Placing risks at Lloyd’s
As an accredited Lloyd’s broker, Hispania Risk Broker has direct access to the world’s leading insurance and reinsurance market. As a result, we are able to send any kind of business and speciality directly to Lloyd’s to negotiate conditions on the open market with the Lloyd’s syndicate most suited to each type of business.
In the context of the insurance market, the term open market could be said to mean making placements on an operation-by-operation, risk-by-risk basis.
To gain access to the Lloyd’s market in the most competitive way possible, it is necessary to have information about the risk to be quoted, including, whenever available, inspection reports, photographs and a claims record.
Choose the kind of business you want to place with us.
When the characteristics of a risk are such that it can be defined as standard, the best placement conditions for that risk are usually found through a binding authority.
A binding authority is a representative power handed by the syndicates to a third party to enable him to underwrite risks in their name. It is, as the British say, like “giving your pen to a third party for him to do business and sign in your name”.
The underwriters hand this power to an underwriting agency or coverholder, who then underwrites the risk in the name of the company or the syndicate.
The placement of standard risks is done through a coverholder, who has the binding authority of one or more syndicates. This way, it is as if the risk were insured directly with the syndicate.