Lloyd’s multinational proposition is underpinned by the provision of our claims proposition, ensuring that market participants receive timely and accurate payments. Given the complex global nature of multinational programmes, reducing the administrative overhead for brokers and managing agents is of fundamental importance to our stakeholders.
Supporting Multinational Placements
Flexibility in the Management and Adjustment of Claims
The scope of our licenses means that in most countries where Lloyds is permitted, claims can be adjusted and settled either centrally or locally. Customers benefit from market wide claims expertise and co-ordination with the broking community as well as local payment where required.
Claims professionals in the Lloyd’s market make payments into various territories compliantly. In the majority of countries where Lloyd’s is licensed, claims payments can be made to claimants in either London or where the claim occurred. Loss adjusters may need to be locally licensed or authorised.
The recent Claims Lead Arrangement Initiative enhances the claims management in particular in a multinational context. This arrangement gives authority to the managing agent of the leading Lloyd’s syndicate to determine claims on behalf of the following Lloyd’s syndicates. For more complex claims, the managing agent of the second Lloyd’s syndicate is jointly responsible with the managing agent of the leading Lloyd’s syndicate to determine the claim.
Lloyd's Claims Lead Arrangements Lloyd’s Agency Network
The Lloyd’s Agency Network provides 24 hour, year round independent marine surveying and claims adjusting services to the global insurance industry and its customers.
Lloyd's Agents are appointed by Lloyd's to supply local shipping information and casualty intelligence, to provide surveying and, in most instances, claim adjusting services to the global insurance industry and its customers.
