The content of the Bordereau report depends on whether it describes actual losses or premiums payable. A Bordereau report is regularly provided by the reinsured party, but it is less often provided than a summary report. Our solution has been specially designed for business with delegated authorities and saves you time and money in managing files, processing incoming and incoming slips, to ensure that limits are not exceeded and that risks and claims are accurately assigned. Managing business with delegated authorities can be complex if you manage binder agreements and process quotes in different formats and degrees of data quality. Working with spreadsheps from different stakeholders in the distribution chain can take time, be inefficient and vulnerable to human error, which can make it difficult to get real thinking about risk exposure for informed decision-making and regulatory reporting. At Lloyd`s, brokers act as agents of policyholders or reinsurers to arrange insurance or reinsurance with Lloyd`s unions. Brokers can be registered lloyd`s brokers, able to enter into commercial agreements with any lloyd`s agent. Non-Lloyd`s brokers may also enter into business agreements, provided the agent deems that the broker meets certain minimum standards. Only brokers registered as lloyd`s brokers can qualify as “Lloyd`s Broker”.
Many brushing companies are also approved by Lloyd`s as an insurance taker (see Coverholder). Borders connects to binder agreements and gives you the ability to respond effectively to changes, additional data requirements with ease. A Bordereau is part of a reinsurance contract. It assumes that, since it knows more about the risks it has passed on to the reinsurer, the receiving entity is responsible for the reinsurer`s regular update on its financial status (losses, bonuses paid) and other relevant information. Meanwhile, the reinsurer reviews the report to inform future decisions, for example. B to know what risks should be re-insured on the basis of profitability. The provision of this documentation is often a requirement specified in the reinsurance contract. The Bordereau is available in two variants: with its flexible framework, it handles both incoming and current risks, premiums and slip claims and includes account voting. The reinsurer uses the information found in the premium border plant to determine the amount of premiums transferred in order to be able to reserve that income.
The reinsurer can then verify this information to determine what types of risks are most cost-effective to reinsuring.