Why do underwriting agencies exist?
For niche areas of insurance, it may not be economical for an insurer to train their staff in a particular class of business. Marine professional negligence insurance in particular requires a high degree of expertise to underwrite, policies need to be tailor-made for the customer and for claims it is vital to have a close understanding of your customers' business. Galatea specialises in providing insurance for companies and people in shipping, transport and offshore oil and gas industries.
Why are underwriting agencies beneficial to insureds?
Apart from offering a high level of service, an underwriting agency should also be in a position to offer its customers a competitive premium and a comprehensive policy. Galatea provides accessible underwriters, a more personal service and the excellent security of an insurance market that has been in business for over 300 years.
Are underwriting agencies regulated?
Galatea has been tribunalised by Lloyd's and is subject to regular audits by the syndicates that support us. Furthermore, we are continually monitored by the Lloyd's brokers who sponsor our binding authorities.
Security?
The insurance policy remains valid until its natural expiry even if the underwriting agency ceases to trade. Galatea is approved by the security committees of the world's leading insurance brokers.
Can only Lloyd's brokers deal directly with Galatea?
Whilst we welcome enquiries from Lloyd's brokers, as Galatea is tribunalised by Lloyd's, we are able to deal directly with non-Lloyd's brokers. However, those insurance brokers who do not presently enjoy a trading relationship with us must be vetted by our security panel.
Can Galatea only be approached by insurance brokers?
Galatea can liaise with Insureds directly but we recognise the benefit to Insureds that insurance brokers provide by way of independent advice.
How should we submit proposal forms to you?
E-Mail is our preferred mode of receipt, but we welcome submissions by fax and mail.
What information do you require in order to provide a quotation?
Please refer to our Quick Guide to choosing the correct proposal form circular. This not only details which application forms are appropriate, it also lists any supplementary information that may be required.
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