This section outlines the coverholder application process, including how to submit an application and important requirements.
To become a coverholder you must find a sponsoring broker and managing agent willing to support your application. You can find a directory of Lloyd’s brokers online. It makes most sense to talk to a Lloyd’s broker who deals with the type of business you do.
The Lloyd's broker will be your main point of contact for information regarding coverholder processes, systems and requirements. When you have found a Lloyd's broker that is willing to sponsor your application, they will then find an appropriate managing agent to support your application.
Once a managing agent has been found, they will complete a process of due dilligence on your firm. If the managing agent wishes to support your application and grant you a binding authority, they will instruct the sponsoring broker to start an application on Atlas.
All firms wishing to become an approved coverholder must complete the application process. In reviewing an application Lloyd's will pay particular attention to the following areas:
- Suitability and experience of individuals
- Applicants financials
- Authority to operate in specified territories
All applications must be submitted via Atlas; we no longer accept paper copies.
Coverholders must sign an undertaking which sets out what Lloyd's expects of them when dealing with customers, clients, brokers, managing agents and Lloyd's.
The branch application process is used where the applicant has another office of the same legal entity which has already received approval as a Lloyd's coverholder.
When a managing agent wishes to establish a new service company, or branch of an existing service company, Lloyd's does not require Atlas to be completed.