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Remuneration Summary

Patrick Lee trading as Lee Insurance Brokers act as Intermediary between you, the consumer, and the product provider with whom we place our business.

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

There are different types of remuneration and different commission models:

Single commission model: where payment is made to the intermediary shortly after the sale is completed and is based on a percentage of the premium paid/amount invested/amount borrowed.

Trail/Renewal commission model:  Further payments at intervals are paid throughout the life span of the product.

Indemnity Commission 
Indemnity commission is the term used to describe a commission payment made before the commission is deemed to be ‘earned’. Indemnity commission may be subject to a clawback (see below) if the consumer lapses or cancels the product before the commission is deemed to be earned. 
General Insurance Products
General insurance products, such as motor, home, travel, health, retail or liability insurance, are typically subject to a single or standard commission model, based on the amount of premium charged for the insurance product.  

Life Assurance/Investments/Pension Products
For Life Assurance products commission is divided into initial commission and renewal commission (related to premium), fund based or trail (relating to accumulated fund).

Trail commission, bullet commission, fund based, flat commission or renewal commission are all terms used for ongoing payments. Where an investment fund is being built up though an insurance-based investment product or a pension product, the increments may be based on a percentage of the value of the fund or the annual premium. For a single premium/lump sum product, the increment is generally based on the value of the fund. 

Life Assurance products fall into either individual or group protection policies and Investment/Pension products would be either single or regular contribution policies.  Examples of products include Life Protection, Regular Premium Life Assurance Investments, Single Premium (lump sum) Insurance-based Investments, and Single Premium Pensions.

Investments
Investment firms, which fall within the scope of the European Communities (Markets in Financial Instruments) Regulations 2007 (the MiFID Regulations), offer both standard commission and commission models involving initial and trail commission. Increments may be based on a percentage of the investment management fees, or on the value of the fund. 

Clawback
Clawback is an obligation on the intermediary to repay unearned commission. Commission can be paid directly after a contract is concluded but is not deemed to be ‘earned’ until after a specified period of time. If the consumer cancels or withdraws from the financial product within the specified time, the intermediary must return commission to the product producer. 

Fees 
The firm may also be remunerated by fee by the product producer such as policy fee, admin fee, or in the case of investment firms, advisory fees. Our Fees  -Motor - €30 - €50, Household  - €20-€40,  Shops/Offices - €50- €100, Property Owners/Commercial Combined or Liability   €50 - €100 depending on the time spent, Motor Fleets 5% of the premium - Larger Commercial Risk – fees would be discussed prior to arranging cover – 5% -10% of the premium, usually, pending on the time spent. Rebates/ Cancellation/ mid-term adjustments: minimum €20 charge become the amount payable to the firm unless an arrangement to the contrary is made. 
Direct Debit Administration: An Administration charge of €20 for the setup of DD payments. Some Insurance Companies may collect our administration charge on our behalf for DD policies.
Other Fees, Administrative Costs/ Non-Monetary Benefits
The firm may also be in receipt of other fees, administrative costs, or non-monetary benefits such as:


  • Attendance at product provider seminars and other training events on the benefits and features of products or services we provide to consumers.
  • Hospitality of a reasonable de minimis value, such as food and drink during a business meeting or a conference, seminar or other training events

General Insurance Providers
ALLIANZ Plc   ( Initial and renewal COMMISSION )
ombined Home Insurance                                                       15%
Cargo Goods                                                                              18.775%
Computer                                                                                   15%
Engineering Plant                                                                      15%
Hull Damage/Liability                                                              15%
Personal Lines Household                                                       15%
Holiday Home ROI                                                                     15%
Combined Liability             EL                                                    6%
Combined Liability             PL                                                   10%
Combined Liability             MML                                               5%
Combined Liability            CAR                                                15%
Combined Liability            PRL                                                 10%
Landlord House Insurance                                                      15%
Motor Own Goods                                                                      5%
Broker Motor Product  ROI                                                       5%
Combined Property                                                                  15%
Combined  Risks                                                                       15%
Motor Small Fleet                                                                       5%
Business Policy                                                                          15% 
Property Owners Liability                                                        15%
Social Public Liability                                                               10%

AON INSURANCE (WHOLESALE MARKETS) ( INITIAL AND RENEWAL COMMISSION )
Chubb Excess Liability                                                               10%
Chubb Motor                                                                                 5%
Chubb Masterpiece Policy                                                        12%
Hiscox Cyber Policy                                                                    10%
Hiscox Professional Indemnity Policy                                     10%
Hiscox Household Policy                                                           12%
XL Services Combined Package                                              10%
XL Services Professional Indemnity                                         10%
XL Services Construction Liability                                            10%
Zurich Professional Indemnity                                                  10%

Aviva  (Initial and renewal commission)
 Agri Business                                                                               15%
Commercial Motor                                                                      7.5%
Contract Works                                                                           15%
Engineering Insurance                                                               15%   
Engineering Insurance                                                           Mixed
Home                                                                                            17.5%
Marine – Goods In Transit                                                         18.775%
Marine – Pleasure Boat Policy                                                 15%
Packages – Office                                                                       16%
Packages – Shop                                                                        16% 
Private Motor                                                                                7.5%
Commercial Trademark                                                             15%

 AXA Broker    (Initial and renewal commission)
Private Motor                                                            5%
Commercial Motor                                                  5%
Motor Fleet                                                               5%
Home Insurance                                                    15%
Combined Liability                                                15%
Small Business                                                       17.5%
Commercial Combined                                        20%

ARB UNDERWRITERS LTD   (iNITIAL AND RENEWAL COMMISSION)
 Private Motor                          5%
Commercial Motor                 5%
Commercial Combined       15%
EL/PL Combined                 10%
Public Liability                       10%
ProfessionaL Indemnity       20%

 BENCHMARK UNDERWRITERS LTD    (iNITIAL AND RENEWAL COMMISSION)
Household                    15%
Property Owners          15%
Office                              15%
Shop                               15%

CAPITAL INSURANCE MARKETS  (iNITIAL AND RENEWAL COMMISSION)
Personal Lines
Zurich Apartment Owner Policy                        15%                   
Zurich Apartment Renter                                    15%
Zurich Holiday Home Policy                              15%
Zurich Owner Occupied Policy                         15%
Zurich Residential Let Policy                             15%
Zurich Holiday Home basic policy                   10%    
AXA Holiday Home Policy                                 10%
Lloyds Homeworker Policy                               15%
Lloyds Mobile Home                                          15%
Lloyds Non Standard construction                  10%
Lloyds Mid Net Worth                                        15%
Zurich Owner Occupied                                    15%
Zurich Residential Let                                        15%
Lloyds Touring Caravan                                     10%
Lloyds Unoccupied PDH                                   10%
RSA - Light Commercial Vehicle                       6%


Commercial Lines
Construction RSA Liability                               10%
Construction HDI Liability                                10%
Construction Allianz Liability                           10%
Contractors All Risks Policy Munich Re Risks Solutions Ireland   - 13% 




Electrical – Aviva Liability                               10%
Professional Indemnity – HDI                         10%
Professional Indemnity – Lloyds                    10%
Property Owners -Canopius                            15%
Property Owners – Brit                                     15%
Property Owners – Ergo                                   15%
Property Owners – HDI                                     15%
Security – Liability – Hiscox                             10%
Cleaning – Liability – Hiscox                            10%
Recruitment – Liability – Hiscox                      10%
Oil Distributors – Liability – Travelers                8%

Dolmen Insurance   (iNITIAL AND RENEWAL COMMISSION)
Flex Home Policy                                  10%
Premier Home Policy                           10%
Homeworks Policy                                12.5%
Unoccupied (via Relay & Direct)         12.5%    
Land Liability                                          10%
Property Owners                                   15%
Contractors All Risks                            12.5%
Directors and Officers                           20%
Event Insurance                                     10%
Dolmen (sum insured)  Home             15%
Dolmen (sum Insured) Residential     15%
Professional Indemnity                         10%

HOOPER DOLAN INSURANCE BROKERS  (iNITIAL AND RENEWAL COMMISSION)
Office Combined                                                                         10%
 Combined Tradesman Liability                                                10%
Public Liability                                                                              10%
Property Owners Risks                                                               10%
Commercial Combined (Leisure, retail, manufacturing)       10%
Professional Indemnity                                                               10%
Unoccupied Risks                                                                        10%
BSS Holiday Home Scheme                                                       10%
BSS Landlord Rental Scheme                                                    10% 
Contractors All RIsks Scheme                                                    10%
Directors and Officers                                                                   10%
Apartment Block                                                                           10%
Cyber Liability                                                                                10%
KENNCO UNDERWRITERS LTD  (iNITIAL AND RENEWAL COMMISSION)
Motor car/van                 5%        
Household                       15%
Commercial                     15%
Motor Trade                     5%
Garage Combined          15%
Professional Indemnity  15%
Cyber                                12.5%
Medical Malpractice       10%
Travel                                20%

Optis Insurance     (iNITIAL AND RENEWAL COMMISSION)
Combined Liability                                  15%
Commercial Combined                          15%
Property Owners                                     17.5%
Shop/Retail                                              15%
Professional Indemnity                           20%
Self Build                                                  15%
Carriers Liability                                      12.5%
Office                                                         15%
Goods In Transit                                      12.5%
B&B/Guesthouse                                   15%
Contractors All Risks                              15%
Personal Accident                                  15%

PRESTIGE UNDERWRITING LTD   (INITIAL AND RENEWAL COMMISSION)
Amtrust Property                                                       14%
Corin Commercial                                                     15%
Prestige Homesafe                                                   15%
Prestige Ireland Motor Trade                                  10%
Prestige Ireland Non Standard CV                          8%
Prestige Ireland Non Standard Private  Car           8%
Prestige Ireland Non Standard Private Car  EDI    5%

RSA       (INITIAL AND RENEWAL COMMISSION)
Apartment                                          15%
Caravan/Mobile Home                    15%
Commercial Inclusive                       15%
Motor                                                    5%
Contractors All Risks                         15%        
Bonds                                                   15%
Engineering Inspection                     15%
Engineering Plant                              15%
Fire and Perils                                     15%
Goods In Transit                                 20%
Household                                          20%
Motor Trade Road Risk                      5%
Marine                                                 18.78%
Material Damage                              15%
Motor                                                    5%
Commercial Motor                             5%                    
Fleet                                                      5%
Office                                                    17.5%
Property Owners                               15%
Shop                                                    15%    
Public Liability                                   10%
Yacht                                                   15%

Zurich PLC    (INITIAL AND RENEWAL COMMISSION)
Apartments                             15%
Combined                                15%
Commercial Inclusive            15%
Computer                                15%
Contractors All Risks             15%
Cyber                                       20%
Directors and Office               15%
Employers Liability                 6%    
Public Liability                         10%
Engineering                            15%
Fire and Perils                        15%
Goods In Transit                     15%
Household                             15%
Motor Trade Road Risk             5%
Marine                                   17.5%
Material Damage                15%
Commercial Vehicle             5%
Motor EDI                            6.50%            
Fleet                                    5%
Office                                  15%
Professional Indemnity            20%
Property Owners             15%
Shop                                  15%
Surgery                              15%
Travel                                 15%
Yacht                                  15%

Life/Pensions/Investment Insurance Providers
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Patrick Lee trading as Lee Insurance Brokers is regulated by the Central Bank of Ireland. Registered Office: 34 Vevay Road, Bray, Co. Wicklow. Registered No: 304412
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