Lloyd’s Agency System

(insurance) The global Lloyd’s Agency network consists of over 350 main Lloyd’s Agents and a further 325 Lloyd’s Sub-Agents. The first Lloyd’s Agency appointments were made in 1811, primarily for the communication of shipping movements and casualty information. Although most Agents still carry out this function, their main role today is one of conducting or arranging surveys on ships and cargoes for insurers and commercial interests throughout the world. Almost 200 Agents have also been granted authority to adjust and settle claims arising under Lloyd’s certificates of insurance. Although the Lloyd’s Agency network is heavily influenced by its maritime origin, many Agents have diversified to embrace aviation, property, vehicle and liability specialties.
Many underwriters and their assureds throughout the world utilize the services of Lloyd’s Agents and evidence of this is usually reflected in the wording of cargo insurance certificates, which often incorporate the clause: “In the event of loss or damage which may result in a claim under this insurance immediate notice should be given to the Lloyd’s Agent at the port or place where the loss or damage is discovered, in order that he may examine the goods and issue a survey report.” For information go to: www.lloyds.com/The-Market/Tools-and-Resources/Lloyds-Agency-Department.