Global invoice and fee collections

Senator process and collect expert fee invoices for any professionals employed by insurance brokers and underwriters operating at Lloyd’s of London and the wider London Insurance Market.  

Unlike our competitors, Senator excels at collecting invoices in the most difficult and complex situations where a significant element of Senator’s capabilities is embedded within our processes and the investigative skills and market contacts built-up over 30+ years of operation.  

We also have a history of purchasing legacy debt as an immediate release of funds to the expert.
 

Why the need for expert fee collection?

Underwriters commonly find themselves in the unfortunate position of being unable to pay their appointed experts when the insurance broker does not provide the expert fee collection function.  This causes numerous problems for both the experts and the underwriters as there is no commonly accepted method for cash collection.

Senator are aware of situations where underwriter appointed experts have exited the London Market due to the complexities and time delays of securing payment for their invoices.  This causes significant problems for the London Market, underwriters and their representatives. 

At Senator, we undertake this task for a wide range of experts, Managing Agents and international underwriters, so providing the solution. We converse with the experts, underwriters and the Broker of Record and provide the full collection and accounting services.

We operate under our own unique Lloyd’s Broker Number and Pseudonym, permitting us to collect from any underwriter internationally including Lloyds & the IUA.

 

Senator Cash Collection Services

Our range of cash collection services includes:

• The processing and collection of current and aged fee invoices – either whole or in-part
• The processing and collection of Pre-Underwriting risk survey fees.
• The establishment, collection and management of claims Loss Funds.
• Full account management of credit control functions.

 

Navigating the numerous London Market payment systems

Most Lloyd’s Brokers and London Market participants do not provide an expert fee collection service and underwriter/ broker appointed experts often find themselves without a method to secure payment for their services. 

This problem is magnified, especially for non-UK experts, when the expert is unable to access and interrogate the numerous London Market payment systems to identify which participants on a particular invoice remain as a debtor.

Senator will undertake the full collection process alongside the credit control function and liaise closely with your designated account managers. Decades of experience and a vast network of contacts accelerate the process and strengthen our clients’ liquidity.