Lloyd's is a surplus lines insurer in all U.S. states and territories except Kentucky.
What is surplus lines insurance?
Surplus lines business is coverage that is not available from the licensed market. This means that, unless specifically exempted by a state's laws, the risk must be declined by at least 3 licensed or admitted insurers in the local market before it can be placed as surplus lines business at Lloyd’s.
Who to contact for Surplus lines insurance
Your local broker in the first instance. They will contact a surplus lines broker on your behalf.
Alternatively, a list of surplus lines brokers can be found at Napslo's website.
Lloyd's is an accredited reinsurer in all US states, and plays an important role in providing reinsurance coverage for U.S. clients.
What is reinsurance?
When you look at the risks that insurers take on, it is not surprising that they also might want to have insurance. When insurers insure a risk again, it is called reinsurance. A third of all business carried out at Lloyd’s is reinsurance
Who to contact for reinsurance
A reinsurance intermediary takes the risk to a Lloyd's syndicate that is able to underwrite reinsurance business for US cedents (those syndicates that are included on the appropriate National Association of Insurance Commisioner (NAIC) listing).
U.S. states and territories may exempt certain risks from their insurance laws and Lloyd’s often is able to provide insurance in these cases.
These exemptions do not exist in all states and where they do, rules may vary from state to state. Typically there may be an exempt class of business (such as marine, aviation, transportation) or coverage procured by a large, sophisticated buyer of insurance (for instance, a large, commercial insured).
Guidance about how to place this type of business should be sought from an appropriately licensed local broker.
Lloyd’s is a licensed (or admitted) insurer in Illinois, Kentucky and the U.S. Virgin Islands.
This means that Lloyd’s can write the same business in these jurisdictions as other licensed U.S. insurers.
