Terms Of Business

These terms of business set out the general terms under which John Power Insurances Ltd will provide the services outlined below. Please take time to read this document carefully.

  • General insurance (Motor, House, Liability etc)
  • Mortgage Advice
  • Life Assurance & Serious Illness
  • Income Protection
  • Mortgage Repayment Protection Insurance
  • Pensions, Savings and Investments

Address: Ballinacurra Road, Limerick
T: (061) 226 722
F: (061) 226 724
E: Jim@Powerinsurances.ie


These terms of business set out the general terms under which John Power Insurances Ltd will provide the services outlined below. Please take time to read this document carefully.

  • General insurance (Motor, House, Liability etc)
  • Mortgage Advice
  • Life Assurance & Serious Illness
  • Income Protection
  • Mortgage Repayment Protection Insurance
  • Pensions, Savings and Investments

Contact Details
Legal Name: John Power Insurances Ltd
Trading Name: Power Insurances
Address: JPI Financial Centre, Ballinacurra Road, Limerick
Tel and fax no.: Phone number – (061) 226 722, Facsimile number – (061)226724
Email address: info@powerinsurances.ie
Website: www.powerinsurances.ie

Regulatory Status
John Power Insurances Ltd t/a Power Insurances is regulated by the Central Bank of Ireland as a Multi-Agency Intermediary under the Investment Intermediaries Act, 1995; as a Mortgage Intermediary under the Consumer Credit Act, 1995 and as an Insurance Intermediary under the European Communities (Insurance Mediation) Regulations, 2005. The Central Bank of Ireland holds registers of regulated firms. You may contact the Financial Regulator on (01) 410 4000 or alternatively visit their website on www.CentralbankofIreland.ie to verify our credentials.

John Power Insurances Ltd. is subject to the consumer protection code/ minimum competency requirements & fitness & probity requirements, which offer protection to consumers. The consumer protection code can be found on the central banks website www.centralbankofireland.ie.

Fair Analysis, Independence & Being a Broker
John Power Insurances ltd. is an independent insurance & mortgage broker, that provides a fair analysis of the broker market before offering a product to a client. The idea of ‘Fair Analysis’ means that we will endeavour to obtain quotations from a number of companies, that we have agencies with, before offering the best (in our opinion) quotation to you. The recommendation may not just be based on price & will take into account a number of factors.

We are independent Insurance & Mortgage brokers. This means that we will offer you a product on a Fair Analysis basis. It also means that we will offer you to pay for our service in a fee only basis & refund you the commission payable to us by the insurance company or lender involved. We have outlined below or Fee based charges if you decide to follow this path.

The range of services that John Power Insurances Ltd. provides are intended to give advice based on the products offered by the product producers from whom a written letter of appointment is held. A list of the product producers with which John Power Insurances Ltd. holds an agency with is available on request

Remuneration Policy
John Power Insurances Ltd. is paid on a fee and commission basis for general insurance and mortgage business and commission basis for life assurance and investment business.

Fees Policy
We charge an administration fee on new order policies and renewals. We will discuss this fee with you in advance and it will also be outlined in your letter of suitability and/or renewal notice as soon as possible. We also charge for most mid term adjustments. Note we deduct our mid term charge from rebates before forwarding same to you & we note that the signing of the a letter of suitability is viewed as authorisation for this. We will forward this balance of rebate to you within 5 working days of receiving it. We may also receive commission from Close Premium Finance & Crash accident services (These are the only finance & accident providers we deal with, so we believe that receiving renumeration from these providers does not constiuite a conflict of interest) .

Mid-term adjustments (including but not limited to, Permanent change, cancellation, duplicate documentation, arrears payment, temp drivers/vehicles, indemnity letters, swift post/registered letter) – up to €200.00

Mortgage Applications –no fee for applications in excess of €500,000 however where a loan is sought under this amount or is of a complex nature, a fee may be charged to balance the shortfall of commission. This fee will be disclosed to you at the outset of the mortgage and a signed authority form will be obtained from you. The fee will not be in excess of €900.

The exact amount of set up fees will be disclosed to you on your letter of suitability and/or renewal notice.
Note our set up fee is non refundable once the policy is set up.

Fees policy – Based on a Fee only basis.
As an independent broker, we will offer you to pay for our services by Fee only. Below is the amount it will increase your Fee by (this Fee is in addition to any other admin fee charged by us). In the event you require your commission to be returned to you. We will return the commission to you as soon as possible. Note these are the maximum fees we will charge in the event of a commission refund, we may agree a lower amount depending on the contract involved.

Private/commercial Motor €100
Commercial Insurance (including Motor trade & Motor Fleet) €500
Home Insurance €200
Property/Shop €500
Life/Pension €1000
Mortgage €1000

Conflict of Interest Policy
It is our stated policy to avoid any conflict of interest when providing a service to our clients. Where an unavoidable conflict of interest arises, John Power Insurances Ltd. will make the customer immediately aware of the situation and seek your written confirmation to proceed. At all times John Power Insurances Ltd. endeavours to act to the best advantage of its customers in recommending the most suitable solution to each individual need.

Default on Payments by Clients
Should a customer default on a payment due to John Power Insurances Ltd, the legal right of the company to pursue such payment will be exercised. Reimbursement will be sought 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. Product Producers may withdraw benefits or cover on default of any payments due under any products arranged for your benefit. Details of these provisions will be included in your product terms and conditions.

Mortgage lenders may seek early repayment of a loan and interest if you default on your repayments. Your home is at risk if you do not maintain your agreed repayments.

Investor Compensation Scheme
John Power Insurances Ltd is a member of the Investor Compensation Scheme which provides certain remedies to eligible clients on default by the firm. Compensation may be payable where money or investment instruments owed or belonging to clients and held, or in the case of investment instruments, administrated or managed by this firm, cannot be returned to those clients for the time being and there is no reasonably foreseeable opportunity of the firm being able to do so.

A right to compensation will arise only:

  1. if the client is an eligible investor as defined in the Act,
  2. if it transpires that this firm is not in a position to return client money or investment instruments owned or belonging to the clients of the firm , and
  3. to the extent that the clients loss is recognised for the purposes of the Act.

Where an entitlement to compensation is established, the compensation payable will be the lesser of:

  1. 90% of the amount of the clients loss which is recognised for the purposes of the Investor Compensation Act 1998 or
  2. compensation of up to Eur20,000.

Client Monies
John Power Insurances Ltd accept payments in cash, by cheque, credit card or debit card in respect of the classes of insurance which we transact and in circumstances permitted under Section 25 F of the Investment Intermediaries Act, 1995 and the Consumer Protection Code. We are not authorised to accept cash or negotiable instruments in any other circumstances. A receipt will be issued in all instances.

Return premiums obtained, following a midterm adjustment or cancellation of a policy will be refunded to the client within 5 working days of being received by John Power Insurances Ltd. These amounts will be net of commission and any cancellation fee or charge. The signing of your letter of suitability (with additional wording for rebates) confirms your acceptance of this charge on return premiums.
If a rebate is less than €10, we will issue as above or you may use this to offset against a renewal premium or current premium due, or we will make a donation to a charity of your choice.

Complaints Policy
It is the stated policy of the company to deal with complaints in an expedient and professional manner. Any complaint should be addressed to Jim Power, Director, John Power Insurances Ltd, JPI Financial Centre, Ballinacurra Road, Limerick.

Any complaint made is recorded and acknowledged to you within 5 working days of the complaint being received. The outcome of any complaint will be communicated also in writing, within 5 days of completed investigations. Should the complaint take time to resolve, John Power Insurances Ltd will keep you informed on a regular basis, at intervals of not greater than 20 working days. If we have not resolved the complaint within 40 working days, we will inform you of the anticipated timeframe within which we hope to have it resolved and we will also advise you of your right to refer the matter to the Financial Services Ombudsman or the Pension Ombudsman. A copy of the Company’s Complaints Procedure is available on request.

Contact details of Financial Services Ombudsman as follows:
3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Lo call 1890 88 20 90, telephone 01 662 0899, fax 01 662 0890
Email: enquiries@financialombudsman.ie

Contact details of Pensions Ombudsman as follows:
36 Upper Mount Street, Dublin 2
Telephone 01 647 1650, fax 01 676 9577
Email: info@pensionsombudsman.ie

By signing your Letter of Suitability, you are acknowledging and confirming that you have been provided with a copy of the Terms of Business of John Power Insurances Ltd and that you have read and agree to the terms outlined.