The Lloyd’s market
Syndicates subscribing to a risk through a broker, with capacity for the awkward and the very large.
How cover is placed
You cannot approach Lloyd’s directly. A broker takes the risk to a lead syndicate, which sets the terms and the rate; other syndicates then follow on the same slip until the line is fully subscribed. The result is one contract carried by several syndicates in stated proportions.
Who carries the risk
Each subscribing syndicate, severally rather than jointly, for its own percentage of the risk. Claims are paid in those proportions and backed by the market’s central assets.
Typical line size
From modest single shipments to nine-figure project cargo, spread across a subscribing panel.
Strengths
- Will look at risks the company market declines outright
- Deep capacity for high-value and project cargo
- Specialist expertise per class — fine art, cold chain, war risk
- Established claims and survey network worldwide
Trade-offs
- Broker-intermediated, so there is a placement step and a commission in the chain
- Terms are negotiated rather than off the shelf; quoting takes longer than an automated product
- Minimum premiums make it a poor fit for very small consignments
When to look here first
Cargo that an automated product will not price — unusual commodities, difficult routes, values above a standard binder, or anything needing a bespoke clause.
How a claim is handled
A claim goes to the leader, whose decision the followers normally adopt. Surveys are appointed through the market’s network, which is why remote losses still get looked at properly.
What filing a claim involves →Other channels
Balance-sheet insurers writing cargo directly or through brokers, on their own paper and wording.
Underwriting on delegated authority from an insurer — the channel behind most instant cargo cover.
Your agent, not the insurer’s — they shop the market and argue your claim.
This page describes how the cargo market is structured. It names no insurer and asserts no relationship between InsuranceScanner and any market — we have no published panel yet. Nothing here is a recommendation that a particular channel or cover is suitable for you; see the Terms for our role.