An Introduction to Lloyd’s (SearchBite) - Searchlight Insurance Training

An Introduction to Lloyd’s (SearchBite)

Lloyd’s is unique within the world of insurance, the world’s specialist insurer, but it is not a company; it’s a market in its own right – where members join together as syndicates to underwrite risk.

This intensive two hour SearchBite will provide an introduction to what Lloyd’s is, how it operates and how business is placed within the market as well as a brief overview to the security behind the policy.

Level:

Duration: 0.2 day(s) CII CPD Hours: 2
     

Key programme elements:

What is Lloyd’s?

•A brief history of Lloyd’s
•How Lloyd’s began – coffee House origins
•Lloyd’s as an intelligence network
•A chronology of key points in Lloyd’s history

 

How the Lloyd’s market operates

•The subscription market
•Members
•Members agents
•Managing agents

 

Placing an insurance risk in Lloyd’s

•The Lloyd’s broker – presenting the risk
•The Role of the Leading Underwriter
•The following underwriters and coinsurance
•Placing the insurance risk

 

Lloyd’s security (Overview)

•The importance of security behind the brand
•The chain of security

By the end of this SearchBite, participants will be able to:

 

•explain the origins of Lloyd’s and its importance in the insurance market

 

•describe how the market operates today

 

•be able to distinguish the roles of the underwriter, broker, members, managing and members agents

 

•describe how an insurance risk is placed at Lloyd’s, and

 

•outline Lloyd’s chain of security that underpins policies written at Lloyd’s