The Operation of Lloyd's
The proposal – proposal for insurance submitted to members – members of insurer Lloyd's by REALTOR – licensed Realtor who tried to obtain insurance to its customers. This Realtor prepare a policy and submit to Office signatories the Polis in Lloyd's. Here, the policy is checked, and if it were in accordance with the rules – rules that are agreed upon, then the policy then in seals. The policy is then submitted to the insurer (the Underwriters), and those who participate in the policy then affix their signatures. This is generally done by a syndicate of bearing each his managed by an agent. Often the Agent Manager was organizing the syndicate itself. Member – a member of the syndicate that was just handing over the capital; the agent that is running the syndicate the business syndicate a stamp usually contains a list of members – members of the participants and indicates portions of the total risk in responsibilities by each Member, and seals it in the strengthened by the signature of the responsible agencies.
Agent or insurer underwriting agent (usually a syndicate Manager) must have what is commonly called "underwriting instinct". He should be able to determine a tariff, setting out their terms – terms and conditions – conditions, and take quick decisions and firm regarding some who are willing to risk much in his responsibilities.
A number of specialists for specific insurance field has sprung. Specialist – specialist it became famous as the leader of that particular. A Realtor who wanted to place a particular type of risk will be trying to find a leader in that field who will take the first step as a risk it. If he has done this step, then the task of closing the remaining part of that risk is usually easy, because agents – agents of the insurer will be willing to follow suit.
Each syndicate member is only responsible for its own section and no risk to the other risks. A legal obligation is on each Member as an individual. Obviously, if there is no article for the policy to the contrary, then the court prosecution can only be performed against each individual insurer separately. However, it is not unusual at all, Lloyd's insurer (Underwriting) will pay, if the Court decided one of them responsible for it. This course facilitates the procedure for which is in the responsibility in terms of prosecution to court.
Lloyd's financial strength
Lloyd's strength lies not only in the fact the extent of funding sources – the Fund, but also on the high level of integrity of the members of the insurer. Lloyd's of London has many many years of trying – just accept underwriters (the insurer) that big funds and does not limit its liabilities (liability). The Lloyd's of London membership applicants screened carefully. They pursued a thorough investigation with the aim of determining the willingness and ability to meet their obligations – obligations to their finances.
If a person has been accepted as a member of the insurer, then taken steps-steps to ensure continuity of assured financial responsibility. Account – account in check at regular intervals and the Association in overseeing that contract – contract of insurance made by members – members of the insurer that there is supplied. Although there is no legal compulsion, but members of the solvent has been bearing the underwriting debt – debt that creates the Alpa members already – already. To further safeguard members of the Lloyd's of London updating insure their risks with each other to achieve a wide spread of risk.
