The online application form on Atlas consists of a series of screens broken down into specific topics:
- Company information
- Business strategy
- Ownership of the company
- Key staff
- Reputation and standing
- Lloyd’s and binding authority experience
- Professional indemnity
- Financials
- Bank accounts
- Systems and controls
- Business continuity plan
- Licenses
- Underwriting and claims
- Class of business
- Regions
Each topic requires data to be entered into the appropriate fields. Each screen must be completed before the application is submitted to the managing agent, who then carries out its due diligence.
It is very important that an applicant coverholder discloses all relevant information during the application process.
An important part of the application form is the “Coverholder Undertaking” that all applicants for coverholder approval are asked to sign. This Undertaking sets out in clear terms what Lloyd’s expects of coverholders when they deal with customers, clients, Lloyd’s brokers, managing agents and Lloyd’s (for full details on the Coverholder Undertaking -see chapter 3 - Lloyd’s offer)
Lloyd’s provides additional guidance on completing the application form process. A link to the user guide and an example copy of the application form can be found in relevant links and guidance at the end of this chapter.
