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  Access To The Lloyds Market

An insurance Intermediary which is not a Lloyds Broker can only gain access to the Lloyds market through the sponsorship of a Lloyds 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 Lloyds, through a Lloyds 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 Lloyds Underwriters, which involves collaboration between the Intermediary, Underwriters, the Lloyd’s Broker and the Lloyds Bureaucracy.

 
     
BDB Limited is a fully independent wholesale Lloyd's Broker, authorised and regulated by the Financial Conduct Authority and is entered on the FCA register (www.fca.org.uk) under reference 308229