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TLC as Lloyd's Coverholder

What is a Lloyd's Coverholder?


Coverholders are an important source of business for Lloyd’s with their numbers increasing steadily in recent years.  There are now about 2,500 Lloyd’s coverholders producing 30% of Lloyd’s premium income each year. The balance of Lloyd’s business is distributed around the world through a network of brokers.

Coverholders allow Lloyd’s syndicates to operate in a region or country as if they were a local insurer. This is achieved by Lloyd’s syndicates delegating their underwriting authority to coverholders.

In 2011 TLC went through a very extensive process ensuring that our systems and people comply with the extremely high standards insisted upon by Lloyd’s.  At the end of this process, we were granted authority to underwrite on behalf of a Lloyd’s syndicate. TLC as the coverholder issues the required insurance documentation and handles claims in accordance with the terms of the delegated authority as set out within an agreement known as a binding authority.

The Lloyd’s binding authority agreement with TLC is clearly stated on all documentation under the section describing the insurer as follows:

INSURER: Certain Underwriters at Lloyd's under Agreement Number: B0334SC3342016219
TLC Insurance Limited as Lloyd’s Coverholder
 

Benefits to TLC as a Lloyd’s Coverholder


Coverholders benefit from a partnership with Lloyd’s syndicates by gaining access to Lloyd’s excellent brand, security and ratings, as well as access to experienced underwriters and brokers. TLC is therefore able to offer a range of specialised covers for the contractors industry in New Zealand which are supported by the strength of Lloyd's.  TLC also handle the claims directly. 


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