Refund Policy

Effective Date: January 1, 2025

Last Updated: January 1, 2025

This Refund Policy explains the terms and conditions under which Cross Insurances processes refunds for insurance premiums, service fees, and other charges. As an insurance intermediary, our refund procedures are governed by insurance policy terms, regulatory requirements, and our service agreements.

Please read this policy carefully to understand your rights and our procedures regarding refunds.

1. Types of Refunds

1.1 Premium Refunds

Premium refunds may arise from:

• Policy cancellation before or during the policy period
• Mid-term policy adjustments reducing premium
• Premium overpayments or calculation errors
• Exercise of cooling-off rights for eligible policies
• Non-commencement of coverage due to insurer decline

1.2 Service Fee Refunds

Our service fees may be refundable in specific circumstances:

• Fees charged for services not delivered due to our fault
• Duplicate fee charges or billing errors
• Services cancelled before work commences
• Errors in fee calculation or invoicing

1.3 Commission Adjustments

When premiums are refunded, commission adjustments may affect the net refund amount as commissions earned for the coverage period are retained.

2. Premium Refund Conditions

2.1 Policy Cancellation Refunds

Cancellation by Client:

• Refunds are calculated based on the pro-rata unearned premium for the remaining policy period
• Insurers may apply minimum earned premium charges (typically 25-50% of annual premium)
• Short-rate penalties may apply for mid-term cancellations
• Administrative fees and cancellation charges may be deducted
• Some policy types (e.g., certain liability policies) may provide limited or no refund

Cancellation by Insurer:

• Pro-rata refunds are typically provided for the unused policy period
• Minimum earned premiums generally do not apply
• Refunds are processed according to insurer timelines

2.2 Cooling-Off Period Refunds

Eligible insurance policies under Irish and EU consumer protection regulations include statutory cooling-off periods:

Policy Type	Cooling-Off Period	Refund Terms
Life Insurance	30 days	Full premium refund less any benefits paid
Non-Life Insurance (distance sales)	14 days	Pro-rata refund less proportionate risk premium
Payment Protection Insurance	30 days	Full refund if no claims made
Travel Insurance (within 14 days of purchase)	14 days	Full refund if travel has not commenced

Cooling-off rights do not apply to:

• Policies with duration less than one month
• Commercial insurance purchased by businesses
• Policies where coverage has expired
• Certain specialized insurance types as specified by regulation

2.3 Premium Adjustment Refunds

Premium adjustments may result in refunds when:

• Risk exposure decreases during the policy period (e.g., insured property sold, business operations reduced)
• Final premium audits show lower exposure than estimated
• Errors in initial premium calculation are identified
• Policy endorsements reduce coverage or limits

Adjustment refunds are subject to insurer approval and minimum earned premium provisions.

3. Non-Refundable Items

The following are generally not refundable:

3.1 Earned Premiums

• Premium for the period during which coverage was in force
• Minimum earned premium charges as specified in policy terms
• Premium for policies where claims have been paid or are pending

3.2 Earned Commissions and Fees

• Commission earned for coverage provided before cancellation
• Fees for completed services (risk assessments, market analysis, policy placement)
• Administrative charges for policy issuance and processing

3.3 Third-Party Charges

• Government taxes, levies, and regulatory fees
• Policy issuance fees charged by insurers
• Inspection fees, underwriting reports, or appraisal costs
• Bank transfer fees or payment processing charges

3.4 Services Rendered

• Consultation fees for completed advisory services
• Claims assistance services already provided
• Customized risk assessment reports delivered
• Specialist market access or placement efforts completed

4. Refund Processing Procedures

4.1 Requesting a Refund

To request a refund:

• Submit a written request via email to Support@crossinsurances.com or by post to our office address
• Include the following information:
  • Your name and contact details
  • Policy number or service reference
  • Reason for refund request
  • Effective cancellation date (if applicable)
  • Supporting documentation (if required)
• Sign and date your request (electronic signatures accepted for email submissions)

4.2 Refund Processing Timeline

Processing times may be extended for:

• Complex policies requiring detailed premium calculations
• Claims-related cancellations requiring insurer investigation
• International insurance policies involving foreign insurers
• Disputed cancellations or premium calculations
• Peak renewal periods or high-volume processing times

4.3 Refund Calculation

Refund amounts are calculated as follows:

Formula for Pro-Rata Refunds:

Refund = (Total Annual Premium ÷ 365) × Unused Days – Minimum Earned Premium – Fees – Charges

Example Calculation:

• Annual Premium: €1,200
• Policy cancelled after 100 days
• Unused days: 265
• Pro-rata unearned premium: (€1,200 ÷ 365) × 265 = €871.23
• Less: Minimum earned premium (25%): €300
• Less: Administrative fee: €50
• Net Refund: €521.23

Actual calculations depend on specific policy terms, insurer requirements, and cancellation circumstances.

4.4 Refund Payment Methods

Refunds are issued via:

• Bank Transfer: Direct deposit to the account used for premium payment (preferred method)
• Check: Mailed to the address on file (processing time 7-14 days)
• Credit to Account: Applied to future premiums if continuing policies exist
• Original Payment Method: Refund to the credit/debit card used for payment when feasible

Refunds are issued in the same currency as the original payment unless otherwise agreed.

5. Special Circumstances

5.1 Policy Non-Commencement

If an insurance policy does not commence due to:

• Insurer declining to provide coverage
• Client withdrawing application before binding
• Inability to meet underwriting requirements

Full premium refunds are provided less any incurred costs for underwriting reports, inspections, or administrative processing. Service fees for placement efforts may apply.

5.2 Claims-Affected Cancellations

When policies are cancelled after claims have been filed or paid:

• Refunds may be reduced or eliminated depending on claim severity
• Insurers reserve the right to earn full annual premium when claims exceed certain thresholds
• Refund calculations consider claims paid, reserves, and loss adjustment expenses
• Processing time is extended pending claims resolution

5.3 Premium Finance Cancellations

If premiums were financed through a premium finance company:

• Refunds are paid directly to the finance company to settle outstanding balances
• Any excess refund after finance company settlement is returned to you
• You remain responsible for any remaining finance balance not covered by refund
• Early cancellation may trigger additional finance company charges

5.4 Group or Multi-Policy Refunds

For group policies or multiple coordinated policies:

• Each policy component is assessed separately for refund eligibility
• Minimum earned premiums apply to each policy individually
• Partial group cancellations may affect remaining premium calculations
• Coordinated cancellation timing may optimize refund amounts

6. Service Fee Refund Policy

6.1 Refundable Service Fees

Cross Insurances will refund service fees when:

• We fail to deliver agreed services due to our error or negligence
• Services are cancelled before work commences (100% refund)
• Duplicate charges or billing errors occur (full correction provided)
• Services are cancelled after commencement but before substantial completion (prorated refund based on work completed)

6.2 Non-Refundable Service Fees

Service fees are not refundable when:

• Services have been completed as agreed
• You cancel services after substantial work has been performed
• You decline to proceed with insurance placement after receiving our recommendations
• Insurers decline coverage despite our best placement efforts
• You provide inaccurate information affecting our ability to deliver services

6.3 Service Fee Refund Timeline

Eligible service fee refunds are processed within:

• 5 business days for billing error corrections
• 10 business days for service cancellations before work commencement
• 15 business days for partial refunds requiring work assessment

7. Disputed Refunds

7.1 Refund Disputes

If you disagree with a refund calculation or decision:

• Contact us in writing at Support@crossinsurances.com detailing your dispute
• Provide supporting documentation for your position
• We will review your dispute and respond within 10 business days
• If unresolved, the matter may be escalated to senior management
• You may file a complaint with the Financial Services and Pensions Ombudsman (see Section 8)

7.2 Insurer Refund Disputes

Disputes regarding insurer refund calculations or premium retention:

• Must be directed to the insurance company as policy terms govern premium refunds
• Cross Insurances will advocate on your behalf with insurers
• We will provide documentation supporting your position
• Ultimate refund decisions rest with insurers based on policy contracts
• You may escalate unresolved disputes to the Financial Services and Pensions Ombudsman

8. Complaints and External Resolution

8.1 Internal Complaints

If you are dissatisfied with our refund handling:

We will acknowledge your complaint within 5 business days and provide a full response within 20 business days.

8.2 Financial Services and Pensions Ombudsman

If your complaint is not resolved satisfactorily, you may refer it to:

The Ombudsman provides free, independent dispute resolution for consumers and small businesses.

9. Policy Updates

Cross Insurances reserves the right to update this Refund Policy to reflect changes in:

• Regulatory requirements and industry standards
• Insurance market practices and insurer terms
• Our operational procedures and service offerings
• Legal obligations and best practices

Material changes will be communicated to active clients via email. The updated policy will be posted on our website with a revised "Last Updated" date. Continued use of our services after changes constitutes acceptance of the updated policy.

10. Contact Information

For refund requests, questions, or assistance:

Our team is committed to processing refunds fairly, efficiently, and in accordance with all applicable regulations and policy terms.