Crystal+ Risk Locator

Why is risk location important?

It is important to get risk location right as getting it wrong can lead to:

• paying the wrong taxes
• writing invalid insurance contracts
• mis-reporting the funding that supports Lloyd’s ability to trade overseas
• delays in premium processing
• penalties incurred by insured’s, intermediaries or underwriters
• breach of international sanctions
• a negative impact to Lloyd’s international trading position

Outside of the EEA there is little harmonisation of insurance regulations and fiscal rules. International risks can involve multiple jurisdictions and therefore multiple regulations and taxes will need to be considered.

For example, on a marine hull risk the location of the insured, the operating location of the vessel and the country in which the vessel is registered may all give rise to separate risk locations. In certain circumstances a risk may have:

• more than one risk location
• different risk locations for regulation and tax purposes
• no risk location

How does the Crystal+ Risk Locator work?

The Crystal+ Risk Locator asks a Lloyd’s market participant a number of questions, e.g. location of the insured, location of the property, location of a producing broker. The Risk Locator Tool then analyses this information and establishes the country(s) where regulations and taxes may be applicable.

The Crystal+ Locator then directs the user to relevant information in Crystal+ (i.e. Lloyd’s licensing position, sanctions, tax rates and class specific requirements). The Risk Locator Tool can provide downloadable pdf reports and is accessible via mobile applications.

Instructions

1. Login or register to Crystal+
2. Once signed in, you can find the Crystal+ Risk Locator next to the Home tab
3. Start a new enquiry, inputting all relevant details
4. Download a pdf of Crystal+ Risk Locator results