Lloyd Wright Consultants Ltd
Our Terms of Business
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Lloyd Wright Consultants ltd

This terms of business Agreement (TOBA) sets out the terms on which Lloyd Wright Consultants ltd agrees to act for you. It also identifies your own responsibilities both to us and to insurers and it sets out our regulatory and statutory obligations.
Please contact us immediately if there is anything in these terms o business that you disagree with or do not understand.
References to:

  • ‘Insurance’ and ’insurers’ includes reinsurance and reinsurers.
  • ‘your’ means your client’s if you are an intermediary and context requires.
  • ‘we’, ‘us’ and ‘our’ are references to Lloyd Wright.

These terms can only be varied by a specific agreement in writing between you and us. If you instruct us to proceed with any insurance placement or to undertake any other insurance-related service we will be doing so on these terms alone and they will have contractual effect between you and us.

About Lloyd Wright

Lloyd Wright Consultants Limited is registered in England and Wales, number 03606440, and has its registered office at Staffordshire House, Beechdale Road, Nottingham NG8 3FH. Lloyd Wright is authorised and regulated by the Financial Conduct Authority (FCA) to conduct general insurance activities. Our FCA number is 313334. This can be verified by phoning the FCA on 0800 111 6768 (UK) or +44 20 7488 2345 (overseas) or on the FCA’s Register at www.fsa.gov.uk/register/home.do.

You can contact Lloyd Wright by phone on +44 (0) 20 33970951 and find out more about us at
 www.lloydwrightins.com

Our service to you

As an insurance intermediary we are your agent. However we may also act for and owe duties of care to others in which case we will manage any conflict of interest fairly.
We will explain the main features of products and services we are offering to you including costs, details of cover, exclusions, conditions and other obligations.
We will also provide you with full information about any risk quoted, before it is bound. We will place your insurance only when you instruct us to, and we will advise you if we are unable to complete the placement.

Market security

We check the financial strength ratings provided by specialist agencies for each participating insurer and, based on these, we may seek your specific approval of some proposed security. We do not assess or guarantee the solvency of any insurer.
You should note that if an insurer who has granted risk transfer (see Client money below) to Lloyd Wright becomes insolvent, any related premiums we hold for that insurer are deemed to have been paid to them and will not be returnable to you. Similarly, claims money held by us will also be returnable to the insurer or its liquidator.
We do not accept any liability for any unpaid amounts in respect of claims or return premiums due to you from a participating insurer who becomes insolvent or delays settlement.

Evidence of cover and policy documentation

We will promptly send you evidence of cover in the form of an insurance policy, a certificate of insurance, a copy of our placing slip or an insurer or Lloyd Wright -produced insurance document. You should examine any insurance documents very carefully to ensure that they meet with your requirements. If the documents do not meet with your requirements, if you feel they are incorrect or if you are dissatisfied with the insurance security, please advise us immediately. Otherwise, we will assume that the documentation is in order. In any event it is important for you to keep your insurance documents safe. We retain documents for business placed on your behalf in electronic or paper format in line with market practice.

Non-payment of premium

Should you or your agents fail to pay the premium or any instalment of it in full with cleared funds in the invoiced currency by the due date, the insurance contract may be cancelled by us or by insurers in accordance with any cancellation clause in the policy.
Where insurers have specified a premium payment warranty, they must receive the premium due by that date. If you do not think you will be able to comply with the premium warranty please contact us immediately.
Where applicable and where the relevant details have been passed to us, any other party with an interest in the insurance contract will be advised of any non-payment of premium and given the opportunity to pay the outstanding amounts.

Currency

When conducting your business we may have to convert funds to another currency in order to settle amounts due to insurers. If a repayment of funds is due to you or is requested by you after conversion then any such repayment will be made in the currency the funds have been converted to.
If you pay a premium in a different currency or to a bank account in a different currency from that requested, we may at our discretion either return the funds to you or convert the money to the required currency. In the latter case the converted funds will be applied against the amount due with any shortfall arising from exchange differences remaining your liability.

Client money

We hold money received from you, or to pay to you, as "client money", either:

As agent of your insurers under agreements with some insurers specifying that premiums and claims monies received by us are held as agent for those insurers. This is termed "risk transfer"

Or:

In a statutory account designated specifically for client money.

We may hold and co-mingle client money in the statutory trust bank accounts, provided the insurer subordinates its rights in the money to those of our clients. As the trust bank account protects money held on either basis, we will not usually inform you on which basis we hold the money we have received from you or for you.

We may not use it to pay ourselves commissions before we receive the premium from our client.

Notwithstanding the operation of the trust bank account as described above, we do not:

  1. Fund premium on your behalf to insurers and you agree that we will not be deemed to have been paid premium by you;

  2. Or

  3. Fund claims to you due from insurers.
Any interest earned on client accounts or received as part of a currency exchange  will be retained by us for our own use, rather than paid to you.

Your money will be deposited in client accounts with banks which have been approved by the relevant regulatory authority; . We may transfer your money to other banks or intermediaries within the UK.

Where you do not wish your money to be passed to a particular bank, intermediary or jurisdiction, you should tell us.

Warranties and subjectivities

You should familiarise yourself with all the terms of an insurance contract that you purchase. In particular, you must treat any warranties seriously and comply strictly with them. Failure to do so will entitle the insurer to terminate your insurance contract.
A subjectivity in your insurance contract may lead to the contract being invalidated or coverage prejudiced if the subjectivity remains outstanding. We will look to you to promptly satisfy the subjectivity enabling it to be removed.

Your duty of disclosure / utmost good faith

For us to be able to arrange insurance to meet your requirements, you and any agent acting on your behalf must act at all times with utmost good faith towards us and insurers. You must disclose to insurers via ourselves before the contract is finalised all information which is known to you (or which ought to be known to you) in the ordinary course of your business and which is material to the risk. Information is material if it would influence the judgement of a prudent insurer in establishing the premium or determining whether to underwrite the risk. If there is any doubt as to whether information is material, it must be disclosed to insurers.
Take care to complete claims and proposal forms or questionnaires required by insurers fully and accurately. The provision of incorrect or incomplete information may result in the denial of your claim or the avoidance of your insurance contract.

Your liability for tax

Unless there is a legal requirement for us to do so, it is your obligation to make declarations in respect of and to account for tax on all insurance transactions.

Remuneration

We are normally remunerated by commission or brokerage earned on insurances placed, or by a fee negotiated and agreed with you. As this remuneration is earned on placement, we will be entitled to retain it (or to receive it where unpaid) even if policies placed by us are cancelled. We will not impose any fees or additional charges on you without prior notification or discussion.
We may receive administrative fees or commissions from insurers with whom we have placed your insurances. We may also receive additional amounts from insurers, usually at the end of their accounting period and normally on a contract-by-contract basis, in recognition of prompt payment or profitability (sometimes called ‘profit commissions’). We do not receive any remuneration from insurers in respect of the overall level of business we place with them (sometimes called ‘Market Service Agreements’ and ‘Placing Services Agreements’).

Services we may provide to others

During the submission and consideration of any claim that you may have under an insurance contract we may provide, and be separately remunerated for, limited services to your insurers. In performing these services we will always use reasonable endeavours to avoid a conflict of interest. Should we consider, however, that a conflict has arisen then we shall take no further action on behalf of the insurer without your written approval.

Claims

You must notify us of all details of any incidents that could give rise to a claim without delay and provide us with all material information in order for us to assist you to comply with the terms of your insurance contract.
We will promptly inform you of the acceptance or denial of your claim, together with any explanation of that insurer’s reasons.
We will provide a claims handling service for you as long as you remain a client of Lloyd Wright. However if you cease to be our client but request us to handle any claim on your behalf we reserve the right to charge for our services.

Complaints

Our complaints procedure is available upon request. All complaints should be addressed to The Compliance Director, Lloyd Wright Consultants Limited, The Lloyd’s Building Gallery 4, 12 Leadenhall Street London EC3V 1LP
If we are unable to settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at South Quay Plaza, 183 Marsh Wall, London E14 9SR.
We are also covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation if we cannot meet our obligations. Further information is available from the FSCS at 7th Floor, Lloyds Chambers, 1 Portsoken Street, London E1 8BN.

Confidentiality

Information provided by you to Lloyd Wright will remain confidential, and will only be disclosed by us in the normal course of negotiating, maintaining or renewing your insurance policies, unless you have consented otherwise.
We may disclose the fact that you are our client and the nature of the project but no other details. Disclosure may also be made to our regulator, and to our agents or other service providers, or where we are legally obliged to disclose the information. If you wish we shall be pleased to enter into a specific confidentiality agreement with you.

Money laundering

We are obliged by UK money laundering regulations to undertake customer due diligence measures to verify the identity of clients, and to seek further information from you if you request us to make any payments to a third party.

Data protection

We are registered under the Data Protection Act 1998 and we undertake to comply with the Act in all our dealings with your personal data.
E-mails
As part of our day-to-day communications with you we may utilise e-mail and you agree to accept, unless you advise us to the contrary. By communicating with us via e-mail you cannot later contend that this method of communication was invalid or unenforceable on that basis alone. You will also appreciate and accept its inherent risks and that communication in this form is writing for the purpose of any law or regulation when writing is required.

Termination of our services

You may terminate our services by giving us notice in writing. Similarly, we may also terminate the services that we provide to you by giving you notice in writing.

Third party rights

These terms of business are not intended to nor do they confer a benefit or remedy on any third party, whether by virtue of the Contract (Rights of Third Parties) Act 1999 or otherwise. Further, we may rescind or vary these terms of business as they apply to you, whether in whole or in part without the consent of any third party.

Language

All evidence of cover and other documentation provided to you, and any discussion with you, will be in English. Please ensure that any documentation and instructions you provide to us are always in English.

Governing law

These terms of business, any associated letter and our business relationship with you are governed by English law.

Your acceptance of these terms

We will assume that you have given us your consent to working with us on the above basis if, having received these terms of business, you continue to do business with us.

Lloyd Wright Consultants Limited Terms of Business Agreement

Sections applicable in special circumstances

For broker clients

You will be a ‘commercial customer’ as defined in the FCA regulations.
Our duties are solely to you as our client, though you in turn will owe duties of care either to the ultimate policyholder or to another intermediate party. In all cases you must ensure that you have full authority to instruct us. It is your obligation to ensure that your client is aware of all the terms of any insurance policy obtained by us on your instructions. It is also your obligation to ensure that you hold and comply with all necessary licences.

Client selection of insurers

If you instruct us to place all or part of a risk with a specific insurer, in addition to the conditions set out above (see Market Security), you will be warranting that this is a lawful placement. This means that the insurer is able to underwrite the risk lawfully and that the placement complies with all applicable insurance or other regulations.
If it is not a lawful placement then you agree that you expressly release us from any liability arising out of the placement and that you will indemnify us for any damage, expense or fines we may sustain or incur.

US direct procurement

Some US states have “direct procurement” laws. These allow otherwise unauthorised insurers to provide valid cover for entities or risks domiciled in the state, and may also prescribe or limit the roles of local and out of state brokers in the placement process.
If any placement of a US domiciled entity or risk is presented to us as directly procured, you warrant that it is a lawful placement under such direct procurement laws. This means that the insurer is able to underwrite the risk lawfully and that the roles of local and out of state brokers in the placement process comply with all applicable insurance or other regulations.
If it is not a lawful placement then you agree that you expressly release us from any liability arising out of the placement and that you will indemnify us for any damage, expense or fines we may sustain or incur.
We will process separately, from any other business we conduct for you, any element of a placement that falls within the scope of direct placement laws and negotiated directly with you.

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CONTACT US
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Gallery 4
12 Leadenhall Street
London
EC3V 1LP
+44 (0)203 397 0952
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