January 2021 – Resort Closures
Unfortunately, due to the Covid-19 Crisis, some Vacation Ownership resorts have been threatened with closure. As a result of this, many Lloydshare clients are concerned about their Lloydshare Plan. If the resort were to close before their Lloydshare plan matures where does that leave the client? The Lloydshare Loyalty Repayment Plan has no early surrender value, and our clients remain bound by all applicable Terms & Conditions throughout the term. However, we fully appreciate our clients’ concerns at this extremely challenging time, and the following paragraphs are offered by way of guidance on how we hope our clients will respond in the event of a resort closure.
Lloydshare is not directly connected to any resort and cannot become involved in individual disputes with resorts.
The Lloydshare product is a Loyalty Repayment Plan and, as such, we hope our clients will respond positively and co-operatively to all attempts made by a resort to sustain membership in some form. We realize that many resorts will be able to offer alternative facilities, discounts, extended memberships, and diverse possible forms of compensation in the event that a resort closes temporarily or permanently. It remains very much in the spirit of the Lloydshare product that our clients should retain their membership in whatever form remains possible.
All communications between resorts and our clients pertaining to a potential closure, or after the closure, are deemed relevant to Lloydshare and should be copied to us in good time.
Lloydshare does not give interim assurances regarding the likely success of pay out-claims. All claims are assessed on their own merits at the claim stage; however, we would strongly recommend in the event of resort closures that all communications with the resort are copied to Lloydshare and retained in the event of inquiries. If a client is no longer able to access the facilities before closure, it is nonetheless recommended to obtain from the resort, where possible, a letter proving good standing.
Lloydshare is committed to encouraging client loyalty throughout the Vacation Ownership industry in order that resorts can successfully sustain the unique challenge brought about by Covid-19. We have no doubt that most resorts will endure and come through even stronger, and we at Lloydshare will continue to play our part at this crucial time when customer loyalty has never been so important.
Sadly, the threat of COVID-19 has not yet receded, with many partner resorts reporting an on-going impact. Never has customer loyalty had more meaning for the tourist and hospitality industries. So many small and knife-edge businesses throughout the world are being affected by the present restrictions and diminished travel. Lloydshare is proud of the contribution it is making to a sustainable Vacation Industry. While we can make no predictions in the current climate, we nonetheless hope that, over the full duration of our client’s Vacation Ownerships, the present challenges will prove to represent a small cloud on an otherwise clear horizon. In these trying circumstances, Lloydshare takes this opportunity to wish all our Plan Holders and Partner Resorts the best possible holiday season!
Lloydshare Customer Service
April 2020 – COVID-19 News and Updates for Plan Holders
We have all found our lives and plans altered over the past few weeks due to the evolving crisis the COVID-19 pandemic has created. We have watched as the world goes through this pandemic country by country, and we are all dealing with daily uncertainties and concerns. These are difficult times in general and we wanted to take a moment and address all of these concerns.
In Mexico, all resorts/hotels have suspended operations for the month of April. Most resorts in Latin America have also closed sales and reservation offices. The decision to close resorts was made to “flatten the curve”, protect resort employees, guests and minimize the spread of the virus in the hope of reopening faster. Most resorts have taken measures to protect employees and provide salaries throughout the pandemic. These closures have affected call centers and reservations offices. This will ensure that your home resorts stay well maintained and in pristine condition for the eventual return of Members/Owners and guests.
Our business at Lloydshare is built on strong foundations. For the past 20 years we have been serving sales centers, resorts and our Plan Holders alike, providing quality service to all. Your Lloydshare Plan is secure, and when the time to utilize your benefit comes, we will be here to assist you! While our offices are closed, all of our staff members are working remotely to help provide service and answer all questions and concerns that arise. We know that now is not a time for travel. But we also know that your home resorts will look to welcome you back with open arms when these days are behind us.
Until then, from our family to yours, stay safe, stay healthy and we wish you well!
Lloydshare Customer Service
Lloydshare Attends ARDA World 2016
We had a great time connecting with our partners and enjoyed the company of new and old friends. We understand how important these get-togethers can be to network, look for ideas and find ways to improve our products and services.
TPrevious Product Designation Note
The Lloydshare Loyalty Repayment Plan was previously marketed and sold as a ‘Deferred Annuity,’ and certificates quoting this product title are still valid.
An annuity is a form of investment entitling the investor to a series of annual sums. ‘Deferred Annuity’ is an annuity in which the annual payments commence only after a lapse of some specified time after the final purchase premium has been paid. For business reasons and due to favorable terms originally anticipated, Lloydshare originally proposed to invest all final pay-outs, when policies matured, in the purchase of an annuity for each eligible client. The lapse of time between the payment of the premium and the maturity date on each Certificate was the reason the product was designated ‘the “Lloydshare Deferred Annuity”. This title was descriptive, rather than definitive. The proposed value of annual payments was never projected to any client by Lloydshare.
Lloydshare retained the right to vary its investment practices at any time in order to achieve the necessary growth to achieve final payments. Subject to Terms & Conditions, our repayment amounts were originally intended to support the purchase of an annuity after the maturity date, according to the market options of the day. However, many of our original clients expressed the desire to have cash rather than an annuity provided by Lloydshare. Alternatively, they preferred the option of sourcing their own annuity on the open market based on independent financial advice. As a result of this, focus was increasingly placed, in all our marketing, on a one-time sum being paid to eligible claimants on maturity, to dispose of as they chose. There gradually ceased to be any tie-in applied by Lloydshare requiring the Lloydshare Pay-out to be spent on an annuity.
With effect from January 1st, 2012, the “Lloydshare Deferred Annuity” was formally retitled the “Lloydshare Loyalty Repayment Plan”, and began to be offered for sale under the redesignated title at partner resorts. It is considered that the new title better reflects the spirit and intention of the Lloydshare product, which is a loyalty reward product.
No Terms & Conditions of the product were reliant on the previous titling, and consequently, no Terms & Conditions applicable to the product or affecting our clients have changed as a result of the redesignation. Strict adherence to our Terms & Conditions has always been the key to a successful claim. Claims made against the previous product title of Lloydshare Deferred Annuity will still be honored by Lloydshare, subject to the Terms and Conditions shown on the reverse of each individual Certificate.
Our clients preferring to move forward with an originally foreseen annuity may, of course, decide to purchase an annuity on the open market with their pay-out cash. This option provides an outcome commensurate with any of our previously issued marketing material, making reference to annuities. However, we would always suggest any such purchase is based on independent financial advice.