Frank Glennon Limited, trading as “Glennon”, “Glennon Insurances”, “AIC Glennon”, “Glennon International”, and “Glennon B2B” herein referred to as “Glennon”, may receive commission from Insurers with whom we arrange your insurance policy; details of which are available on request; and which will not be offset against any commission fee we charge either in full or in part.
In addition Glennon may also receive additional commission payments from certain Insurers which can be based on factors such as profitability, premium volume and/or growth and for services provided to Insurers.
Glennon may also receive administrative or consultancy fees which may be paid or allowed by Insurers for:
(a). Arrangements under which we seek to improve and facilitate the cover provided by Insurers to Insured customers by benchmarking and enhancing the product offered by Insurers;
(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 service (supplementary to services we furnish to you) provided direct to Insurers.
Glennon may also charge you a commission fee for the services provided in accordance with the undernoted schedule of fees and charges.
Schedule of Fees and Charges
(a). Arranging or renewing the proposed policy up to €85.
(b). Arranging an alteration on, or providing a service in connection with, the proposed policy up to €40 per transaction.
(a). A fee of up to a maximum of 25% of the premium applicable (including levies/taxes) for arranging or renewing a policy subject to a minimum of €350 or as otherwise agreed for the product or services provided.
(b). A fee of up to a maximum of €100 per transaction for arranging an alteration on, or providing a service in connection with, a policy.
(c). A fee of up to €50 per request for issuing any duplicate documentation.
(d). A fee of up to €150 per hour for advising on the management and settlement of claims.
(e). A fee of up to €150 per hour for advising on the insurance implications of contracts, leases and similar documentation.
(f). A fee of up to €100 per request for checking the insurances of any third party.
(g). Outlay such as travel and subsistence will be charged in addition at its actual cost.
(h). A fee of up to a maximum of 2% of the premium applicable (including levies/taxes) for the cost of compliance with applicable regulations.
Glennon reserve the right to amend these commission fees should the complexity of the product or services require a higher commission fee. We will confirm and agree this commission fee with you prior to any increased charge being applied.
Commission and commission fees are earned for the period of the contract and we will be entitled to retain all commission fees in respect of the full period of the contract in relation to contracts placed by us.
It may at times be appropriate (and for your benefit) for us to use other parties such as another insurance broker, wholesale broker, underwriting managers, managing general agent or reinsurance broker. These parties may also earn and retain commissions for their role in providing products and services to you for which we are not privy.
In the ordinary course of business we may also receive interest on Client and Insurer monies from the date we receive the funds until we settle with those due to receive them. We confirm that we shall retain that interest rather than pay it to you or the Insurer (as the case may be).
Glennon reserve the right to recover reasonable travel or subsistence expenses incurred by us where such expenses are incurred wholly and exclusively for the purpose of providing the services to you provided that any request for reimbursement is in for the form of a proper invoice accompanied by appropriate receipts.