McDonald Dwyer Reddy & Byrne Insurances Limited (“the Company”) is a Private Limited Company, trading from 131/132 Parade Quay, Waterford, Ireland, 051-872080. We offer a wide range of services, including Insurance
placements, Risk reviews, Claims reviews and support and Risk management. We transact business with the leading insurers and a full list of these is available on request. We do not have a tied relationship with any Product Producer that would compromise our ability to offer independent advice and choice.
The Company is an independent insurance intermediary and provides the following services: –
- Advising on the selection of Non-Life insurance products best suited to its clients’ needs.
- Receiving and transmitting orders to product producers.
Advice to clients is based on a fair analysis of the available market.
McDonald Dwyer Reddy & Byrne Insurances Limited is regulated by the Central Bank of Ireland and is authorised and registered to undertake insurance mediation under the European Communities (Insurance Mediation) Regulations, 2005 by The Central Bank of Ireland. The Company is subject to and complies with the Central Bank of Ireland’s Fitness and Probity Standards, Consumer Protection Code and Minimum Competency Code. These Codes offer protection to consumers and can be found on the Central Bank of Ireland’s web site www.centralbank.ie .
Irish Brokers Association
McDonald Dwyer Reddy & Byrne Insurances Limited is a member of Brokers Ireland.
Conflict of Interest
We will endeavour to avoid conflicts of interests but where this is unavoidable; we will explain the position fully and manage the situation in such a way as to avoid prejudice to any party. If a conflict of interest does exist, business with that consumer may only proceed where the consumer has acknowledged the existence of the conflict in writing and has agreed to proceed. Personal gain or advantage will never be allowed to interfere with or be given higher priority than service to the client.
Default / Remedies
All insurances are effected on the express condition that, pending receipt of the premium from the Insured, the Company reserve the right, notwithstanding delivery of policy or certificate or receipt to the Insured, to cancel the policy, obtain a refund from the Insurers and apply same in the reduction of the amount due by the Insured.
We regret that credit cannot be extended to clients in respect of premiums; initial, renewal or additional. Initial or first premiums must be paid at the inception of cover and renewal premiums before the policy renewal date otherwise the Company will advise the insurance undertaking or product producer involved accordingly and cover will be cancelled. It is therefore critical that we are in receipt of the full premium before the renewal date or inception of a new policy.
Our firm will exercise its legal rights to receive payments due to it from clients for 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 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.
Remuneration – Non Life
Our income is generated from a combination of commissions received from product producers and brokerage fees for our professional services. Any brokerage fee charged will be clearly identified on our documentation to you and will be non-refundable in the event of policy cancellation.
The amount of commission receivable, by the Company, under any policy of insurance is available on request. The Company may be in receipt of soft commission, override or incentive commission from Product Producers, details of these arrangements are available on request. Our brokerage Fees in relation to Initial Placement, Renewal or Alteration of policies are up to a maximum of 100% of the premium.
Handling Clients Money
We will accept payments in cash, by cheque, debit card, credit card and bank transfers, in respect of all classes of Insurance in the circumstances permitted under Section 25G(I) of the Investment Intermediaries Act, 1995. We are not authorised to accept cash or cheques in any other circumstances.
We will issue a receipt for each payment received pursuant to the requirements of the Central Bank of Ireland’s Consumer Protection Code. These receipts are issued for your protection and should be stored in a safe place by you.
Duty to Disclose
It is your responsibility to provide complete and accurate information for Insurers when you take out your Insurance Policy, throughout the life of that policy and when you renew your Insurance. It is important that you ensure all statements made on proposal forms, claim forms and other documents are, to your knowledge and belief, full and accurate. Failure to disclose any material information to your Insurers could invalidate your insurance cover and could mean that all or part of a claim may not be paid.
Failure to make full disclosure of relevant facts, including any change in the risk since inception of cover or the last renewal of the policy including:
a) medical details or history [where relevant]; and
b) previous insurance claims made by you the consumer for the type of insurance sought may render the policy invalid and could result in insurers voiding the policy which means that
i) a policy may be cancelled;
ii) claims may not be paid;
iii) you may encounter difficulty in trying to purchase insurance elsewhere; and,
iv) in the case of property insurance, that the failure to have property insurance in place could lead to a breach of the terms and conditions attaching to any loan secured on that property.
The Company 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 in writing, at intervals not greater than 20 business days. When the complaint is not resolved within 40 business days we will advise the complainant of the anticipated time frame within which is hoped to resolve the complaint and of the complainant’s right to refer the matter to the Financial Services Ombudsman. The Company will advise the complainant, in writing, within 5 business days of the completion of the investigation of the complaint and the outcome of the investigation and where the applicable the terms of any offer or settlement.
All Complaints should be directed to Mr Tom Reddy, Complaints Officer. If the complainant still remains dissatisfied with the handling of and / or the response to a complaint they may refer the matter to the Financial Services Ombudsman Bureau, LoCall 1890882090 or www.financialombudsman.ie .
McDonald Dwyer Reddy & Byrne Insurances Limited complies with the requirements of the General Data Protection Regulation (GDPR) 2018 and the Irish Data Protection Act 2018.
The Company 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 to you. Please contact us at firstname.lastname@example.org if you have any concerns about your personal data.
Investor Compensation Act, 1998
McDonald Dwyer Reddy & Byrne Insurances Limited is a member of the Investor Compensation Scheme, established under the ‘Investor Compensation Act, 1998’. Under that Act, an ‘eligible investor’ may receive a maximum compensation of €20,000 or 90% of the loss, whichever is the lesser. Further information on this scheme is available from the Central
Bank of Ireland.
We review and consider the security of Insurers and Underwriters in a professional manner. We do not and cannot guarantee the financial security of any Insurer or Underwriter.