When a Coverholder signs the Undertaking to Lloyd's, the Coverholder is agreeing to notify Lloyd's, the sponsoring Broker and Managing Agent of any material changes to the entity's record as part of on-going Coverholder due-diligence.
Any changes to the Coverholder details and extensions of authority must be submitted by the Coverholder or sponsoring Broker or Direct Deal Managing Agent (DDMA) to the Delegated Authorities team via ATLAS. This way all parties with a registered interest in the Coverholder are informed of changes at the same time. All details about the Coverholder will be held on ATLAS and all changes to these details should be updated on the system.
A list of the changes and extensions are listed below with the criteria required for each approval: