Initial Disclosure Document & Terms of Business

Wardrop & 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 to you.

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 is 304502.
Our permitted business is arranging general insurance contracts. You can check this on the FCA Register by visiting the FCA Website: 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 the terms,
conditions, and exclusions of cover.
Policy documentation
We will forward insurers policy documentation to you as soon as this has been received
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 guidance and
support in dealing with the insurers.


We will notify you when your policy falls due for renewal.

Cost of our services

We receive commission from the insurer with whom we place your business and do not charge you a fee

What you agree to do

Providing information

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.

Notifying claims

You will notify us of any claims or incidents likely to give rise to a claim as soon as

Claims handling

You agree to co-operate with us, and insurers, in the handling of claims in accordance
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 write to:

The Chairman
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 regulatory
requirements, additional protection may be available in the event of our financial failure.
A new Financial Services Compensation Scheme to protect against loss from the financial
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 claimant
in relation to small commercial firms with an annual turnover below £1M at the time the
contract was concluded.


The company is authorised and regulated by the Financial Conduct Authority. Our Registration number is 304502 and you can check this by visiting the FCA Website or telephoning them on 0800 111 6768. The Wardrop & Co privacy policy can be found here.