What is the Lloyd's market?
Lloyds’ of London is one of the oldest insurance markets in the world, and certainly the most famous. From humble beginnings as a coffee shop, where traders would meet investors seeking to insure their precious cargo, Lloyds’ has grown into the centre of the global insurance market, insuring everything from jumbo jets, to oil rigs, kidnap and ransom policies to footballers legs.
On any given day in the City, you are liable to see men and women stalking their way towards the Lloyds’ building, a bulging document case tucked firmly under their arm. You are looking at a Lloyds’ broker and the bulging sheets represent risks that are presented to underwriters sat at their individual boxes, ready to negotiate which percentage they are willing to ‘underwrite.’
It is up to the Broker to find underwriters for a particular risk, presenting the details and the premium before them for their inspection. A good Broker will find a renowned ‘lead insurer’ and underwriters, ever keen to see what their competitors are up to and keen to be part of ‘a good thing’ will then sign the ‘line slip’ and hope for a claims free year.
As one of only 168 Lloyds’ Brokers, we form part of this cycle outlined above. Our Brokers present all nature of risks to the market. They will negotiate terms on your behalf or that of your clients and deal with all aspects of the risk, from the quotation to the handling of any claims.
By its very nature, Lloyds’ is a specialised market, but also a very flexible one – able to underwrite and provide insurance cover on risks that more conventional insurers may be unwilling or unable to.
If you should like some more information about the Lloyds’ market, the different products we offer or would like to discuss a particular risk than please feel free to contact a member of our Lloyd’s team on 01708 729 500
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01708 729 500