Lloyd's underwriters do not generally deal directly with policyholders. Instead, business is normally accepted by Lloyd's underwriters through the following intermediaries:
Lloyd's Registered Brokers - insurance business is generally brought to Lloyd's by Lloyd's brokers who are insurance broking firms accredited by Lloyd's to broke insurance business at Lloyd's.
Coverholders - Lloyd's underwriters may delegate their authority to enter into contracts of insurance to an intermediary known as a 'coverholder'. In such circumstances the general principle is that the coverholder acts as agent of the Lloyd's underwriters (rather than as agent of the policyholder).
Registered Open Market Correspondents - certain brokers are registered as Open Market Correspondents which permits them to negotiate contracts of insurance with the Lloyd's market. This may be directly with Lloyd's via a Managing Agent or through a Lloyd's Registered Broker.
