Decus has a very good track record of achieving Coverholder approval for the agents it supports and collaborates with.
Decus will assist in every stage of the process and will assist in achieving satisfactory responses to the following Lloyd’s requests as part of the approval process;
• Company Information
• Underwriting and Claims
• Business Strategy
• Ownership of the Company
• Key Staff
• Reputation and Standing
• Professional Indemnity (PI) Insurance
• Bank Accounts
• Systems and Controls
• Class of Business
The benefits of becoming a Lloyd’s Coverholder are very evident and they include:
• Being supported by A+ (S&P), AA- (Fitch), A (A.M. Best) security.
• Ability to be free to develop your business with a good underwriting delegated platform behind you.
• Ability to earn competitive and increased commissions also in relation to profitability.
• Decus will work with you to finesse a business plan with targeted products.
• The Plan should include aspects such as directorships, distribution channels, projected premium income and current performance amongst other factors that Decus will define.
• We will solicit support from a Lloyd’s Managing Agent.
• We will establish the type of authority you would require which may include full underwriting authority.
• Lloyd’s currently outline a 20 day time-line to approve coverholder approval.