Disclosure Document & Terms of Business
& Co Ltd.,
PO Box 772,
This document contains important details about Wardrop & Co Ltd.,
how we are regulated, and the basis upon which we will provide services
Who regulates us?
Wardrop & Co Ltd is authorised and regulated by the Financial Conduct
Authority, which is the independent watchdog that regulates financial
services in the United Kingdom. We were granted permission by the FSA
in November 2004 to carry on regulated activities with effect from the
14th January 2005 when regulation commenced. Our FCA registration number
Our permitted business is arranging general insurance contracts. You can
check this on the FCA Register by visiting the FCA Website: www.fca.org.uk/register/
or by contacting the FCA on 0800 111 6768.
Which insurers do we do deal with?
We have access to a limited range of insurance companies and Lloyd’s
Underwriters. We offer cover only from Lloyd’s Underwriters
in connection with our stamp collectors and stamp dealers products.
What we agree to do for you
You will not receive advice or a recommendation from us. We may ask some
questions to narrow down the selection of products that we will provide
details on. You will then need to make your own choice how to proceed.
We will provide you with details of those quotations we have obtained
from the insurance market.
These details will include:
Obtaining quotations and providing quotation details:
i key features of the quotation
ii any special exclusions or warranties
iii specimen policy wording (if requested)
iv method of payment and availability of premium loan facilities
Explaining the policy terms, conditions and exclusions
If requested, we will help you with any queries you may have regarding
conditions, and exclusions of cover.
We will forward insurers policy documentation to you as soon as this has
from insurers and subject to you having paid the premium.
In the event of a claim under the policy, then we will provide you with
support in dealing with the insurers.
We will notify you when your policy falls due for renewal.
Cost of our
We receive commission from the insurer with whom we place your business
and do not charge you a fee
What you agree to do
It is your responsibility to disclose all material information that is
known to you and that might influence the judgment of insurers in determining
the scope of cover, the price, or whether or not to accept your risk.
This applies whether or not you complete a
proposal form. The insurer is not required to make enquiries. The onus
falls on you. If you fail to disclose information, this may entitle insurers
to avoid cover from the commencement of your policy and to see repayment
of any claims they may have paid to you. This duty of disclosure arises
not only when you take out the policy but also when you renew or amend
it and some policies may include a condition requiring you to disclose
any material changes throughout the term of the policy. If insurers avoid
cover, you will no longer have an insurance policy and claims will not
be paid. You agree to authorise us to pass on to insurers any information
that you provide which is material to the insurance.
Payment of the premium
You agree to pay the premium and Insurance Premium Tax within our terms
of credit. We are the Agent of the insurer for the purposes of receiving
premiums, in which event payment to us will satisfy your obligation to
make payment to the insurers. Failure to pay the premium within the allowed
period will usually result in cancellation of the policy. Any monies paid
by you to us will be held in a Statutory Trust Account, ensuring that
your money is protected and cannot be used to satisfy anyone else's obligations.
Any interest earned on money held by us will be retained by us as part
of our remuneration.
You will notify us of any claims or incidents likely to give rise to a
claim as soon as
You agree to co-operate with us, and insurers, in the handling of claims
with the policy terms and conditions.
Providing further information
You agree to deal with requests for further information in a timely manner.
Understanding the terms and your insurance
You agree to read
and understand the terms of any quotation and policy documentation
that we provide to you.
All information provided to us will be treated in confidence and will
only be disclosed to third parties where this is required for the performance
of our services (including the passing of such information to our affiliates
where you have requested other services) or where required by law. Data
Protection Act 1998 Where we are storing electronic personal data, this
will only be used for the purposes of:
Providing requested services to you including the arranging of insurance
Marketing other services to you.
By providing details to us, you are deemed to have given your consent
to us processing your personal data. However, you will always have the
right at any time in the future to require that this personal data were
not used for direct marketing purposes.
Ownership of the company
Wardrop & Co Ltd. is owned by Mr & Mrs J F Wardrop, C J R Wardrop and R W Wardrop.
What do you do if you have a complaint?
We are committed to provide a high level of service in doing all we can
to ensure our customers are happy. However, if at anytime you are dissatisfied
with the way your insurance arrangements have been handled then please
Wardrop & Co Ltd.
PO Box 772
Or Telephone: 01376 563764
fIf we are unable to resolve the complaint to your satisfaction, then
you may be entitled to refer
it The Financial Ombudsman Service [FOS].
Are you protected by the Financial Services Compensation Scheme (FSCS)?
Whilst we are protected by professional indemnity insurance, which meets
requirements, additional protection may be available in the event of our
A new Financial Services Compensation Scheme to protect against loss from
failure of an insurance broker may entitle customers to compensation in
the event of the
financial failure of Wardrop & Co Ltd.. The scheme is open to any
in relation to small commercial firms with an annual turnover below £1M
at the time the
contract was concluded.