KOUTINAS S.A. – Insurance Broker Services, Lloyd's Binding Authority - FAQ
What is an Insurance Broker?
The Physical or Legal Entity representing the Client (Insured party), without any commitment concerning the selection of the insurance company. Proceeds to all the necessary preparations and controls the issue of an insurance policy and assists in the management of eventual damages on behalf of the Insured.
Why should I prefer an Insurance Broker?
Because, in contradistinction to the Agent who promotes / sells insurance products on behalf or an insurance company, the Broker acts and negotiates for the interest of his Insured Client. Moreover, the Broker is bearing objective liability vis-à-vis his Client for any eventual financial damage he might cause by errors or omissions in the frame of his services.
Why should I choose “KOUTINAS S.A.”?
Because is a well-organized company possessing know-how and experience of European standards. Negotiates comprehensive insurances with reliable Insurance Companies. Offers insurance guarantee for its services(coverage of its own Professional Liability) up to the amount of €3,000,000 per claim for eventual errors or omissions that may cause loss to its Clients. Furthermore, it is renowned in the insurance mediation market for its reliability and the quality of its services, confirmed by its accreditation as a Lloyd’s Coverholder (Binding Authority).
What is the LLOYD'S market and how does it function?
It is an exceptional insurance market dated back from 1688. It includes about 78 Syndicates that can be considered as autonomous insurance companies. Each Syndicate, separately, led by the specialists in risk evaluation called Underwriters, assumes risks and pays eventual claims. Lloyd’s is the “umbrella” of all the Syndicates; through various control mechanisms ensures reliability. Is rated as “Α+” by the notorious independent agencies Standard & Poor's, A.M. Best and Fitch Ratings.
Lloyd’s, based on high level know-how and organization encourages innovation. Moreover, is renowned for its flexibility in offering insurance coverage of specific and high risks.
What is a “Lloyd’s Coverholder”?
Is the Insurance Broker who according to a Binding Authority Contract, signed with a Syndicate of Lloyd’s, has the authorization to assume risks, to issue insurance policies and to proceed to the management of claims on behalf of Lloyd’s.
Besides the legitimacy audit by the local Supervisory Authority, a Lloyd’s “Binding Authority of” undergoes periodical audits (technical and organizational adequacy controls) by Lloyd’s and by independent Auditors. The latter is probably the most reliable, internationally acknowledged Solvency Certificate for an Insurance Broker.
In case KOUTINAS S.A. stops its operation, what will happen with the Lloyd’s Policies it will have issued? In such an extreme case, the policies issued are according to the relevant Contract of “Binding Authority”, guaranteed by Lloyd’s. The portfolio of the existing policies will be forwarded to another Authorized Lloyd's Coverholder. Moreover, the Legal Representative of Lloyd’s in Greece, mentioned in the policy (LLOYD’S GREECE S.A., Voukourestiou 25Α, 10671 Kolonaki, Athens), assumes the management of any eventual procedural – legal issues that might occur.
