Policyholder questions and answers

In the first instance you should check your insurance policy, as this will explain who to contact and provide their details. Ordinarily this will be your insurance broker and they will represent you throughout your claim and advise you where necessary.

Lloyd’s insurers work in partnership with your broker to support you and resolve your claim as quickly as possible. Your broker will contact the Lloyd’s insurers on your behalf. They have a team of claims experts ready to work directly with your broker to establish the details of the loss and the level of support you need.

If you bought your policy directly from an agent of the insurer, they will be able to assist you with how to make your claim.

Your broker will be your point of contact to keep you up-to-date with progress. In the majority of cases, your claim will be processed electronically. This means your broker will have instant access to the response and comments of the lead insurer (or insurers) and will be able to keep you informed every step of the way. If, however, you purchased your policy directly from an agent of the insurer without using a broker, your claims contact at the insurer will keep you up-to-date with the progress of your claim.

The Lloyd’s market is truly international, working with a trusted global network to settle claims as quickly and efficiently as possible, in every time zone.

Lloyd’s partners with some of the world’s most experienced and respected claims-adjustment firms, which are authorised to act directly on behalf of insurers in the Lloyd’s market. As specialists in their field, with detailed knowledge of local insurance and business sectors, they’re best placed to handle most claims.

To enable a fast, efficient claims payment, adjusters are often authorised to settle smaller claims directly with you.

In the cases of claims where this is not possible, your broker will liaise with Lloyd’s insurers on your behalf. Through our electronic claims system, your broker has real-time access to updates, wherever you are in the world.

There may be different professionals involved in your claim at different stages:

Broker

This is who you worked with to arrange your insurance cover. They will represent and advise you throughout the claim and Lloyd’s insurers will work in partnership with them to support you and resolve your claim as quickly as possible.

Lead insurer

It is possible that there may be more than one insurer on your policy (see next question on ‘What’s a subscription policy and how does it affect my claim?’). Where this is the case, the lead insurer is one of the parties who insure your policy and is responsible for managing and agreeing your claim on behalf of all the other insurers. They may also be referred to as the lead ‘managing agent’, ‘syndicate’ or ‘underwriter’.

Coverholder

These are parties usually based in your country or region which are authorised to accept insurance risks on behalf of Lloyd’s insurers. If you bought your policy through a Lloyd’s coverholder, usually they will support you throughout your claim. In some circumstances Lloyd’s insurers are able to provide coverholders with advance funds to enable fast, local claims payment without the need for approval.

Appointed experts

For some claims, other experts will be appointed by your Lloyd’s insurer to help manage your claim. These experts range from experienced loss adjusters to medical experts to
specialist engineers, each chosen for their expertise in a particular field. They’re there to speed up the claim and deliver a fair outcome.

Loss adjuster

Lloyd’s engages with some of the world’s most experienced specialist loss adjusters, who are authorised to act on behalf of Lloyd’s insurers in specific regions and business sectors.

Lawyers

There may be occasions when a lawyer is appointed to provide specialist legal advice. The lawyer’s role is to defend and negotiate legal liability on your behalf; for example, when a person has been injured or their property damaged. Insurers carefully select these lawyers based on their expertise and experience, and the nature of the claim.

A subscription policy is insurance taken out with multiple insurers within the Lloyd’s market, who have each subscribed (agreed) to provide a proportion of your insurance cover. This is unique to Lloyd’s and means you get all the security benefits of spreading your risk across a number of well-capitalised, highly-rated insurers, as well as the convenience of a single policy document, claims process and settlement payment.

No matter how many Lloyd’s insurers there are on any one policy, no more than two lead insurers are needed to agree a claim, and in more than 85% of cases just one is required. All other insurers on the policy are bound by the decision of the lead(s) and are termed ‘followers’.

The interaction between the Lloyd’s lead(s) and followers happens behind the scenes, keeping the process simple for you and your broker. Your broker will be your point of contact in terms of submitting your claim and keeping you up-to-date with progress. Once your claim is agreed, one payment is issued on behalf of all Lloyd’s insurers to you via your broker.

For claims arising from subscription policies (ie policies insured by multiple Lloyd’s insurers) the number of lead insurers required to review a claim is based on a range of considerations including the specific details of the claim and its financial value.

Around 85% of subscription claims require only one insurer to agree on behalf of all Lloyd’s insurers who have underwritten the policy. Generally these are claims with a financial value to Lloyd’s insurers of less than £250,000, or currency equivalent.

Larger value claims, or those with a higher degree of complexity, may require two lead insurers to agree – meaning you get the benefit of their combined experience and expertise.

The claims standards set by the Lloyd’s Corporation are upheld globally by the Lloyd’s market, to ensure your experience of dealing with Lloyd’s insurers and representatives is positive, wherever you are in the world. Of course, there may be times when issues arise. If they do, we have robust measures and procedures in place for registering a complaint, to help resolve any issues. In the first instance you should consult your policy, which will clearly state the procedure for making a complaint, or you can contact your broker.

Further support on the complaints process specific to where you are based is available on the Lloyd’s website at: lloyds.com/complaints