Large commercial fire risks (with a minimum premium of £50,000 or more) are co-insured amongst a number of offices. The insurer at the top of the schedule - the lead office - will do all the administration for a particular policy.

In recognition of this, the remaining co-insurers, - the follow offices - agree to pay a commission on the premium income they receive in respect of the risk to the lead office to cover the work undertaken on their behalf.

LOOC has a consistent 5% commission for each co-insure. FPA act as a clearing house for these payments by providing an administrative role. FPA receive the appropriate overriding commission payments from follow offices and forward the relevant payments to the lead office. This is done annually and on a net basis.

Full details of scheme membership can be obtained from the scheme administrator by forwarding a form to us

For further reading, which includes the history of the scheme, you may download the LOOC brochure