What is a Lloyd's broker LEAST likely to advise its clients on?

A Lloyd's broker plays a pivotal role in the insurance industry by acting as an intermediary between clients and insurers. Their primary responsibility is to ensure that clients are effectively covered by suitable insurance policies. This includes advising on various aspects of the policy, such as coverage limits, the underwriting process, and claims handling procedures.

Advising on the commission to be paid is the area where a Lloyd's broker is least likely involved. While brokers may disclose commission structures as part of their transparency obligations, their focus is primarily on securing the best insurance coverage for their clients rather than discussing the specifics of fees or commissions. The commission is typically set by the insurance market and may not directly influence the client's decision about coverage.

In contrast, brokers are expected to provide comprehensive advice regarding coverage limits to ensure clients have adequate protection, explain the underwriting process to clarify how risks are assessed, and detail the claims handling procedure to inform clients about what to expect in the event of a claim.