Policyholder FAQs

Lloyd’s is the world’s specialist insurance market. Unlike many other insurance brands, Lloyd's is not a company; it's a market where our members join together as syndicates to insure risks.

The majority of business written at Lloyd’s is placed through brokers who facilitate the risk-transfer process between clients (policyholders) and underwriters.

The Corporation of Lloyd’s oversees and supports the Lloyd’s market, ensuring it operates efficiently and retains its reputation as the market of choice for specialist insurance and reinsurance risk.

For further clarity on Lloyd’s, including participating parties, please visit the Who is Lloyd’s? and Lloyd’s market pages.

Please note that Lloyd's does not offer any banking or credit services

If you have a Lloyd’s policy then your insurer will be one or more of the syndicates formed by Lloyd’s members. Visit the Who is Lloyd’s page for more information.

Underwriters are individuals who price and underwrite the risk on behalf of the syndicate. They may work for the syndicate, coverholder or managing general agent (MGA) who are authorised to write business on behalf of the syndicate. They are responsible for the ongoing management of policies issued. Visit our Lloyd’s market webpage for definitions of all roles within the Lloyd’s market.

At Lloyd’s, brokers act as the agent of the insured or reinsured to arrange insurance or reinsurance with Lloyd’s syndicates.

The Corporation of Lloyd’s has not issued specific guidance on how individual underwriters should deal with requests for premium refunds. Underwriters should assess premium refunds based on individual circumstances to ensure the fairest customer outcomes as well as ensuring that they are adhering to the legal and regulatory requirements in the country where the policy is effected/carried out.

Policyholders are advised to discuss any policy refund requests with their broker. All Lloyd’s policies are underwritten by underwriters for Lloyd’s syndicates and not the Corporation of Lloyd’s. Therefore any premium refunds must be made by the underwriters and not the Corporation of Lloyd’s.

All Lloyd’s policies are underwritten by underwriters for Lloyd’s syndicates and not by the Corporation of Lloyd’s. Decisions on premium refunds are therefore the responsibility of the underwriter and Lloyd’s cannot opine on individual cases. Lloyd’s expects underwriters to adhere to the minimum standards the Corporation of Lloyd’s has issued to the market which include guidance on fair and appropriate treatment of customers. Policyholders are advised to speak to their broker to request a premium refund.

You should contact your broker as soon as possible and explain your individual circumstances. Your broker and underwriter should then consider the circumstances and the options available to you. The Corporation of Lloyd’s has issued guidance to Lloyd’s syndicates on dealing with late/default payments and guidance can be found here.

You should contact your broker as soon as possible to discuss your individual circumstances and the options available to you regards payment methods.

If you wish to make a complaint please visit our policyholder complaints page for more information.

All Lloyd’s policies are underwritten by underwriters for Lloyd’s syndicates and not by the Corporation of Lloyd’s. The Corporation of Lloyd's cannot therefore opine on whether a claim is covered by a policy or not. In the first instance you should seek guidance from your broker and/or your insurer.

The Corporation of Lloyd's expects all of it's underwriters to treat customers fairly and provide conclusive and clear guidance on policy coverage. If you have had a claim declined and wish to make a compliant then please click here to find a link to the complaints process.

All Lloyd’s policies are underwritten by underwriters for Lloyd’s syndicates and not by the Corporation of Lloyd’s. The Corporation of Lloyd's cannot therefore opine on what is covered or not covered under a specific policy. In the first instance you should seek guidance from your broker and/or your insurer.

The Corporation of Lloyd's expects all of it's underwriters to treat customers fairly and provide conclusive and clear guidance on policy coverage. If you have had a claim declined and wish to make a compliant then please click here to find a link to the complaints process.

Cancellation from inception is when the policy and all cover is cancelled from the start of the insured period and not from the date of cancellation. This can also be known as flat cancelation or the common insurance term ab initio.

The matter of whether cancellation from inception is appropriate is based on the specifics of a policy or policyholder and therefore Lloyd's cannot opine on whether a cancellation from inception is appropriate or not.

Lloyd's has reminded managing agents of the following

1) A managing agent should not adopt a policy of automatic cancellation from inception for failed payments after 60 days and due consideration should be paid to the circumstances of each individual case to ensure that any such cancellation would be fair and reasonable. Due consideration should be given to the implications of cancellation from inception specific to first party and third party policies.

2) Where a cancellation from inception is considered appropriate or a customer requests this then the managing agent should ensure that the policyholder understands what this means in clear understandable language. Any communication to policyholders should clearly articulate what is meant by the terminology used.

Lloyd's has issued guidance under the delegated authority section of the Covid hub on premium cancellations, which can be found here.