Underwriting Agent, Marine

A marine underwriting agent is a firm or individual authorized to accept marine insurance risks and bind cover on behalf of an insurer or capacity provider, under a binding authority or delegated-authority agreement rather than on its own balance sheet. In the Lloyd’s market a managing agent runs one or more syndicates and employs the active underwriter who accepts risks for the syndicate’s members (Names and corporate capital). Coverholders and line slips are related delegated forms. The agent earns commission and is bound by the principal’s underwriting guidelines and the duty of utmost good faith.