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Call Us On 020 3102 8000 (UK)
+ 44 20 31 02 80 00 (Italy and Spain)
+ 44 20 31 02 80 01 (France) |
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Access To The Lloyd’s Market
An insurance Intermediary which is not a Lloyd’s Broker can only gain access to the Lloyd’s market through the sponsorship of a Lloyd’s Broker. The act of sponsorship requires the completion of a questionnaire and some back-up documentation. If the application is successful the Intermediary becomes an authorised Open Market Correspondent and may then place business into Lloyd’s, through a Lloyd’s Broker.
A more elaborate procedure can in due course lead to an Open Market Correspondent becoming a Coverholder. Achieving that status allows the Intermediary a degree of autonomy in the acceptance of risks and the payment of claims.
The autonomy is enshrined in a Binder, a contract between the Intermediary and Lloyd’s Underwriters, which involves collaboration between the Intermediary, Underwriters, the Lloyd’s Broker and the Lloyd’s Bureaucracy.
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