Is Lloyd's an insurance company?

As a commercial organization, Lloyd's only accepts the business solicited by its brokers. In other words, Lloyd's underwriting agent does not directly deal with the insured, but only accepts the business provided by the insurance broker. Insurance brokers are technical businesses and brokers are well-trained experts. They are proficient in insurance law and business, and have the ability to suggest to the parties which insurance policy best meets their needs. Insurance customers can't enter Lloyd's business hall, so they can only arrange insurance through insurance brokers. After accepting the customer's insurance requirements, the broker prepares some insurance policies, which indicate the insured's name, subject matter, insurance amount, insurance risk, insurance period and so on. The insurance broker finds a suitable syndicate with the insurance policy, and the underwriting agent of the syndicate determines the rate, determines his own insurance share, and then signs it. The insurance broker is looking for other members of the same consortium to underwrite the remaining share of the insurance policy. If the risks in the insurance policy are not "divided", he can also contact other syndicates until the full amount of insurance is fully insured. Finally, the broker sends the application form to the policy signing office of Lloyd's Insurance Company. After inspection and verification, the insurance policy was changed into a formal insurance policy, signed by Lloyd's, and all the insurance procedures were completed.

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Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.