Description
Delegated underwriting is an important feature of the Lloyd’s market whereby a Managing Agent of a syndicate delegates its underwriting authority to a third party. This course helps delegates understand why insurers delegate underwriting authority and looks at the advantages and disadvantages of delegated underwriting, the key elements of a binding authority agreement, the legal aspects and the claims handling process. The course is highly participative and involves delegates in numerous exercises to cement their learning. There will also be ample opportunity to present questions and relate delegates’ own experiences of some of the more unusual situations that they have encountered.
Workshop Objectives
- To fully understand why insurers delegate certain aspects of their underwriting as well as its advantages and disadvantages
- To develop an understanding of the role of the coverholder and their relationship with underwriters including legal aspects
- To be familiar with the key elements of a binding authority agreement
- Ensuring the underwriter/coverholder relationship is beneficial both parties
- Successful management of conflicts of interest that can arise when binding authority agreements are used
- Understanding the key aspects of the claim handling process when this is delegated to a coverholder
What you will learn
- Consideration of different types of binding authority agreements.
- What influences the choice of coverholder.
- Management Information: Keeping underwriters informed
- Oversight exercised by underwriters in their dealings with coverholders
- Determining suitable levels of authority that coverholders can utilise
- How coverholders earn money and the management of any inherent conflicts of interest
- How and why claims authority can be delegated
- Conduct Risk considerations encountered when delegating underwriting authority.
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