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Then The Recoveries Department Comes In, Because It May Be Possible To
Then the recoveries department comes in, because it may be possible to prove that those 10 cases went missing on the ship. In that case you would attempt to recover the amount of those 10 cases from the ship owner and return that amount to the underwriter. You try to persuade the person who is liable to give you the money, but if they won't co - operate, and you have a good case, you take legal action. The Advisory Department: This is a department which advises underwriters and brokers about the rules concerning certain types of business.
They also investigate market disputes and complaints, and follow legal proceedings involving Lloyd's. They endeavour to protect the good reputation of Lloyd's throughout the world. Membership Department: This is situated at Chatham, and deals with applications for membership of Lloyd's. It services members' funds and the work is more akin to banking than insurance, as it involves administration of members' funds, stocks and shares, which are accredited to the appropriate syndicates.
Recruits will have been educated to A level, or may have some banking experience. Other Departments: There are many other departments within the Company which provide specialised information or technical services.
Further information can be obtained from the Company of Lloyd's Personnel Department, see http://www.lloyds.com/the-market/directories/corporation-of-lloyds?Name=B&Location=London,%20UK Salaries and Staff Benefits The Market: All market employees, brokers and underwriters complained about low starting salaries. Salary rates and benefits vary greatly from company to company, and these figures can provide only a rough guide. An A level trainee broker might start at £34,000, and a graduate trainee broker at £45,000. A broker with two years' experience might earn between £55,500 and £76,500. A senior claims broker aged 25 might earn as much as £59,500, and salaries for placing brokers are roughly equivalent.