Expert Fee Collection
All Underwriters want their experts to be paid promptly. However, as the majority of the Lloyd’s brokers no longer collect fees, this has left a gap in the market. The Lloyds market processing centre does not provide the complete collection service required, leaving experts with shortfalls on their invoices. In addition, there is no easy method for either the expert or the underwriter to check the collection status of an invoice.
We provide underwriters with a one stop shop service, via our INSTRUCT UNIQUE facility. We collect from all underwriters on the slip, be they Lloyd’s, ILU, LIRMA or overseas. Our transparent charge to underwriters is split proportionately across the market participants. We can provide you and your expert with remittance advices, reports and status updates if required.
Our presentation is usually via the ECF system, but we do collect via traditional paper files if necessary.
We can collect any placement no matter the complexity from one underwriter to multi-policies.
We can keep you up to date with every step of the process from submission to the market, all the way through to full payment to the expert.
Indemnity Claim Collection
We are regularly instructed by underwriters to collect significant indemnity claims where the original placing broker is no longer involved or conflicted. We liaise fully with both parties and ensure that time sensitive settlements are completed within the required deadline.
If confidentiality is a priority we are able to create a standalone ECF entry using our registered Lloyds broker code, which can only be viewed and accessed by the underwriter.