PROSPECT INSURANCE BROKERS
Prospect Insurance Brokers are an independent, privately owned Lloyd's of London Broker formed in 2010. We are a dynamic and entrepreneurial company with exceptional market relationships across all lines of business and we tailor solutions to fit our clients' needs. We do more than just place your business in Lloyd's but are a true long-term partner. We find underwriters to help you expand, improve your distribution, help you engage in risk management, and gain access to the right TPAs and coverage counsel.
WHAT IS A LLOYD'S COVERHODER?
A Lloyd's Coverholder refers to an arrangement whereby a Lloyd's syndicate(s) delegates responsibility to a third party to act on their behalf as the insurer and thus the Coverholder is authorized to underwrite risks within the agreed terms, issue policies, collect premiums, and potentially manage and settle claims. Authority provided is usually specified to certain classes and/or is limited to a specific industry sector.
WHY TRADE WITH LLOYD'S OF LONDON?
• Credibility Partner with the world’s most respected insurance market
• Exclusivity You own unique insurance program
• Growth Increased competitiveness and differentiation
• Profitability Earn higher commissions and profit commissions
• Security Lloyd’s security rating is A.M. Best ‘A’ excellent
• Claims Just claims are paid promptly
• Creativity New products, coverages, and ideas on distribution
Make your agency stand out
THE COVERHOLDER PROCESS
Prospect are highly experienced at the Coverholder Approval process and will guide you through what can appear a daunting process with ease. There are the following steps:
1. Start the application by gathering all the necessary data mentioned below
2. Prospect will advise about best way to complete application to get approval soonest and to reduce any further questions from Lloyd's
3. Prospect will select the most stable syndicate for you to partner with who will lead your business and will sponsor your application
4. Once application has been approved by the syndicate and sent to Lloyd's we will seek approval as early as possible
WHAT WE NEED FROM YOU TO GET STARTED
• Introduction to key parties and the concept
• CVs/resumes of key people
• Historical results or program if applicable
• Underwriting guide including rates
• Details of your IT systems and processes
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