Disclosure Document - How We Work
At Lloyd's Insurance Limited, Mike will get information from you to form a needs analysis. What this does is lets us assess your needs. From that we will compile a report with recommendations and quotes. This is usually done via appointments either in our office or in a location which is preferable to you, like you home. However we also complete this electronically as required. Once the client is happy with the proposed quotes we complete application forms, again either on paper or online and then the underwriting process begins.
Depending on your health and the type of cover your are requesting, underwriting can take anything from 1 week to 3 months, especially If further information is required from you doctor. But don't worry, remember we are working for you not the insurance company and our relationships with the underwriters from all the main companies help with the speed and outcome of the process.
Once Underwritten terms are offered and final policy documents are issues.
You can rest easy knowing that we manage and work for you to get the best possible outcome in the quickest time frame we can.
Why use an Insurance Broker?
The correct insurance is vital. Wrong or inadequate cover can lead to disastrous consequences for individuals, families and/or businesses. The right advice makes all the difference and prevents costly mistakes.
An insurance broker is an independent professional insurance advisor who acts for you - the client. Our task is to help you find the insurance cover that best suits your requirements and canvas the insurance market to obtain the best protection to meet your needs at the most competitive price.
When you deal directly with an insurance company or their agents, they have only one product to sell - their own. A broker on the other hand will evaluate the type of cover required and go to several underwriters who specialise in the required cover. Having more options to choose from will certainly increase your knowledge that you are getting the best value for your insurance dollar.
Does dealing with a broker cost me more?
Insurance companies generally are morally obliged to quote the same rates, whether it be direct or via a broker. In most cases, an insurance company will prefer dealing with a broker, particularly in specialised fields such as Health and Risk. Insurance underwriters acknowledge that the broker in the field has a better feel and knowledge of the customers requirement. Besides that, the companies recognize that a good knowledgeable broker more than pulls their weight. The broker processes the quotation enquires, issues Coverage Summaries, invoices and collects the premium and assists in the claim process.
What it all boils down to is making the best decision by having the most options available to you. Dealing directly with an underwriting agency, you get one option - one product. With a broker working for you, you are able to get the big picture of how the Insurance industry currently views and prices your risk.
One final point - don't be fooled into believing that you can ask six different brokers "get me a quote" and think that you are going to get a wide range of proposals to consider. There are a finite number of markets to access and nothing causes more damage than to have multiple brokers all running around on the same account, tripping over each others feet and all trying to present the same risk in a different manner! It is the quickest way known to man to drive the premium up and to ensure that the insurers lose interest altogether.
Select the best broker in the first place and trust him to do the job for you.
A copy of Mike's Disclosure Document is available HERE
Match your Situation with the correct Insurance for your family's needs
For a personal Insurance assessment that will match your situation to the Insurance products which are in your best interest, talk to your local Lloyd's Insurance Adviser, or call us at any time on 07 572 1599 (+64 7 572 1599).