Terms of Business
First Floor, Abbey Moat House,
Abbey Street, Naas, Co Kildare Ireland
Phone: +353 (0) 45 982668
Fax: +353 (0) 45 902983
Web Site: www.yachtsman.ie
M.J.O’Neill (Insurances) Limited T/A Yachtsman Euromarine is regulated by the Central Bank of Ireland as an Insurance Intermediary under the European Communities (Insurance Distribution) Regulations, 2018. A copy of our authorisation is available on request. The Central Bank of Ireland holds registers of regulated firms. You may contact the Central Bank of Ireland on 1890 777 777 or alternatively visit their website at www.centralbank.ie to verify our credentials. Our company registration number is C9880.
M.J.O’Neill (Insurances) Limited t/a Yachtsman Euromarine is also registered with the Competition and Consumer Protection Commission to act as a Credit Intermediary.
Codes of Conduct
M.J.O’Neill (Insurance) Ltd t/a Yachtsman Euromarine is subject to and complies with the Consumer Protection Code, Minimum Competency Code, and the Fitness & Probity Standards as laid down by the Central Bank of Ireland. These Codes offer protection to customers, and they can be found on the Central Bank of Ireland’s website at www.centralbank.ie .
We offer advice on Marine Insurance products on a limited analysis basis, exclusive to Yachtsman Euromarine, as underwriting agents for specialist pleasure craft Insurers. Insurers we consider include Lloyds of Brussels, MS Amlin Underwriting Ltd, Munich RE Syndicate at Lloyds, Navigator & General. Our service includes advising you on your insurance needs, arranging your insurance cover and helping you with ongoing changes if required during the insurance year. As underwriting agents, we also have the authority to investigate and settle claims on behalf of insurers.
Yachtsman Euromarine also offers the service of “Boat Advisory Check” which can be carried out by request of the client or by the request of insurers, if required to assess the condition of your vessel for the purposes of Marine Insurance. The cost of this report is charged separately to your insurance premium, as it is a service provided by Yachtsman Euromarine and is not regulated by the Central Bank of Ireland.
As a Credit Intermediary, the firm can arrange personal loans for the purpose of paying your insurance premium only.
Yachtsman Euromarine is remunerated by a commission from the insurer taking on the risk. This can vary depending on the class of business, details of which are available on our website in the section headed Help and Support. We may also receive additional payments from insurers based on profit sharing or other arrangements. On pleasure craft insurance we may also apply an administration charge up to €40.00 on new or renewal business and a midterm adjustment fee of €25.00. A fee of €20.00 will be charged for all duplicate documentation. On Marine trade / commercial policies an administration fee of €100.00 will be charged on new and renewal business and a mid-term adjustment fee of €40.00. We reserve the right to amend these fees should the complexity of the product require a higher fee. We will confirm this fee with you prior to any increased charge being applied. Commissions received are not offset against fees chargeable.
On Marine trade / commercial policies an administration fee of €100.00 will be charged on new and renewal business and a mid-term adjustment fee of €40.00. We reserve the right to amend these fees should the complexity of the product require a higher fee.
We will confirm this fee with you prior to any increased charge being applied. Commissions received are not offset against fees chargeable.
Conflict of Interest
It is the policy of Yachtsman Euromarine to avoid any conflict of interest when providing business services to its clients. However, where an unavoidable conflict may arise, we will advise you of this in writing before providing any business service. If you have not been advised of any such conflict you may assume that none arises.
Yachtsman Euromarine has a written procedure in place for the effective consideration and handling of complaints. This procedure ensures that complaints will be recorded and written complaints acknowledged in writing within 5 days. All complaints will be fully investigated and the outcome of the investigation will be communicated to the person who raised the complaint. Further details regarding each insurer’s complaints procedures are available in your policy document.
If you wish to make a complaint, please email us at email@example.com
In the event that we do not resolve your complaint within 40 days or you remain dissatisfied with our handling of or response to your complaint, you are entitled to refer the matter to the Financial Services and Pensions Ombudsman (FSPO), Lincoln House, Lincoln Place, Dublin 2 (Telephone: (01) 567 7000).
Yachtsman Euromarine is a member of the Investor Compensation Scheme established under the Investor Compensation Act 1988. This Act provides for the establishment of a compensation scheme and the payment, in certain circumstances, of compensation to certain clients of firms (known as eligible investors), as defined in that Act.
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 where 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 client’s loss is recognised for the purposes of the Act.
Where entitlement to compensation is established, the compensation payable will be the lesser of:
- 90% of the amount of the client’s loss which is recognised for the purposes of the Investor Compensation Act, 1998; or
- Compensation of up to €20,000.
For further information, you can contact the Investor Compensation Company Ltd (ICCL) at (01) 224 4955.
Brokers Ireland Compensation Fund
We are also members of the Brokers Ireland 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 compensate any client of the member adequately. Further details are available on request.
Handling Clients’ Money
Yachtsman Euromarine will accept payment in cash, cheque and debit / credit cards in respect of all classes of insurance in the circumstances permitted under our authorisation. We are not authorised to accept cash or negotiable instruments in any other circumstances. Payments made by debit / credit cards will be subject to an additional processing fee of €3.80. If you choose to automatically renew your policy by selecting the relevant tick box option, we may hold your payment details, securely, on file and take payment at the next renewal date. You can at any time prior to renewal request that your details are removed.
Failure to Pay or Default
You can cancel your policy by notice in writing at any time. Provided that all reasonable fees & charges due to Yachtsman Euromarine 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 un-expired period of insurance.
Yachtsman Euromarine and your Insurer both reserve the right to cancel your policy at any time by notice in writing to your last known address.
A non-exhaustive list of reasons for cancellation includes:
- Your non-payment of the premium due at inception, renewal or following a mid-term alteration or adjustment.
- Your bank returns your cheque or direct debt due to insufficient funds or any other reason.
- Non-disclosure of material facts in accordance with the relevant legislation where the insurer had requested disclosure, or any other reason outlined in your policy terms and conditions.
If your policy is cancelled, we will send you documentation confirming the cancellation. We advise that you also read your policy document, so you understand the full terms and conditions set out by your insurer.
Cooling Off Period (Distance Marketing)
A consumer who purchases an insurance policy over the phone or through the internet, without any face-to-face contact with Yachtsman Euromarine has the right to withdraw from that insurance policy within 14 days of the start date of the policy or within 14 days of receipt of the annual documentation issued on behalf of the Insurer (whichever is the later) without penalty and without giving any reason under S.I. No. 853/2004 – European Communities (Distance Marketing of Consumer Financial Services) Regulations 2004; this is known as the Cooling Off period.
The right of withdrawal may be exercised by notice in writing to Yachtsman Euromarine, quoting your policy number. Should this right be exercised, the Insurance Company may charge a pro rata premium for the period you are on cover. This right to withdraw does not apply to any insurance policy under which insurance cover is provided for less than 1 month. Any fee or charge paid by the client to our firm for work carried out prior to cancellation shall not be refundable.
Yachtsman Euromarine shall issue a receipt for each non-negotiable or negotiable instrument or payment received. These are issued with your protection in mind and should be stored safely.
As the underwriting agent for the insurer of your policy we also have authority to investigate / settle claims on their behalf. We will provide a claims handling service for as long as you are a client and will provide you with reasonable guidance in pursuing your claim. We will handle claims fairly, promptly and keep you advised of development.
Consumer Insurance Contracts Act 2019
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 14 days in respect of general insurance 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 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 the contracting parties 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 you 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 avoiding the contract of insurance. 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
The Consumer Insurance Contracts Act 2019 does not apply to non-Consumer Clients who are defined as a Company (including as a member of a Group of Companies) with a turnover of greater than €3million in the previous financial year.
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
Consumers: Duty of Disclosure when completing documentation for New Business, Renewals and Mid-Term Adjustments
Section 8 and 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 Statement 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. If any of the answers are not true and accurate, please contact our office immediately. Any corrections that are deemed necessary may result in the risk being re-submitted to the Insurer who’s Premium and / or Terms and Conditions may be subject to change as a result.
Non-Consumer Clients: Disclosure of Information
It is essential that you bring to our attention any material alteration in risk such as change of address or use of vessel. Any failure to disclose material information may invalidate your claim and render your policy void.
M.J.O’Neill (Insurance) Ltd t/a Yachtsman Euromarine is a Data Controller and as such, is subject to the requirements of the General Data Protection Regulation 2018 and the Irish Data Protection Acts 1988 – 2018. 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 that it is only used for legitimate purposes. To fulfil 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 opt out of our marketing or request a copy of any personal data within the meaning of the Data Protection Acts 1988 – 2018 (as amended or re-enacted from time to time) that our firm holds about you and to have any inaccuracies in the information corrected. Our client’s personal data is confidential and available only to our firm, we do not pass on clients details to any other firm unless instructed to do so by our client, or as required to fulfil our obligations to you or insurers, or as otherwise required by law. For details of our Data Protection Policy please refer to our website www.yachtsman.ie.
Governing Law and Jurisdiction
These terms and any dispute or claim (including non-contractual dispute or claim) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the laws of the Republic Ireland.
Each party irrevocably agrees that the Courts of the Republic of Ireland shall have exclusive jurisdiction to settle any dispute or claim (including non-contractual dispute or claim) arising out of or in connection with these terms or its subject matter or formation.
Effective date: 12th December 2022