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Our courses are intended for a global audience, with each one being completely customisable to suit the needs of the individuals it is being delivered to.

They can be delivered in London or in your home town. You decide.

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Introduction to the London Insurance Market

  • Banking and Financial Markets, Insurance
  • Duration: One day
  • Information

    This is a One – Day Programme, giving delegates an introductory level overview of the London Insurance Market.


    After completing this course you will be able to:

    Session 1:

    • Outline the history and structure of the London Market and its importance in the global markets

    • Distinguish between The Council of Lloyd’s, the Franchise Board, Member’s and Managing Agents, Names and Corporate members of Lloyd’s

    • Explain the operation of a subscription market;

    • Identify the purpose of the Franchise Board and the Council of Lloyd’s in the regulation and governance of Lloyd’s

    • State the purpose of the Associations in the London Market including LMA, IUA, LIIBA and MRG

    • Explain the purpose and aims of the process of business reform taking place in the London Market

    • Summarise the FSA’s regulatory approach of the London Market

    Session 2:

    • Outline the importance of Insurable Interest

    • State the process of placing business in the open market identifying the role of the Broker and Underwriter

    • Explain the significance of Utmost Good Faith in the relationship between underwriter and broker

    • Distinguish between physical and moral hazards and the relationship between them in the application of Utmost Good Faith

    • Summarise the purpose of the Market Reform Contract and the importance of the headings on the ‘slip’

    • Outline the operation of the General Underwriter’s Agreement (GUA)

    • State what is meant by ‘lead’ and ‘follow’ underwriters and their particular responsibilities

    Session 3:

    • Describe the purpose and apply and process of signing down Précis what is meant by contract certainty

    • Describe the concept of underwriting risk and the concept of reserving and the need to make provision for outstanding liabilities

    • Explain when the underwriter is on risk

    • Explain and apply the basic methods of premium calculation;

    • Outline the security of the policy in Lloyd’s

    • Distinguish between Binding Authorities, Line Slips and Consortium Agreements as other methods of conducting business in the London Market

    Session 4:

    • State the purpose of Cover Notes, Policies and Certificates in the London Market

    • Outline the basic procedures for preparing a policy and the role of Exchanging Ins-sure Services in this

    • Identify the role and responsibilities of the insured, brokers and underwriters in claims notification, investigation and settlement

    • Summarise the importance of claims management to the Lloyd’s Market

    • Explain the role and function of loss adjusters, marine surveyors and average adjusters, Exchanging Claims Services, CLASS and ECF in the processing of claims in the London Market

    • Outline the operation of Proximate Cause, Indemnity, Benefit Policies, Subrogation and Contribution when investigating claims

    Course Close

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    As every course we run is tailored to meet the specific needs of each client, we can only provide an estimate after fully understanding your specific requirements. Please complete the form below of call +44 (0) 208 894 4977 to discuss how Taylor Associates can help you.

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