The Policy And Slip Are Then Sent To Lloyd's Policy Signing Office
The policy and slip are then sent to Lloyd's Policy Signing Office (LPSO). This Company department first examines the documentation to check for any possible errors, and then authenticates the policy. The annual renewal of insurance cover is transacted in a similar manner.
If a claim occurs the client will contact his broker. A special claims broker will bring news of the loss to claims underwriters in the syndicates, and then take a marine claim to Lloyd's Underwriters Claims and Recoveries Office (LUCRO). This department examines and settles the claim, acting on behalf of the underwriters. See http://www.lloyds.com/the-market/tools-and-resources/lloyds-agency-department/survey-and-claims-management/survey-and-claims-management-team-contact-details The Syndicate System There are now 30,000 members of Lloyd's who are associated in groups called syndicates, which range in size from a few to more than a thousand names. These people often know very little about insurance, and have merely made their money available to an underwriting syndicate as a potentially good investment. There are more than 400 syndicates, each managed by an underwriting agent who is responsible for appointing a specialist underwriter for each class of business.
(see http://www.alm.ltd.uk). Members Agents provide £3.4 billion of capacity to syndicates to underwrite in the Lloyd?s market in 2015 The vast underwriting syndicates of today are a result of Lloyd's expansion, not only in marine underwriting, but into other areas. There are now around 267 marine syndicates, 370 non - marine, 155 aviation, 97 UK motor, and seventy life syndicates. Lloyd's underwriters now accept risks of almost any nature, except long - term life. They are continually using their initiative to find ways of insuring new risks. For example, underwriters and brokers are working on a policy to protect banks and financial institutions against cyber crime.
Career Opportunities in the Lloyd's Market The opportunities at Lloyd's are in several different areas. The underwriting agencies employ people to provide support services for the members they represent and staff for the underwriting syndicates they manage, in marine, non - marine aviation and motor business. You might have a career working for a Lloyd's brokerage firm, as a placing broker or as a claims broker or with the support staff, servicing the accounts and liaising with the clients.
Finally, there are opportunities with the Company of Lloyd's, helping to provide the services necessary to ensure the smooth running of the market. Training at Lloyd's: Most training at Lloyd's is, by necessity, on the job. Company training is more formalised as it is provided by a large organisation with well - established training programmes. These include technical courses and day - release to encourage study for professional qualifications.
However, some brokers and underwriters have no formal training programme. Recruits will be helped to acquire knowledge, but this is regarded as a long - term process rather than an intense concentrated exercise. Traditionally, there was little training for these jobs, and many employers today do not recognise the value of formal training and professional qualifications.