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.
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