Once the broker and client select the lead, coverage terms and capacity are initially agreed between the lead and co-lead underwriters within the consortium. These are then submitted for rapid review by the other consortium members, and terms are then presented to the broker.
A major advantage of the Lloyd's market is that brokers can assemble large scale capacity very rapidly. The construction consortium is no exception, with quotes for cover delivered swiftly to meet brokers' deadlines.
"When it comes to the largest projects, clients had a restricted choice of lead insurers, with fewer than half a dozen markets able to offer the capacity required. Through the consortium, Lloyd’s has expanded choice for risk managers and brokers."
Underwriter, CNA Hardy