Terms of Business

TERMS OF BUSINESS

CROSS INSURANCES LTD, 310 Ballyfermot Road, Dublin 10.

Phone: (01) 626 3187       Email: info@crossinsurances.ie

Cross Insurances Ltd is regulated by the Central Bank of Ireland

JULY 2021

​CENTRAL BANK OF IRELAND AUTHORISATION:

Cross Insurances Ltd, C2166, is regulated by the Central Bank of Ireland
under the Investment Intermediaries Act, 1995 (as amended), the Consumer Credit Act, 1995 and the European Union
(Insurance Distribution) Regulations 2018. Copies of our Authorisations are available on request; alternatively, the Central
Bank of Ireland holds registers of regulated firms which can be viewed on their website www.centralbank.ie.


STATUTORY CODES: Cross Insurances Ltd is subject to and complies with the Consumer Protection Code, the Minimum
Competency Code and the Fitness and Probity Standards. These Codes offer protection to consumers and can be found on
the Central Bank of Ireland website www.centralbank.ie.
 
FAIR & PERSONAL ANALYSIS:

Advice to clients is based on a fair and personal analysis of the available market. This means that we will identify and select a suitable insurance company and on receipt of your instructions we will transmit orders on your behalf to one or more insurance companies.


​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 their share of that market. The extent of
fair analysis must be such that could be reasonably 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 who 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.

​OUR SERVICES:

As an Insurance Intermediary we provide advice in relation to General Insurance and Life Assurance
products and services. With the significant number of appointments we hold, a copy of which is available on request we
can offer our clients an extensive choice of suitable products that best serve their needs and circumstances. We do not
guarantee nor make representations in regard to, and expressly disclaim responsibility for the financial security of
Insurance Companies and Product Producers with which we place business. Cross Insurances Ltd are members of Brokers
Ireland.


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. 


GENERAL INSURANCE SERVICES:

Inception & Renewal: We offer advice in relation to all classes of insurance policies on a
fair and personal analysis basis. Depending on your instructions we can advise you in relation to the products of the
Insurance Companies and Product Producers (the list is available upon request) and we will work on your behalf to
negotiate competitive renewal terms on your insurance cover. We will also offer assistance to you in relation to processing
claims, on policies taken out through our firm. This assistance is provided with either directly by our staff and/or with the
assistance of an appointed loss assessor.


​Important Notice: To ensure continuity of cover, where you have an existing policy which is due to expire and we have
been unable to contact you, we may put the 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 renewals and when we receive your
instruction. You have the right not to avail of this service and should advise us accordingly.


LICENCED AND APPROVED INSURERS:

Cross Insurances Ltd only recommend and transact with insurers who are
authorised by the Central Bank or EU Insurers who are also approved under the EU directives on the freedom of services
and which must comply with the Solvency and security legislation on their local member state. Cross Insurances Ltd. do not
and cannot guarantee the financial security of any Insurance Company. 
 
CREDIT FINANCE:

If you require credit terms, we may be able to arrange premium finance on your behalf, our list of Credit
Finance appointments is available upon request. Alternatively, a monthly direct debit facility (if available) may be operated
by the Insurance Company. We cannot accept instalments paid to our office.

 

FINANCIAL SERVICES:  

Life Assurance, Investments & Pensions: Life Assurance companies and some Product Producers
provide many products such as Life Cover, Serious Illness Cover, Income Protection, Savings, Investments, Pensions and
PRSA’s. Depending on your individual circumstances, we may provide you with advice on a fair and personal analysis basis
in relation to the nature of these products and which product(s) may be suitable for your needs. You may, however, have
particular areas of interest; in this case, we will be happy to give specific advice in these areas. We can give you a choice of
different life and pension products from the Insurance Companies and Product Producers with whom we hold an
appointment. On your instruction, we can receive and transmit orders for such products on your behalf to these insurers
and product producers. With your agreement, we may review the policies you take out on a periodic basis to ensure you
are kept informed as to their benefit and to check whether they are still suitable for your needs. We will also 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.


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.


SUSTAINABILITY FACTORS – INVESTMENT/IBIPS/PENSION ADVICE
When providing advice, the firm considers the adverse impact of investment decisions on sustainability. As part of our
research and assessment of products, the firm will examine the Product Providers literature to compare financial products
and to make informed investment decisions about ESG products. The firm will at all times act in the client’s best interests
and keep clients informed accordingly. The consideration of sustainability risks can impact on the returns of financial
products.


CONFLICTS OF INTEREST:

It is the policy of our firm to avoid conflicts of interest in providing you with insurance and
investment business services. If this is not possible, we will notify you as soon as is practicable after we become aware of
the conflict of interest and you may rest assured that you will be treated fairly where such a conflict is unavoidable. In
some cases, we may be a party to a profit-share arrangement with product producers where we provide extra services for
the provider.  Any business arranged with these providers on your behalf is placed with them as they are at the time of
placement the most suitable to meet your requirements taking all relevant information, demands and needs into account.

COMPLAINTS:  

We have a written complaints procedure for the effective handling of all complaints. We will acknowledge
receipt of your complaint in writing within 5 working days. A written update will be issued to you every 20 days by a
nominated individual within our firm. A comprehensive response to your complaint will be issued within 8 weeks of receipt
of your initial complaint. In the event of failure to resolve your complaint you may raise the matter with the Financial
Services & Pension Ombudsman’s Bureau, Lincoln House, Lincoln Place, Dublin 2, Tel: 01 567 7000.
Email: info@fspo.ie. Our full Complaints Procedure is available on request.


DEFAULT/FAILURE TO PAY:

Cross Insurances Ltd will reserve its right to withhold issue of Insurers to you and/or instigate
cancellation proceedings in the event of the following:​

  • Non-payment by you of the premium due at inception, renewal or following a mid-term adjustment.

  •  On instruction from your Finance Company to cancel due to a breach of the premium finance agreement(where the     premium is being by through a premium credit agreement)

  •   Your bank refuses to process payment to us for any reason.

  •  Non-disclosure of relevant information. 

  •  Insurer imposed cancellation (Insurers may cancel in certain circumstances as outlined in your policy documentation)

 
If your policy ends or is cancelled, we will send you any documentation and information to which you are entitled on
request. We expressly reserve the right to offset credits against outstanding balances due and no agency transfer may be
effected until the account is cleared in full.


DISCLOSURE OF INFORMATION:  

Your 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.
If you are in doubt of whether or not something needs to be disclosed, the safest course of action is to disclose it. please
ask us and we will assist you if you have any questions.


PREMIUM HANDLING AND RECEIPTS:

When receiving and transmitting orders in relation to insurance policies Cross Insurances Ltd may accept payments  in cash, by cheque and by credit/debit card and Electronic Fund Transfer (EFT) in respect of all classes of insurance from clients payable to itself where an insurance undertaking has invited renewal of a policy of insurance, or the proposal for insurance has been accepted by an insurance undertaking. 


​We are not authorised to accept cash or negotiable instruments in any other circumstances.
Premiums are due on/or before inception/renewal date and under Central Bank legislation, strict rules apply in relation to
payments to insurance companies. We are unable to pay premiums to insurance companies which have not been received
from clients therefore to avoid cancellation of policies, premium must be paid strictly within the credit terms, if agreed,
otherwise immediately prior to incepting/renewing cover.
A receipt is issued for all monies received.
 
REMUNERATION AND CHARGES:

General Insurance: Cross Insurances Ltd may be remunerated by the Insurance Companies and Product Producers to whom orders are transmitted for new business, on renewal of existing business. The firm will charge you a fixed fee or a percentage of the insurance premium and levies for the following services provided:

  • Administration Charge: €25.00 – This will be charged for temporary adjustment certificates, duplicate certificates, insurance disc, no claims bonus, driving experience letters, duplicate household policy documentation or any documentation relating to lapsed or cancelled policies. 

  •  Household: €100

  •  Private/ Commercial Motor: €250

  •  Public Service Vehicle: €250

  •  Commercial Business including Employers and/or Public Liability: Up to 30%

  •  Travel: €15

  •  Midterm Switches/Alterations: €40

  •  Claims Handling: NIL

 
On occasion we may need to charge rates different to the above depending on the complexity of the case in question; we
shall advise you of these charges in advance and before the business is transacted.


​On settlement of your account, we will forward to you all documents showing ownership of your policy i.e. Motor
Certificate & Disc and Policy Schedules. Where a series of transactions are involved, we will normally hold each document
until the series is complete and then forward them to you.


​PREMIUM CREDIT & REFUNDS:

Where credits are allowed by non-life Insurers following alteration or cancellation, the amount received by us will be refunded to you within 5 working days of our receiving same, unless there are prior amounts outstanding on accounts due to ourselves or any premium finance providers. In Such cases any credit will be allocated to the account and reconciliation will be issued to you with details of the revised outstanding balance or a refund cheque, as appropriate.
 
Where a client defaults on a premium finance agreement we may apply an administration charge of up to €40 at the
discretion of the firm.


CREDIT INTERMEDIARY:

As a credit intermediary, we may be remunerated by the premium/credit finance provider on arranging this finance on your behalf.


FINANCIAL SERVICES:

Cross Insurances Ltd may be remunerated by the Insurance Companies and Product Producer to
whom orders are transmitted. Summary details of these payments will be included in a product information document
which you will receive before an application form for a product is completed, and extended details will also be included
with your cooling-off letter.


A summary of the details of all arrangements for any fee, commission, other reward or remuneration paid or provided to
the intermediary which it has agreed with Insurers or product producers” is available on our
website www.crossinsurances.ie.


​CANCELLATION/COOLING OFF PERIOD:  

A Consumer (as defined by SI No 853 of 2004) has the right to withdraw from any insurance policy (as defined by SI No 853 of 2004) 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. The right of withdrawal may be exercised in writing to Cross Insurances Ltd quoting your policy number. Should the righted be exercised the insurance company may charge a pro-rata premium for the period you are on cover. In the case of Life and Pension Products that cooling-off period is extended to 30 days.
 
You may cancel the policy by notice in writing at any time. Provided that all reasonable charges pertaining to costs incurred
by Cross Insurances Ltd., have been paid and provided that no incident giving rise to a claim has occurred in the current
period of insurance, you will be entitled to a proportionate return of the premium for the unexpired period of insurance
unless the is on a minimum & deposit basis, and if this is the case, no return will be allowed on the policy and this will be
noted on your schedule. If you cancel the policy during its first year with an Insurer(outside the cooling-off period) short
term rates apply and please see policy terms and conditions. Insurance Companies normally reserve the right to cancel
policies any time by giving the appropriate notice to you at your last known address. Please refer to your policy terms and
conditions.
 
DATA PROTECTION:  

Cross Insurances Ltd are subject to the requirements of the General Data Protection Regulation 2018
and Insurance Data Protection Act 2018.

The data which you provide to us will be held on a computer database and paper files for the purpose of arranging
transactions on your behalf and in order to provide the highest standard of service to you. 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 (on our website)
and Data Protection policy.  We may need to collect sensitive personal information relating to you or anyone to be named
on your policy or residing in your household to process your application. We may share information we hold about you and
your claims history with insurance product providers’. Our product producers may subscribe to insurances industry
databases for fraud prevention purposes. We may also use your information for the purpose of complying with regulatory
or legislative requirements, offering renewals, for research/statistical analysis and crime prevention. There may also be
requirements to contact you by Email, Post, Phone, SMS Text for the purposes of discussing renewal terms of an existing
policy with us or any other query directly relating to an existing policy with us. When you request a quote from us, you may
receive a phone call or text message and/or email in relation to that quote. 


​We would also like to keep you informed of about new or existing insurance, investment products or special offers, and
any other insurance related services provided by us or associated companies with which we have a formal business
arrangement, which we think may be of interest to you.  


You have the right to withdraw your consent at any time. If you wish to exercise this right, please notify us in writing. 
You have the right at any time to request a copy of any “personal data” within the meaning of the GDPR that our office
holds about you and to have any inaccuracies in that information corrected. Please contact us by addressing enquiries to
the Compliance Officer, Cross Insurances Ltd, 310 Ballyfermot Road, Dublin 10. If you have any concerns about your
personal data.   


CCTV RECORDING:

CCTV recording facilities are in place in our office. These facilities are for security, quality, training, and verification purposes. All data captured by these facilities are managed in accordance with the Data Protection Act.
 
Compensation Scheme: Investor Compensation Cross Insurance is a member of the Investor Compensation Company Ltd
(ICCL) Scheme established under the Investor Compensation Act, 1998 (as amended) (the “Act”). A right to compensation
will only arise where money or investment instruments held by us on your behalf cannot be returned either for the time
being or for the foreseeable future and where you fall 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 your loss, which is
recognised as being eligible for compensation, or €20,000. 
 
Brokers Ireland Compensation Fund As a member of the Brokers Ireland, Cross Insurance is also a member of the BI
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.

 

CONSUMER INSURANCE CONTRACTS ACT 2019 
New consumer responsibilities arising out of the Consumer Insurance Contracts Act 2019 which was implemented to
protect consumers.


NEW BUSINESS AND 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 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:
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 both you and the insurer 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. 

Terms of Business Effective Date July  2021