Terms of Business

Terms of Business of Oliver Murphy Insurance Brokers Ltd t/a coverme & vancover.ie

14 The Quay





w.e.f 21.04.2014


Oliver Murphy Insurance Brokers Ltd t/a Coverme of 14 The Quay, Waterford. We specialise in the provision of Life Assurance and General Insurance services to consumers and is regulated by the Central Bank of Ireland. Our regulator number is 1853.


Oliver Murphy Insurance Brokers Ltd t/a Coverme is regulated by the Central Bank Of Ireland under the Investment Intermediaries Act, 1995, as amended to provide the investment instruments insurance policies, tracker bonds and PRSA’s. We are also authorised as a deposit broker and registered as an insurance/reinsurance intermediary under the European Communities (Insurance Mediation) Regulations, 2005, as amended. The Central bank of Ireland holds registers of regulated firms. You may contact the Central Bank on 1890 777777 or alternatively visit their website on www.centralbank.ie to verify our credentials.” Oliver Murphy Insurance Brokers Ltd t/a coverme is a member of the Irish Brokers Association and BLD a broker network.


Oliver Murphy Insurance Brokers Ltd T/a Coverme.ie is subject to and complies with the Consumer Protection Code, 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


Oliver Murphy Insurance Brokers Ltd t/a Coverme offer advice on a fair analysis basis in relation to all classes of life assurance products (Term Cover, Serious Illness and Permanent Health Insurance, Pensions & Savings) and General Insurance (Motor, Home, Fleet, Business, PI, Property, Travel etc). We transmit orders on client’s behalf to any of the insurance undertakings or product producers from whom the Company hold letters of appointment. We are also authorised to provide broad based advice on the whole marketplace. A list of all entities which we hold an agency with are contained on the end of this document. We are also authorised as a deposit broker with PTSB & a premium finance agency holder of Premium Credit Ireland – note we do not in any way guarantee the financial strength of any assurers or insurers we deal with as this is deemed the role of the specific Regulator in charge.


Oliver Murphy Insurance Brokers Ltd t/a coverme is remunerated by commission and payments from product producers on completion of business, details of which are available on request. Summary details of these payments will be included where appropriate in a product information document. You may choose to pay in full for this service by means of a fee. Our fee for 2012 is €200 per hour for advisor fees and €85 per hour for support staff. Additional fees may be payable for complex cases or to reflect value, a requirement for specialist skills or urgency and you will be notified in writing in advance of any work being completed. Where pension and investment business is conducted, we may charge a percentage of funds under management as a fee for yearly reviews and ongoing advice. You will be notified in writing of this fee, in advance of any business being conducted.This company may also be paid performance related commission due to profitability , persistency and volume , details of these arrangements are available on request .


The company is remunerated by a combination of commission received from Product Producers to whom orders are transmitted. For non-life business an administration charge may apply and will be disclosed, these charges cover – Sourcing of product, administration costs, risk management, advice, and claims handling assistance, we advise that there is no VAT charge on any insurance transaction. On commercial business this charge may represent up to 30% of all premiums depending on the complexity, structuring and maintenance cost of the arrangement. Note on private insurance policies i.e. motor, van, household and travel the brokerage fee will represent up to €100.00 unless otherwise indicated brokerage fees contribute to our compliance and regulatory cost. Any change in excess of amounts stated will be notified in writing. Note for business conducted with some insurers a higher fee will be applied and disclosed. In the event of cancellation of a policy we do not return any brokerage fee that been paid as we deem them to be non refundable and earned. In the event of policy cancellation our procedure is as follows – On the mid term cancellation of any private car ,van , household or travel policy a cancellation fee of up to €50 will apply (this includes policies been paid by monthly direct debit or Premium finance ) – this will be deducted from any rebate provided by insurers and the rebate will be issued to you in a timely fashion less cancellation fee and brokerage as per the Consumer Protection Code . In the case of commercial products for business insurance the cancellation fee may be higher than €50 however this will be disclosed to you in advance . Note our charges for policy adjustments/movements are as follows – all policy amendments €25 – direct debit default charge where you the customer pay us the funds to pay the provider a €10 fee will apply . We are also remunerated by finance companies for our assistance in the arrangement and administration of insurance premium finance – the maximum commission payable is 3% of the premium financed . Please note credit debit and laser card charges apply and will be disclosed to you the client at point of purchase; charges vary accordance to providers’ rates prevalent at the time. Note this company may also receive from some companies performance related payments due to but not limited to profitability with the company and volume . Details of these arrangements are available on request .Note if your policy is financed by Premium Credit and cancelled any rebate premium less cancellation charge will be off set against the loan balance either directly with Premium Credit through this office or offset against a rolling arrangement with the finance house concerned .


It is the policy of Oliver Murphy Insurance Brokers Ltd t/a coverme to avoid a conflict of interest when providing services to clients. Where an unavoidable conflict arises we will advise you of this in writing before providing any business services. If you have not been made aware of any such conflict you may assume that none arises.


Oliver Murphy Insurance Brokers ltd will accept payments in cash by cheque and by credit/debit card in respect of all classes of insurance in the circumstances permitted under Section 25G of the Investment Intermediaries Act, 1995. Oliver Murphy Insurance Brokers Ltd T/a coverme is not authorised to accept cash or negotiable instruments in any other circumstances.

Premiums are due on / or before renewal / inception date. Under the Central Bank legislation very strict rules apply in the payment of premiums to Insurance companies. We will not be able to pay premiums to insurers which have not been received from clients. Therefore, to avoid policy cancellation, premiums must be paid strictly within the credit terms, if agreed, otherwise immediately prior to cover incepting.


The company has a written procedure in place for the effective consideration and handling of complaints. Any complaints should be addressed in writing to the Managing Director, Oliver Murphy Insurance Brokers Ltd T/a coverme. Each complaint will be acknowledged by us within 5 working days of receipt, updates will be advised in intervals of not more than 20 working days ,we will endeavour to resolve the complaint within 40 business days and findings will be furnished to you within 5 working days of completion of the investigation. In the event that you are not entirely satisfied with the firms handling of and response to your complaint, contact may be made with the Irish Brokers Association, 87 Merrion Sq, Dublin 2 and ultimately you have the right to complain to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.


Oliver Murphy Insurance Brokers Ltd T/a coverme is a Data Controller as defined in the Data Protection Act 1988 and 2003. We collect your personal details in order to provide the highest standard of service to you. We take great care with the information provided; taking steps to keep it secure and to ensure it is only used for legitimate purposes. To fulfill these objectives we may share information with other affiliated professionals. The information and other data provided to our office may be used to advise you of products and services we may offer from time to time.

You have the right at any time to request a copy of any ‘personal data ’within the meaning of the Data Protection Act 1988(as amended or re-enacted from time to time) that our office holds about you and to have any inaccuracies in that information corrected.) We may contact you by means of telephone, email, post and text. You may opt out of this service by telephoning the office at 051-841766 or by emailing omurphy@coverme.ie.


We are members of the Investor Compensation Scheme established under Section 38 of the Investor Compensation Act 1998. The Act provides that compensation shall be paid to eligible investors (as defined in the Act) to the extent of 90% of an investor’s net loss or €20,000, whichever is the lesser and is recognised as being eligible for compensation. We are also members of the Irish Brokers Association (IBA) 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 failed to adequately compensate any client of the member. Further details are available on request.

Failure to pay or default

We reserve the right to instigate cancellation proceeding in the event of the following:

  • Your non-payment of the premium due 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
  • Insurer imposed cancellation

Your insurer may cancel your policy in certain circumstances. These conditions are clearly outlined on all policy documents.

When your policy ends or is cancelled, we will send you any documentation and information that you are entitled to on request. We will automatically advise you of any payments outstanding on your policy and the consequences of failure to pay premiums. Note where premiums are on finance and defaults occur the finance company may retain the right to instruct insurers to cancel all cover.

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 which you are encouraged to read in full.


The following are a list of insurance undertakings and product producers form which letters of appointments are held.


Caledonian life, Canada Life, Friends First, Aviva Life, Irish Life, New Ireland, Horizon, Standard Life, Assurant, Zurich life, Axa Financial, Wealth Options, PTSB, Allianz, Aon, Aquabroker, ARB Underwriting, Axa Insurance, Willis Ireland, Zurich, Aviva, Hickey Clarke & Langan, O’Reily Cullen, RSA, Liberty, Sertus Underwriting Ltd, Setanta Insurances, Blue Insurances, Kennco Underwriting Ltd, Optis Insurance, M.I.S, Securus Insurance, Prestige Underwriting Ltd, CityNet – Lloyds, Europa, Kidd Insurances, insureforsure Ltd, SA Faughnan Insurance Brokers, Broker Support Services, Benchmark Underwriting, Corporate Underwriting Services, BLD Network Member, Leisure Insurance, BCP Asset management, KBIS Equestrian Insurance, Travelers, Frost Underwriting Ltd, Wrightway Underwriting, SUS Underwriting Services, James Campbell, Precision Underwriting, Sweeney Walsh & Associates, Covercentre , IPORS , Aiken & Co , Brunel , Capital Insurance Brokers, Patrona Underwriting.

Signed: ___________________________________________________

          Oliver Murphy Insurance Brokers Ltd,t/a Coverme  14 The Quay, Waterford.
Phone: 051-841766                                Fax: 051-843309                    Email:  quotes@vancover.ie

Please note this Terms of Business supercedes with immediate effect any others that we may have previously issued to you.


Client Acknowledgement:

Terms of Business – I acknowledge and confirm that I have been provided with a copy of the terms of business for Oliver Murphy Insurance Brokers t/a coverme.ie and that I have read through and understand and accept these terms. I also accept that Oliver Murphy Insurance Brokers Ltd T/a coverme may in the event of cancellation or alteration of a policy deduct a fee as disclosed in the section “Remuneration Policy”. I also understand and accept that brokerage fees are deemed earned and non refundable.I understand and accept that the company will disclose the deduction to me in writing .

Signed: ___________________________________________________

Signed:                                                                                                    Date:

Vancover.ie, Oliver Murphy Insurance Broker Limited t/a CoverMe is Regulated by The Central Bank of Ireland.