Lloyd’s permitting continuous binding authority contracts is a key component to a long-term shift in placing binding authority contracts through our platform. We expect this to be a gradual change initially, as some managing agents will have greater appetite for this than others. By removing inefficiencies associated with placing delegated business at Lloyd’s this allows stakeholders to focus on the performance of this business whilst competing with offerings from non-Lloyd’s carriers.
At this time only binding authority contracts with a single subscribing managing agent and service company agreements may be entered into as a continuous contract. Binding authority agreements with more than one subscribing managing agent will be considered for a pilot on an individual basis as these contract will require increased oversight and additional controls. Please contact us if you would like more information on this.
Coverholder Appointment Agreements placed via Lloyd’s Europe are currently not eligible for continuous contracts.
Until further notice any managing agent who wishes to enter into a continuous contract should contact Lloyd’s so we can support and monitor proper implementation as well as market adoption during the initial period.
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