Any company who wishes to bind insurances and/or issue documents on behalf of a Lloyd’s underwriter must first be approved by Lloyd’s to act as a Lloyd’s Coverholder. All firms wishing to become an approved Coverholder must complete the application process. Each applicant requires a sponsoring Lloyd’s Broker and Managing Agent, who perform their own due diligence of the application before it is submitted to the Lloyd’s Delegated Authority Team for review.
Lloyd’s supervises Coverholders as part of its statutory role in managing and supervising the Lloyd’s market. This is carried out through the approval process and then through Lloyd’s on-going supervision of all approved Coverholders.
ATLAS is a secure website which acts as an electronic filing and online application system for all Coverholders.
The sponsoring Broker or direct-dealing Managing Agent must start the application on ATLAS. This will generate a unique Coverholder PIN. e.g. (111000ABC).
The Coverholder will need access to the application in order to complete and to sign off that the information is valid. For a Coverholder to get access to ATLAS, a Broker or Managing Agent will need to have started an application on ATLAS. The Coverholder can then fill out the ATLAS user application form which can be found here. Confirmation and instructions will be sent to users once access has been granted.
Coverholder Access to ATLAS Lloyd’s service standards: 2 Days.
Every employee that requires access to ATLAS must register for a Lloyds.com account and have read and agreed to the ATLAS Terms and Conditions.
Once a new application has been started on ATLAS and the Coverholder has been given access by Lloyd’s there are two options. The first is that the Lloyd’s Broker may provide the Coverholder with a paper application form which the Broker will enter into ATLAS. The Coverholder will later need to verify and sign this information off online before submitting this information on ATLAS. Alternatively, a combination of the Coverholder and Lloyd’s Broker can work on the application filling in the main details and using the expertise of the Lloyd’s Broker to complete the forms. Using the save and next button on the Submit/Cancel form will allow both parties to drop in and out of the application.
The Coverholder application is a series of online forms which request the information that is held on ATLAS. All processes on ATLAS, such as the annual compliance, will look to update the information held and build a historical record of the Coverholder. During a new application the forms are blank and all need to be completed.
Lloyd’s Delegated Authorities Team reviews the information before deciding whether the Coverholder is suitable for approval. This may involve clarifying information and seeking further supporting background information across the relevant sections on the ATLAS application.
Local Lloyd’s country representatives are often involved in the review of the application process and may carry out a visit to the offices of the applicant Coverholder in countries where a Lloyd’s representative is based.
For more information on what we require to assess your application and further guidance, please click on the links below:
Application Form to become a Lloyd’s approved Coverholder 2016
Application Form Guidance Notes
The application process is a three stage change task on ATLAS.
Lloyd’s Broker – Coverholder – Lloyd’s Broker – Managing Agent – Lloyd’s:
New applications require input from both the applicant company and the Lloyd’s Broker at the initial stage. With this in mind both parties can log on and edit the information held there. Once the Lloyd’s Broker has decided the application is complete they will complete the sponsor’s sign off and submit for approval. The status of the task changes to with the Coverholder and the Coverholder will need to log in, complete the Coverholder sign off and approve the application. The application moves to the Lloyd’s Broker who then submits the application to the Managing Agent to complete due diligence before they then submit to Lloyd’s. The Managing Agent must submit a completed decision paper with the application.
Managing Agent – Coverholder – Managing Agent – Lloyd’s:
This is where the Managing Agent will act as the Lloyd’s Broker. New applications require input from both the applicant company and the Managing Agent at the initial stage before following the same chain listed above. As before, the Managing Agent must submit a completed decision paper with the application.
Lloyd’s service standards: (working days from date of submission to Lloyd’s)