Become a Lloyd's partner
Become a Lloyd’s coverholder
A Coverholder is a company or partnership authorised to enter into a contract of insurance on behalf of a Lloyd’s syndicate in accordance with the terms of a binding authority. Coverholders are Lloyd’s trusted distribution partners around the world. The strength of the partnership lies in the combination of the local business knowledge and strong relationships of the coverholder and the underwriting expertise and financial security of the Lloyd’s market.
Lloyd’s approves and regulates coverholders to ensure they uphold Lloyd’s standards. All firms wishing to become an approved coverholder must complete the application process.
To become a coverholder in Zimbabwe there are a number of requirements firms need to meet including:
- Each applicant requires a sponsoring Lloyd’s broker and/or managing agent. The sponsor will perform their own due diligence of the application before it is submitted to Lloyd’s Delegated Authorities Team for review. You can find a directory of Lloyd’s Brokers online. It makes most sense to talk to a Lloyd’s Broker who deals with the type of business you do.
Existing Insurance legislation in Zimbabwe does not have specific provision for Cover Holders and they are regulated under the section of the Insurance Act 1987 (as amended) that applies to registered Insurance Brokers. This will probably change once the draft Insurance Bill is promulgated into law in 2020.
Open Market Correspondents (OMC)
An OMC is an insurance intermediary who introduces business to a Lloyd's broker for placement in the Lloyd's market on an open market basis.
They must place business with Lloyd's in accordance with all applicable local regulations and requirements, and they must be fully aware of all the regulations and applicable taxes, and must undertake to comply with all legal and fiscal obligations per the OMC Undertaking.
Process for registering/approving a new OMC
- Obtain the sponsorship of the Lloyd's broker
- Download the application form and Undertaking
- Sponsoring Lloyd's broker and applicant to complete the application form, sign and return to email@example.com
- Where necessary a General Representative may require further details and will contact the applicant (OMC) and/or the Lloyd's broker directly.
- Lloyd's will notify the sponsoring Lloyd's broker and OMC once an application has been successful
Open Market Correspondent directory
This directory includes information on all Open Market Correspondents