Commercial Remuneration & Fees
Our principal remuneration for arranging the insurance will be by way of commission, being a portion of the premium paid which is allowed to us by Product Producers for introducing the insurance to them.
Details of commission arrangements are available on request (minimum commission paid 10% up to a maximum of 30% of premium- some product producers do not pay a commission). We are also remunerated by a fee in addition to retained commission for the initial placing of each policy, administering the insurance and/or providing claims and other insurance related services. A fee is also charged for the activity involved in the renewal of each policy and also any alterations that take place during and at termination of a policy.
Fees may be described by us as administration, brokerage or service fees. A scale of our fees is under noted.
Minimum Fee €100 euro
These are charged for our time spent working on your behalf and are not refundable if the policy is cancelled. The amount of commission we receive under any policy of insurance is available on request.
At all times you have the option to deal with us on a fee basis which will be agreed, in writing, with the client by the Company in advance of the provision of our service. The amount of any commission received by the Company may be deducted from any fee payable.
Sample Fee Structure:
Account Director/Manager: €300.00 per hour.
Account Executives: €150.00 per hour.
Administrative Support: € 75.00 per hour.
Additional fees may be payable for complex cases or to reflect value, specialist skills or urgency. In such cases we will notify you in advance.
We reserve the right to amend these fees should the complexity of the product or service require a higher fee. We will confirm and agree this fee with you prior to any increased charge being applied.
Scale of Fees
If you require assistance from us with a claim which requires a significant amount of time or expertise or which is otherwise onerous on our part, we reserve the right to charge for such services, such charge to be agreed with you before we provide the services in question.
In addition to the above, you should be aware that we and/or other associated companies of Acorn Insurance may receive additional income from the following sources:
- Expense allowances, commissions from Insurers for managing and administering certain lineslips, covers, binding authorities and other similar facilities, including claims which may arise thereunder, all of which we believe enable access to expert Insurers, more efficient service and competitive terms to be provided across a portfolio of business (details of these facilities are available on request);
- Profit commissions or profit shares paid by Insurers on specific facilities and arrangements for a limited class of business;
- Administrative or consultancy fees which may be paid or allowed by Insurers for:
(b) Arrangements to maximise the risk appetite of insurers for particular classes of business in order to better meet the requirements of clients;
(c) Financial management, business processing and policy administration or other services (supplementary to services we furnish to you) provided direct to Insurers. We will deal with you openly and, when requested, we will disclose the amount of any additional income (or where that is not feasible, a reasonable estimate of the additional income or its basis of calculation) from the above and any other sources that we may receive in relation to insurance we arrange.