Including Remuneration details and Schedule of Fees and Charges
Murphy O’Sullivan Claim Specialists Limited is regulated by the Central Bank of Ireland. Our Registration Number is C134231 and we are authorised to undertake insurance mediation as a Public Loss Assessor under the European Union (Insurance Distribution) Regulations 2018. A copy of our Statement of Authorised Status is available on request. Alternatively, the Central Bank of Ireland holds registers of regulated firms which can be viewed on their website www.centralbank.ie. If any material changes are made to these terms we will notify you.
Statutory Codes
Murphy O’Sullivan Claim Specialists Limited 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
Services Provided
Murphy O’Sullivan Claim Specialists Limited is an independent entity carrying out the operation of Insurance Claims Assessment & Mediation. We do not work for Brokers or Insurance Companies, we work for, and represent you the Policyholder. Our initial task is to establish whether your loss is covered by your Insurance Policy. In the event that it is you have the option to appoint us to act on your behalf to assess quantify and negotiate your Insurance Claim with the “Loss Adjuster” appointed by your Insurance Company. We have set out below some information that is relevant to your claim. Please read carefully & discuss any queries with your Assessor before signing.
Remuneration Structure and Claims Process
Today we will inspect the loss and advice in respect of policy cover. On the basis that cover is in order, we will carry out a survey of the loss and report your claim to your Insurance Company.
We will then set up an appointment with the insurance company representative to inspect the loss & we will attend this second inspection as required.
We will prepare your claim (with your assistance/input as necessary) and proceed to negotiate the most optimal and efficient settlement possible within the constraints of your insurance policy, the circumstances of the loss & the stance taken by the Insurance Company Loss Adjuster. Settlement proposals will be discussed with you prior to our agreeing settlement terms on your behalf.
Murphy O’Sullivan Claim Specialists Limited role is to manage the Insurance Claim process to the point of an agreed settlement. Once a settlement is agreed our work is effectively complete and our fees fall to be paid, by you, The Policyholder.
We do not ordinarily request any interim payment/fee in respect of our ongoing work during the course of your claim. We will only invoice you for fees once your insurance claim has been agreed. Murphy O’Sullivan Claim Specialists Ltd fee must then be paid in full NO LATER THAN SEVEN DAYS of you receiving your ‘Initial Payment’ from Insurers following Settlement of Claim.
Fees associated with preparing a claim (i.e. Loss Assessing fees or the like) are not covered by your Insurance Policy. We are not paid by your Insurance Company.
Our fees fall due on final settlement regardless of whether Murphy O’Sullivan Claim Specialists Ltd or the Insured has agreed final settlement.
We will only process application for the release of ‘retention’ monies once our fees have been paid
In the event that an Insurance Company appointed Network Contractor executes the reinstatement works on your property, fees shall be charged on the total value of these works plus any other components of your claim.
Remuneration details and Schedule of Fees and Charges
Our fees for this service are generally 10% inclusive of VAT of the Net Settlement from the Insurer, regardless of whether Retention is applied by the Insurer, unless otherwise agreed.
See below for 2 examples of how typical payments are made following settlement of claim:
Example A:
Claim Settlement from Insurer €4,250
Less policy excess €250
Claim Payable from Insurer €4,000
Our Gross Fee inclusive of VAT @ 23%;
€4,000 x 10% = €400.00
Total Fee Payable €400
Example B:
Claim Settlement from Insurer €10,150
Less policy excess €150
Claim Payable from Insurer €10,000
Less Insurer Retention @30% €3,000
Total Claim Payable from Insurer €7,000
Our Gross Fee inclusive of VAT @ 23%;
€10,000 x 10% = €1,000
Total Fee Payable €1,000
*VAT on fees is calculated at the prevailing rate currently 23%
We reserve the right to amend our fee structure should the complexity of the service require a higher fee. We will confirm and agree this fee with you prior to any increase being applied.
Definitions
Policy Excess: Is the first part of any claim which you the policyholder have to pay.
Retention: The portion of your insurance claim settlement that your insurance company will hold back from your ‘Initial Payment’. This can be released once all works allowed for in your claim are completed (and photographs provided clearly illustrating same) & you provide paperwork (valid vat invoices, receipts etc.) to demonstrate that you have expended the full amount of your settlement. [NOTE: Retention % typically varies between 20 – 30% but can be higher in certain circumstances]
Initial Payment: This is the initial payment made to you after your claim is agreed/settled. This payment is net deduction of ‘Policy Excess’ & ‘Retention’. If you elect to draw down ‘Retention’ you will need to carefully comply with ‘Retention’ requirements, if you elect not to draw down retention monies then no conditions apply.
No Claims Bonus: The number of years in which you haven’t made a claim on your insurance policy.
Compensation Scheme
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 of €20,000, whichever is the lesser and is recognised as being eligible for compensation.
Complaints Procedure
We ask that you make any complaint against our firm, relating to services provided by us, preferably in writing however, verbal complaints are accepted. We will provide a written reply to all complaints received. 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. You are entitled to refer the matter to the Office of the Financial Services & Pensions Ombudsman (01-5677000 or info@fspo.ie). A full copy of our complaints procedure is available on request.
Conflicts of Interest
We endeavour, at all times, to avoid any conflict of interest bearing in mind that it is our stated aim to provide you with the professional representation which you are entitled to. We maintain systems and processes that are designed to identify and resolve any conflicts of interest with haste. Where such a conflict exists and has been detected we will communicate with you immediately with a view to resolving the relevant issues. If you believe that a conflict of interest has arisen in your case we request that you should contact Mr. Mike O’Sullivan, White House, Greenfield, Kanturk, Co. Cork immediately in writing.
Default
In the event that our fees are not discharged by you within seven days of receipt of your (initial) payment, we will pass our file to a Collection Agency to have our account Collected. In the event that our account cannot be collected, we will place our file in the hands of our Company Solicitor to issue Proceedings. Both of these actions will attract costs that will be borne by you, the Policyholder, and are likely to negatively affect your credit rating and creditworthiness.
Duty to Disclose Information
It is your responsibility to provide complete and accurate information for insurers when arranging an insurance policy. Failure to disclose any material information to your insurers could invalidate your insurance cover and could mean that all or part of a claim will not be paid.
General
Murphy O’Sullivan Claim Specialists Ltd will primarily negotiate your claim with the firm of ‘Loss Adjusters’ appointed by your Insurance Company to settle the claim on their behalf. We will be proactive in encouraging your claim to ensure timely settlement. However we are not responsible for delayed responses or inaction on the part of your Insurance Company’s representative.
In the norm your Insurance Company will insist that we conduct all communication direct with their appointed Loss Adjuster. We can process & chase interim, initial & retention payment applications but it is the Insurance Co. who issue payments following receipt of relevant reports from their Loss Adjuster. We are happy to chase such payments on your behalf but are not responsible for your Insurance Company’s failure to issue these as quickly as you may wish.
Similar to Motor Insurance any ‘No Claims Bonus’ you may have under your property insurance will be affected in the event of a claim on your policy. Details of how your policy might be affected can be obtained from your Broker or Insurer.
It is the Insured’s responsible for the validity of Invoices/Receipts submitted by way of retention application. These will be thoroughly scrutinised by the Insurance Company Loss Adjuster. If your claim settlement includes VAT then your retention paperwork must include VAT. It is also strongly recommended that you retain clear documentary proof of all monies expended in respect of your insurance claim e.g. keep a copy of all cheques issued, ensure to get valid receipts, ensure payments/lodgements appear on your bank statement etc.
Data Protection
Murphy O’Sullivan Claim Specialists Ltd. complies with the requirements of the General Data Protection Regulation 2018 (GDPR) and the Irish Data Protection Act 2018.
We collect your personal details in order to provide the highest standard of service to you and are 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. Please contact us at mike@moscs.ie if you have any concerns about your personal data.
Governing Law
Our terms of business shall be governed by and construed in all respects according to the laws of the Republic of Ireland. These Terms of Business are valid from March 2020 until further notice.
Direct Marketing
Here at Murphy O’Sullivan Claim Specialists Ltd we take your data protection seriously and will only use your data as discussed with you in our privacy statement. However, from time to time may wish to contact you in relation to other services we provide.