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Binding Authority Service - Corporate Buildings

Binding Authority Service

Coverholders, or managing general agents, now play an important role in the way in which insurance capacity is distributed around the world.

A coverholder is a legal entity, in the form of a partnership or a company, which is authorised to offer insurance quotations, bind contracts of insurance and issue policy documentation on behalf of one or more insurance companies or Lloyd’s syndicates.

Lloyd’s of London conducts business in over 200 countries around the world and much of this is done through the coverholder model. Coverholders have local knowledge of their market and customers and create an excellent distribution platform for global insurers to distribute underwriting capital. They benefit from securing exclusive deals, underwriting expertise, financial strength and brand to sell to its clients or brokers.

The coverholder application process can be made less complicated by employing the help of a specialist Lloyd’s broker. W Denis Insurance Brokers Plc has expertise in the following areas:

  • Business Planning
  • Market Presentation Drafting
  • Negotiation of policy wordings
  • Securing of delegated authority
  • Support for audits & due diligence
  • Drafting & negotiation of the Binding Authority Contract
  • Broking of the Submission to Insurers and Lloyd’s Syndicates
  • Reinsurance support for direct insurers seeking capital relief or protection against frequency or catastrophe claims

Specialist Point
of Contact

 

Mark Dutton
Director

0044 (0) 113 243 9812
mark.dutton@wdenis.co.uk

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