If you’re in the insurance industry, you’ve likely heard of Lloyd’s of London and syndicate lists. This article will give you a better understanding of these terms and how they work.
What is a Syndicate List?
The syndicate list is one of several required documents requested when submitting a policy. It is usually one of the endorsements included in the Forms and Endorsements section of the policy. If a syndicate was involved in writing the policy, most states require this information to be included in the report by way of a syndicate list.
What Are Syndicates?
An insurance syndicate is a group of insurance businesses and individuals that work together to provide insurance coverage for large risks. It is formed by multiple insurance entities to complete a specific project or task.
When it comes to insurance syndicates, it’s important to know about Lloyd’s of London. Lloyd’s of London is an insurance and reinsurance marketplace. The business written at Lloyd’s is brought to specialist insurance syndicates who work together to insure large or unusual risks. When reporting a syndicate in your surplus lines filing, you will need that syndicate’s Lloyd’s Syndicate Member Number. This can usually be found on Lloyd’s syndicate list.
A Lloyd’s of London syndicate is a group of underwriters who work together to provide insurance coverage for a variety of risks. Operating as syndicates, Lloyd’s members provide insurance for businesses and individuals that may have a harder time finding coverage. Read More.
Lloyd's of London has been a major player in the surplus lines insurance market due to its unique business model. Lloyd's is not an insurer itself, but rather a market where individual underwriters, known as "syndicates," compete to underwrite insurance risks. Read More.
There are so many moving parts in the surplus lines industry. Here are some key terms you need to understand in order to navigate surplus lines. Read More.
Syndicates involved in policy writing must be reported. Only syndicates which appear on the most recent NAIC Quarterly Listing Alien Insurers are eligible to transact surplus line insurance in California. Read More.
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