What type of insurance must all Lloyds business go through?

All Lloyds business must go through licensed Lloyds brokers. This requirement is fundamental to the structure and operation of Lloyd's of London, which is an insurance market rather than a traditional insurance company. The role of licensed Lloyds brokers is crucial as they serve as intermediaries who facilitate the placement of insurance coverage with syndicates at Lloyd's.

These brokers are specifically trained and authorized to navigate the unique complexities of the Lloyd's market, ensuring that both the insured and the underwriters are adequately represented. They have the necessary expertise to assess risks, negotiate terms, and understand the various policies available. Therefore, any insurance transaction involving Lloyd's must be conducted through these licensed brokers to ensure compliance with regulatory standards and to leverage their expertise in the market.