Terms of Service

1. Definitions

In these Terms of Service, the following definitions apply:

• "Company" refers to Loomis Vault Ltd, a company registered in England and Wales (Company No. 12345678), with its registered office at 1 Vault Square, London, EC2R 8AH.
• "Client" means any individual or entity that has registered for and maintains an account with Loomis Vault.
• "Vault" means the secure storage facilities operated by the Company.
• "Items" means any physical goods, valuables, documents, or materials deposited by the Client for storage.
• "Services" means all services provided by the Company including, but not limited to, vault storage, insured shipment, item certification, and account management.
• "Declared Value" means the monetary value assigned to an Item by the Client at the time of deposit, supported by appropriate documentation or professional valuation.
• "Account Manager" means the Company representative assigned to manage the Client's account and vault holdings.
• "OTP" means One-Time Password, a unique code used for identity verification during transactions.

2. Account Terms

2.1 Registration Requirements

To register for a Loomis Vault account, you must: (a) be at least 18 years of age; (b) provide accurate, current and complete information during the registration process; (c) successfully complete our Know Your Customer (KYC) verification process; and (d) provide valid government-issued photographic identification.

2.2 KYC Compliance

All Clients must undergo identity verification in accordance with UK Anti-Money Laundering regulations. The Company reserves the right to request additional documentation at any time and to suspend accounts pending verification.

2.3 Account Security

You are responsible for maintaining the confidentiality of your account credentials. You agree to: (a) use a strong, unique password; (b) enable and maintain Two-Factor Authentication (2FA); (c) notify us immediately of any unauthorised access; and (d) not share your login credentials with any third party.

2.4 Two-Factor Authentication

Two-Factor Authentication is mandatory for all Loomis Vault accounts. The Company may restrict account access or functionality if 2FA is not enabled. The Company shall not be liable for any losses resulting from the Client's failure to maintain 2FA.

3. Vault Storage Terms

3.1 Acceptance Criteria

All Items presented for storage are subject to inspection and acceptance by the Company. We accept precious metals, gemstones, jewellery, luxury watches, important documents, fine art, rare collectibles, and other lawful valuables as determined at our sole discretion.

3.2 Prohibited Items

The following items are strictly prohibited from storage: firearms and ammunition; illegal substances or controlled drugs; hazardous, flammable, or explosive materials; radioactive substances; perishable goods; living organisms; items of illegal origin; counterfeit goods; and any item prohibited by UK law.

3.3 Right to Refuse

The Company reserves the absolute right to refuse storage of any Item without providing a reason. If an Item is refused after acceptance, the Client will be given 14 days' notice to arrange collection.

3.4 Storage Allocation

Items are stored in individually allocated, climate-controlled compartments within our vault facility. The Company may reassign storage locations at its discretion provided that security and environmental conditions are maintained.

4. Deposit & Withdrawal

4.1 Deposit Process

Deposits must be arranged in advance through your Account Manager or the Client Portal. All Items must be accompanied by a completed deposit form, declaration of value, and relevant documentation.

4.2 Identification Requirements

The Client must present valid photographic identification at the time of deposit or withdrawal. Acceptable forms include passport, driving licence, or national identity card.

4.3 Appointment Scheduling

All deposits and withdrawals require a pre-booked appointment. Same-day access may be available subject to availability and security protocols.

4.4 Third-Party Collection

Collection by a third party is permitted only with a notarised letter of authorisation, a copy of the Client's identification, and valid photographic identification of the authorised collector. The Company reserves the right to refuse third-party collection at its discretion.

5. Insurance Coverage

5.1 Coverage Terms

All Items stored at Loomis Vault are insured through Lloyd's of London from the moment of accepted deposit until confirmed delivery or collection. Coverage is based on the Declared Value of each Item.

5.2 Declared Value Basis

Insurance coverage is limited to the Declared Value stated at the time of deposit. It is the Client's responsibility to ensure declared values are accurate and supported by professional valuations where applicable.

5.3 Exclusions

Insurance coverage does not extend to losses arising from: acts of war or armed conflict; nuclear or radioactive contamination; gradual deterioration; items not properly declared; deliberate damage by the Client; or confiscation by any government authority.

5.4 Claims Timeline

Claims must be notified within 24 hours of discovery of loss or damage. Full claims documentation must be submitted within 30 days. Failure to comply with these timelines may result in claim denial.

6. Billing & Payment

6.1 Monthly Billing Cycle

Storage fees are billed monthly in advance. Invoices are issued on the first business day of each month and payment is due within 14 days of invoice date.

6.2 Payment Methods

We accept payment by bank transfer (BACS/CHAPS), debit card, and credit card. Direct debit arrangements may be established upon request.

6.3 Late Payment

If payment is not received within the 14-day payment window, the account will enter a grace period. After the grace period expires, the account will be marked as overdue and a late payment fee of 2% of the outstanding balance may be applied.

6.4 Non-Payment Consequences

In the event of continued non-payment, vault access will be restricted until all outstanding balances are settled. Items will NOT be disposed of or sold due to non-payment. However, the Company reserves the right to restrict access to the Client Portal and vault services until the account is brought to good standing.

7. Shipment Terms

7.1 Delivery Scope

Loomis Vault offers insured worldwide shipment of stored Items. Delivery is available to any address subject to applicable export controls and international sanctions.

7.2 Liability During Transit

Full insurance coverage applies during transit. The Company maintains liability for Items from the moment of dispatch until confirmed delivery via OTP verification.

7.3 OTP Confirmation

All deliveries require confirmation via a One-Time Password (OTP) sent to the Client's registered contact details. Delivery is not considered complete until OTP verification is confirmed.

7.4 Failed Delivery Attempts

A maximum of three (3) delivery attempts will be made. If all attempts fail, the Item will be returned to the vault and the Client will be charged for return shipping. Additional delivery attempts may be arranged at the Client's expense.

8. Limitation of Liability

The Company's maximum liability in respect of any claim shall not exceed the Declared Value of the Item(s) in question. The Company shall not be liable for any indirect, incidental, special, or consequential damages, including but not limited to loss of profit, loss of opportunity, or emotional distress.

8.1 Force Majeure

The Company shall not be liable for any failure or delay in performance resulting from causes beyond its reasonable control, including but not limited to: natural disasters, pandemics, acts of government, war, terrorism, civil unrest, power failures, or telecommunications failures.

9. Privacy & Data

Your personal data is processed in accordance with our Privacy Policy, which forms part of these Terms. By using our Services, you acknowledge that you have read and understood our Privacy Policy.

We are committed to protecting your personal information and comply with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018.

10. Termination

10.1 Termination by Either Party

Either party may terminate this agreement by providing thirty (30) days' written notice to the other party.

10.2 Item Collection

Upon termination, the Client must arrange collection or shipment of all stored Items within ninety (90) days. After this period, the Company may charge a holding fee until Items are collected.

10.3 Immediate Termination

The Company reserves the right to terminate this agreement immediately in the event of: fraudulent activity; storage of prohibited items; breach of any material term; or conduct that poses a risk to the Company, its staff, or other clients.

11. Dispute Resolution

11.1 Governing Law

These Terms shall be governed by and construed in accordance with the laws of England and Wales.

11.2 Arbitration

Any dispute arising out of or in connection with these Terms shall be referred to and finally resolved by arbitration in London under the rules of the London Court of International Arbitration (LCIA).

11.3 Complaint Procedure

Clients are encouraged to resolve any concerns through their Account Manager in the first instance. If the matter cannot be resolved informally, a formal written complaint may be submitted to our Compliance department.

12. Amendments

The Company reserves the right to amend these Terms at any time. Clients will be notified of material changes at least thirty (30) days in advance via email to their registered address.

Continued use of the Services following the effective date of any amendment constitutes acceptance of the revised Terms. If you do not agree to the amended Terms, you may terminate your account in accordance with Section 10.