Coverholder at Lloyd's

Since December the first of 2015, we are Coverholder at Lloyd's.

Lloyd's presentation

The historic bulding of the Lloyd's

Unlike many other brands of insurance, Lloyd's is not a company; It is a market where members come together to form trade unions and to ensure risk.

A large part of the activity of Lloyd's is done with several syndicates taking each a part of the same risk. Business is done between brokers and insurers in Lloyd's building.

When we talk about Lloyd's, we refer to two distinct parts. The market, which is made up of many independent unions, and Lloyd's company, that is there - in the broad sense - to oversee this market. These two entities work closely together to maintain high standards of performance on the market.

The Coverholder

The Coverholder is a company authorized to sign a contract or contracts of insurance for the members of a Syndicate in accordance with a binder.

The Coverholders allow Lloyd's syndicates to operate in a region or a country as if they were a local insurer.

Lloyd's syndicates delegate their authority to subscription to the Coverholders.

Coverholder at Lloyd's

A broker agent can have full authority or limited to subscribe on behalf of the syndicate of Lloyd's. It will be generally able to issue documentation of insurance and often goes to process applications.

The Protocol laying down the conditions of delegation of authority to the Coverholder is a binder.

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