Permission granted by a Lloyd’s broker to a nonLloyd’s broker who uses the name, pseudonym, etc., of the Lloyd’s broker to place business with or on behalf of The underwriting members. Lloyd’s broker must intend becoming a Lloyd’s registered broker within three years and confine the arrangement to one Lloyd’s broker. The non-Lloyd’s broker must undertake to submit to all Lloyd’s bye-laws and regulations. The Lloyd’s broker is responsible for premiums due to the underwriting members.
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An arrangement between a Lloyd’s broker and a non-Lloyd’s broker whereby business is transacted at Lloyd’s by the non-Lloyd’s broker using the Lloyd’s broker’s slips. Also known colloquially as a piggy-back or flag of convenience arrangement.