Remuneration

The Background

Pursuant to provision 4.58A of the Central Bank of Ireland’s September 2019 Addendum to the Consumer Protection Code, all intermediaries, must make available in their public offices, or on their website if they have one, a summary of the details of all arrangements for any fee, commission, other reward or remuneration provided to the intermediary which it has agreed with its product producers.

What is Remuneration?

Remuneration is the payment earned by the intermediary for work undertaken on behalf of both the provider and the consumer. The amount of remuneration is generally directly related to the value of the products sold.

What is Commission?

Commission is a payment that may be earned by an intermediary for work undertaken for both provider and consumer.

Profit Share Arrangements

In some cases, the intermediary may be a party to a profit-share arrangement with a product provider and will earn additional commission. Any business arranged with these product providers on a client’s behalf will be placed with the product provider because that product provider is at the time of placement, the most suitable to meet the client’s requirements, taking all the client’s relevant information, demands and needs into account.

We have profit share arrangements in place with Tysers & Sunderland Marine.

Please see below list of providers our firm deals with.

Allianz plc
General Insurance10% – 15%
Marine Hull-Commercial10% – 15%
Marine Hull – Pleasure Craft15%
British Marine
Marine Hull11 – 15%
Marine P&I11 – 15%
Fingal Insurance Group
General Insurance10%
Lloyd’s of London Fishing Vessel Facility
Marine Hull11%
MS Amlin Underwriters
Marine P&I20%
The Shipowners Club
Marine P&I15%
Sunderland Marine
Marine Hull15%
Marine P&I15%
Tysers Insurance Brokers
Marine Cargo15%
Personal Accident20%
Willis
PI (Professional Indemnity)0%
Zurich
General Insurance15%