Coverholder Services

Gold Seal offers a range of Coverholder services to Lloyd’s and Local Underwriters.

Since 2000, Gold Seal has offered a range of services to Lloyd's underwriters who provide binding authorities to Australian and New Zealand insurance intermediaries. We are a recognised coverholder auditor in these countries.

To date, we have conducted coverholder audits and reviews for over 20 Syndicates at Lloyd's and in the London market. We also provide these services in Australia, New Zealand, Hong Kong and Singapore.

We can provide assistance, consulting services and legal support to Lloyd's syndicates in the following:

• Pre-Coverholder Status Reviews – For Underwriters considering the appointment of Coverholders.
• Tribunalisation – We can assist a potential coverholder through the requirements and formalities of the Approval process prior to their acceptance.
• Coverholder Audits – We review compliance with the Binding Authority Agreement.
• Third Party Administration Audits – As many companies outsource claims management, particularly for the Liability classes, we have developed a structured methodology to conduct an audit of local administrators. This type of review does not include a technical audit of claims or seek to establish whether the reserve estimates are sufficient. 
• New Business Establishment – Our services include, as required, incorporating the corporate entity, preparation and application for 
• an AFS licence, locating premises and staff and associated contractual issues. 
• Run-off Supervision – Supervision and assistance to ensure an orderly run-off takes place.  

What does it cost?

Our low cost structure and niche specialisation enable us to offer competitive pricing without sacrificing the quality for which we are renowned.

We charge for the time we spend on an assignment. We will always supply a retainer agreement and cost estimate to you.