You must demonstrate to us that you have taken out and will maintain professional indemnity insurance which meets the following requirements.
Limit of Indemnity The minimum limit of indemnity shall be the greater of £3,000,000 or 4 times the annual net retained brokerage as shown in the most recently audited financial statements at the time of renewal of your policy.
If your annual net retained brokerage is less than £15,000,000 the minimum limit of indemnity need be no more than £20,000,000.
If your annual net retained brokerage is greater than £15,000,000, the minimum limit of indemnity need be no more than £30,000,000.
Excess The insurance excess in respect of each claim must not be more than:
3% of your annual income for the last financial year, as shown in your latest audited accounts; or
Whichever is less.
All the figures are stated in pounds sterling. Local currency equivalents will be used based upon the relevant exchange rate at the time of your application.
While the above requirements represent Lloyd's minimum professional indemnity insurance requirements, a managing agent may require higher levels of PI cover for prudential reasons when discussing its TOBA.
How I obtain a letter confirming the status of a Lloyd's or non-Lloyd's Broker?
How can I find out the capacity of Lloyd's syndicates?
Lloyd’s is not able to disclose the capacity either of individual Lloyd’s syndicates or of Lloyd’s as a whole.
How does a Lloyd's Registered Broker change their contact details in www.lloyds.com?
If a Lloyd's Registered Broker has binding authorities they will need to update their contact details via Atlas. For any problems in this respect please contact email@example.com. If a Lloyd's Registered Broker has no binding authorities then they will need to contact the Broker Relationship Management team.
How do I make a complaint about a Lloyd's Registered Broker?
Lloyd’s is a general insurance market and does not accept life business with the exception of term life. To find those brokers and managing agents who place and accept term life access the Lloyd’s market directories.
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