Brokers

Tri-Mac offers support to Brokers who do not have the resources to oversee the internal processes being undertaken by the coverholders. Additionally, existing commitments / responsibilities may limit a broker’s ability to develop possible new coverholder relationships due to the Business Planning and Compliance issues required.

In this time of significant Mergers and Acquisitions activity, and for smaller coverholders with less sophisticated Management Information Systems, it takes efforts and willingness on behalf of all MGAs to commit to the timely and accurate processing of Binding Authority documentation.

Lloyd’s is increasingly vigilant about:

• Policy accuracy;

• Prompt policy Issuance;

• Prompt invoicing and billing;

• Prompt filing of Surplus Lines Taxes

• Accurate Risk and Claims Bordereaux

The negotiation and successful placement of a Binding Authority does not stop when “ink goes on the slip”!

Brokers need to be mindful of their ongoing responsibilities to Coverholders and to recognise that if problems manifest themselves over time, they are more challenging to put right than if such things had been set up properly at the outset.

The above is intended as a summary of our offerings to our Clients. Individual requests and specific requirements can be accommodated as needed.