Terms of business
These are our terms of business, LDI-TOB 2.3 (9 October 2026). We give you the current version with every quotation, and that is the version that applies to your cover.
1. Who we are
Island Warranties is a trading style of Latent Defects, a trading name of Finance Delta Ltd. Registered in England and Wales, company number 08244313. Registered office: 105 Farringdon Road, London, England, EC1R 3BU. Business address: 105-107 Farringdon Road, London EC1R 3BU. Telephone +44 (0)3300 43 42 45. Email us.
2. Our regulatory status
Finance Delta Ltd is authorised and regulated by the Financial Conduct Authority (FCA). Our firm reference number is 912378, and our permitted business is arranging general insurance contracts. You can check this on the Financial Services Register or by contacting the FCA on 0800 111 6768. We are an insurance intermediary, not an insurer. Neither we nor the MGA or insurer holds 10% or more of the voting rights or capital in the other.
3. The service we provide
We arrange structural warranty cover (also called latent defects insurance) for new homes and other buildings through managing general agents (MGAs). An MGA arranges and administers the cover on behalf of insurers. The MGA and the insurer that carries the risk are named on your quotation and in your policy documents. We offer this cover from a limited number of MGAs and insurers and do not provide a fair analysis of the wider market - you can ask us for their names. Island Warranties arranges this cover for developments in Guernsey, Jersey and the Isle of Man.
When we arrange your cover we act on your behalf. We place business with each MGA under a terms of business agreement with them, and we do not have authority to bind the insurer, amend cover, waive conditions or settle claims.
4. Our non-advised service and your demands and needs
We do not give advice or a personal recommendation. We will establish your insurance demands and needs from the information you give us, make sure that any cover we propose is consistent with them, and give you a statement of your demands and needs before your cover is arranged. Please check that the cover, its limits and its exclusions meet your needs - the Insurance Product Information Document (IPID) and the policy wording set these out. The decision to go ahead is yours.
5. Your duty to give us full and accurate information
Your cover is a business insurance contract, so under the Insurance Act 2015 you must make a fair presentation of the risk to the insurer. This means telling us everything you know, or ought to know after a reasonable search, that would influence the insurer's decision to offer cover or on what terms - including the site, the design and construction, the professional team, your experience, any problems on previous developments and any history with other warranty providers - accurately and clearly. If you are not sure whether something matters, tell us. Please tell us straight away if anything changes before your cover starts, and during the build as the policy requires.
If the risk is not fairly presented, the insurer may refuse or reduce a claim, apply different terms, or in some cases treat the policy as if it had never existed.
6. Documents you will receive
Before you commit, we will provide you with a quotation showing the premium and any fees, the Insurance Product Information Document (IPID) and the policy wording, and a statement of your demands and needs. After cover is arranged you will receive your policy documents and certificates. Please read these carefully and tell us promptly if anything is wrong or does not match what you asked for. We provide documents electronically. Paper copies of any document are available free of charge on request.
7. How we are paid
We are paid commission by the MGA, which is a percentage of the insurance premium. For some types of cover we also charge a fee for arranging it. Any fee is shown separately on your quotation before you commit, is payable only if we arrange your cover, and is non-refundable once the policy has been put on risk unless we tell you otherwise in writing. If you ask, we will tell you in writing the amount of commission we and any associate receive in connection with your cover.
Island Warranties charges a modest broker fee for arranging this type of cover. It is shown separately on your quotation and is payable only if we arrange your cover - no fee is due if your cover does not go ahead.
8. Paying for your cover
Everything you pay for your cover - the premium, insurance premium tax and the fees shown on your quotation - is paid directly to the MGA as shown on its invoice. We do not collect or hold your money, so we do not hold client money.
9. Claims and notifications
Claims, potential claims, circumstances and defects must be notified to the insurer in the way and within the time limits set out in your policy documents. The insurer or MGA decides cover and handles claims. Contact us if you need help - we will give you reasonable assistance within our authority, but we do not settle claims. Please do not admit liability, incur costs or carry out repairs (beyond emergency steps to prevent further damage) without following the policy requirements.
10. Conflicts of interest
We have arrangements in place to identify and manage any conflicts of interest that may arise, so that we treat you fairly. A summary of our conflicts of interest policy is available on request.
11. Financial crime checks and your information
We carry out checks on the businesses and people we deal with - including identity checks, Companies House checks, sanctions screening and credit checks - as the law, our financial crime procedures, the MGA and the insurers require. We may delay, decline or stop acting where we need to in order to comply with sanctions or other laws. Our privacy policy explains how we use personal information, who we share it with and the rights people have.
12. Cancellation and cooling-off
Any right to cancel and any cooling-off period are set out in your policy wording and IPID. Please refer to those documents, and contact us if you wish to discuss cancelling your cover.
13. Complaints
If you are unhappy with our service, please contact us at Finance Delta Ltd, 105-107 Farringdon Road, London EC1R 3BU, call +44 (0)3300 43 42 45 or email us and we will do our best to put things right. If we cannot resolve your complaint to your satisfaction and you are an eligible complainant, you may be able to refer it, free of charge, to the Financial Ombudsman Service: Exchange Tower, London E14 9SR; 0800 023 4567; financial-ombudsman.org.uk. Referring a complaint to the Ombudsman does not affect your legal rights. Our complaints procedure explains each step.
14. Financial Services Compensation Scheme (FSCS)
We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations, depending on the type of business and the circumstances of the claim. For arranging insurance, cover is generally 90% of the claim with no upper limit. Further information is available at fscs.org.uk or from the FSCS directly.
15. Governing law and liability
Nothing in these terms excludes or limits any liability that cannot lawfully be excluded or limited. We are not responsible for the insurer or MGA's underwriting, policy or claims decisions, provided we have acted with reasonable care and skill within the scope of our agreed service. These terms are governed by the law of England and Wales, and the courts of England and Wales have jurisdiction, unless we agree otherwise with you in writing.
16. Your agreement
You accept these terms of business when you tick to accept them on your quotation page, or when you otherwise ask us to arrange cover for you. Please keep a copy for your records. We may update these terms from time to time; the version that applies is the one we give you with your quotation.
17. Using this website
The information on this website is general information about structural warranties. It is not advice or a recommendation, and it does not describe the terms of any particular policy. We try to keep it accurate and up to date but cannot guarantee that it is complete. Content on this website belongs to Finance Delta Ltd or its licensors and may not be copied without permission.
Last updated October 2026.
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