator for the purposes of monitoring and or enforcing compliance with any regulatory rules or codes.

The following is a list of Product Producers that we place business with:

Standard Life Assurance Co., Hibernian Life & Pensions Ltd., Ecclesiastical Insurance Office plc., Motorists Insurance Services Ltd., Allianz Ireland plc., Allianz Corporate plc., The Scottish Provident Institution, AIG Europe (Ireland) Ltd., Canada Life Assurance (Ireland) Ltd., Irish Life & Permanent plc., New Ireland Assurance Company plc., Eagle Star Life Assurance Company of Ireland Ltd., Caledonian Insurance Company, Hibernian Insurance Company Ltd., AXA PMPA Insurance Company Ltd., Eagle Star Insurance Company (Ireland) Ltd., Royal & Sun Alliance plc., Europa General Insurance Co Ltd., Insurance Underwriting Services Ltd., HCC International Insurance Company plc., Friends First, Sertus Underwriting Ltd., Coyle Hamilton Willis Ltd., Wrightway Underwriting Ltd., PCLE (Ireland) Ltd, Quinn-direct Insurance Ltd, James Campbell & Son, MT Mortgage Network Ltd., ARB Underwriting Ltd & ARB Insurance Co Ltd.

We trust that these terms of business set out to you how we will work on your behalf now and in the future.

Please note that all fees/arrangement charges referred to in these terms of business are increased by 50% for advice on a Product Producer for whom we do not hold an agency* subject to a minimum charge of €200.00. Please also note that all fees/commissions earned by us on yearly policies are deemed to be earned and there will be no refunds of commission or fees payable on cancellation of any policy.

Cooling Off Period. Provided that you notify us within 14 days of the issue of the policy, you may cancel your policy and obtain a full refund of your premium.

If you have any queries on any aspect of these terms of business, please contact us.