Terms of Business
We at Pike Insurance Services Limited are Independent Insurance Brokers and
are members of the Professional Insurance Brokers Association (PIBA).
We are a family business and treat our customer as a person and not just a number!
We endeavour to offer a prompt and personal service.
Our aim is to advise our clients in relation to all classes of insurance required
by them.
These terms of business set out the general terms under which our firm will provide
insurance and investment business services to you and the respective duties and
responsibilities of both the firm and you in relation to such services. Please ensure
you read these thoroughly and if you have any queries, please contact the undersigned
who will be happy to clarify any queries you may have.
Firm Name and Contact details:
David R. Pike
Director (Managing)
Pike Insurance Services Limited
2 Haigh Terrace
Dun Laoghaire
County Dublin
Telephone: (01) 7096000
Facsimile: (01) 7096099
Regulatory Status with the Irish Financial Services Regulatory Authority
Our firm is authorised in Ireland to receive and transmit orders in relation to
insurance policies under Section 10 of the Investments Intermediaries Act, 1995,
as amended. Our firm is also registered as an insurance/reinsurance intermediary
under the European Communities (Insurance Mediation) Regulations, 2005 (as amended).
We are an authorised mortgage intermediary under the Consumer Credit Act, 1995,
as amended
Pike Insurance Services Limited t/a Pike Insurance Services, Joe Murphy Insurances,
Just4u is regulated by the Financial Regulator.
Our Irish Financial Services Regulatory Authority number is 1284; you can verify
our regulatory status by telephoning the Irish Financial Services Regulatory Authority
at (01) 4344000.
Our Services
Pike Insurance Services Limited specialise in
(a) personal insurances such as home, car, travel, personal accident, permanent
health and
(b) small business insurance (e.g. offices, shops, combined policies).
We also arrange life assurance such as term assurance including mortgage protection,
level term and convertible term. We can provide advice to you in the following areas:
- Life Insurance Products
- Non-Life Insurance Products
and we can receive and transmit orders to the product producers listed in Appendix
1.
Life
Life Assurance companies provide products such as: critical illness, convertible
term, keyman, level term, mortgage protection, permanent health and serious illness.
Depending upon your individual circumstances, we may provide you with advice in
relation to the nature of these products and which product may be suitable for your
needs. You may however wish to focus our advice on areas of particular interest
to you. We can offer you advice on all Life Insurers listed in Appendix 1. We can
receive and transmit orders for such products on your behalf to the Insurers listed
in Appendix 1. Where you select an insurance product of an Insurer listed in Appendix
1, we may provide an ongoing advisory service in relation to that policy.
Non-Life
We provide the services in relation to non-life insurance products such as: abandonment,
all risks, apartment, burglary, caravan, consequential loss, combined, computer,
commercial vehicle, employers liability, engineering, farm, fire, goods in transit,
guest house, household, indemnity, legal expenses, marine, money, motor contingency,
motor cycle, motor fleet, motor trade, office, personal accident, private car, professional
indemnity, property owners liability, public liability, self-build, school, shop,
special risks, surgery, and travel (annual).
Depending upon your instructions, we can give you advice in relation to the products
of Insurers listed in Appendix 1. We may receive and transmit orders on your behalf
to the Insurers listed in Appendix 1. Where we receive and transmit orders, we may
also offer assistance to you in relation to processing claims on policies and in
seeking renewal terms on your cover.
IMPORTANT NOTICE: where we obtain renewal terms on business in force, we may
put such cover in force whilst awaiting your instruction. You will be liable for
any premiums payable to the relevant product producer.
Remuneration Policy
Pike Insurance Services Limited are remunerated by a combination of commission &
fees. Commission, if any, is received from Product Producers to whom orders are
transmitted. Some Product producers pay NO commission. Fees maybe charged on New
Business, Renewals, Mid-term Cancellation, Adjustments, Endorsements & Duplicate
documents by way of an administration charge of up 30% of the premium. These charges
cover: Sourcing of Product/Product Scheme, Administration Costs, Risk Management,
Claims Handling Assistance, Renewal Negotiation, Compliance Costs and Advice. We
may on occasion’s source product through a Wholesale Broker. The Wholesale Broker
may charge a fee for this service which will be reflected in the price of the product.
Premium rebates are subject to an administration charge/rebate fee of no more than
10% of the rebate amount. We do reserve the right to offset premium rebates due
to clients against any sums outstanding from that client to us and/or the client’s
insurers. There is no VAT charge on any insurance transaction however stamp duty
and/or government levies may apply.
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 in writing in advance of completing such services.
Complaints
Pike Insurance Services Ltd has in place a written procedure for the handling of
complaints. This procedure ensures that all complaints are recorded and acknowledged
within 5 business days. All complaints are fully investigated and the complainant
updated at intervals of not greater than 20 business days. We will attempt to investigate
and resolve a complaint within 40 business days. All complaints should be directed
in writing to Mr David Pike, Complaints Officer, Pike Insurance Services Limited,
2 Haigh Terrace, Dun Laoghaire, County Dublin. In the event that a client remains
dissatisfied with the handling of and/or response to a complaint they may refer
the matter to The Financial Services Ombudsman
Compensation Scheme
We would remind you that it is not within our terms of authorisation to accept cash
or negotiable instruments except where an Insurer indemnity applies. A receipt will
be issued for each payment received. This is required in pursuant of section 30
of the “Investment Intermediaries Act 1995”. For your added protection, we are members
of the Investor Compensation Scheme operated by the Investor Compensation Company
Limited - see Appendix 2 for details.
Default on Payments by Clients
Our firm will exercise its legal rights to receive payments due to it from clients
for investment business services provided. In particular, without limitation of
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. Insurers and other product producers
may withdraw benefits or cover in the event of default on payments due under polices
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
Pike Insurance Services Ltd complies with the Data Protection Acts 1988 and 2003,
as amended. 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. We would
also like to keep you informed of any new products or services provided by us which
we think may be of interest to you. If you do not wish to receive marketing information
please tick the box in the following Terms of Business acknowledgement.
Appendix 1
List of Product Producers
- Allianz Ireland plc
- Allianz plc
- Aviva Insurance (Europe) plc
- Aviva Life & Pensions Ireland Limited
- AXA Insurance Limited
- Benchmark Underwriting Limited
- Caledonian Life
- Canada Life Assurance (Ireland) Limited
- Chartis Insurance Ireland Limited
- DAS Legal Expenses Insurance Company Limited
- Dolmen Insurance Brokers Limited
- Ecclesiastical Insurance Group
- Friends First Life Assurance Company Limited
- Irish Life Assurance Plc
- New Ireland Assurance Company plc
- Royal & Sun Alliance Insurance plc
- Scottish Mutual International Limited
- Scottish Provident Limited
- Standard Life Assurance Company
- Travelers Insurance Company Limited
- Zurich Insurance plc
- Zurich Life Assurance plc
Appendix 2
Investor Compensation Scheme
The Investor Compensation Act, 1998 provides for the establishment of a compensation
scheme and the payment, in certain circumstances, of compensation to certain clients
(known as eligible investors) of authorised investment firms as defined in that
Act. The Investor Compensation Company Ltd (ICCL) was established under the 1998
Act to operate such a compensation and our firm is a member of this scheme (reference
number 111954) 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 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 owned or belonging to the clients of the firm; and
- to the extent that the clients 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 clients loss which is recognised for the purposes of
the Investor Compensation Act, 1988; or
- - compensation of up to €20,000.
For further information contact the Investor Compensation Company Limited at (01)
4344000.