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What are the functions of a Lloyd’s Agent?

(1) To pass to the Lloyd’s market information of value to underwriters (i. e. to act as the “eyes and ears” of the insurance market); 

(2) to ensure that surveys of cargo and vessel damage (e. g. damage discovered on discharge or on opening a container at its destination) are carried out; (3) to settle small claims locally on behalf of Lloyd’s underwriters. (Parallel functions apply to IUA Agents. ) Many of the casualty reports concerning ships, aircraft, factory explosions, typhoon and flood damage, etc. published daily in Lloyd’s List come from Lloyd’s Agents.

 

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