The Requirements for the Writing of Master Policies set out the circumstances where Lloyd’s considers that Master Policies can be used appropriately. Where an arrangement does not meet all these requirements it should be written using a different placement method, such as a binding authority.
Where an arrangement does not meet all Lloyd’s master/group Policy Level Requirements it should be written using a different placement method, such as a binding authority.
Where a managing agent considers that the best placement method remains a master/group policy an application can be made to the Customer Oversight Team for an exemption from one or more of the master/group Policy Level Requirements. Exemption requests should be submitted by the lead managing agent to their Customer Oversight Manager and conduct@lloyds.com. These should include an overview of the master/group policy including who the master/group policyholder is, who the Customers are and what coverage is provided. They should also set out the Requirement(s) for which the exemption is being requested and an explanation of why the exemption will not have a detrimental impact on the master/group policyholder or Customers. The master/group policy should not be bound until approval has been received from Lloyd’s. Once an exemption is approved by Lloyd’s it is not necessary to continue referring the master/group policy at renewal unless changes are made to the arrangement which affect compliance with the Policy Level Requirements or which affect the basis on which the exemption was granted.
Please ensure that any exemption requests are submitted by the lead managing agent to their Customer Oversight Manager and the Conduct Mailbox.
For further information on the Master/Group Policy Requirements and Guidance, please see our guidance pages below.
Master and Group Policies
conduct@lloyds.com