What happens when coverage needs fall outside of what a standard insurance carrier can offer? The surplus lines industry is important because it provides a market for insurance covering hard-to-place risks not written by the admitted markets. As such, non-admitted carriers have the ability to accommodate a wide variety of risks. Lloyd’s of London is known for being the place to go for these kinds of coverages.
From its beginnings in a coffee shop in 1688, Lloyd’s of London has been a pioneer in insurance and has grown to become the world’s leading market for specialist insurance and reinsurance. Lloyd’s is a valuable resource for brokers to find the best unusual or hard-to-cover risks.
Quaker Special Risk is the largest Lloyd’s of London partner in New England. As a result, we support 23 Lloyds of London syndicates within our binding authority line-slip. As an elite Lloyd’s broker, we have achieved the highest level of in-house claims authority. In addition, we do not use a TPA for Lloyds property claims because we utilize our own in-house counsel.
While many have heard of Lloyd’s, they’re not very familiar with how insurance is underwritten there and how their process works. Read here to learn more about the world’s leading marketplace for commercial, corporate, and specialty risk solutions and how it works.
