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HMRC internal manual

VAT Insurance

From
HM Revenue & Customs
Updated
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Insurance underwritten at Lloyd’s of London: cover holders

A Lloyd’s cover holder has delegated authority from a syndicate to accept business on behalf of members. This is sometimes referred to as ‘binder authority’ business. Cover holders are not covered by the LVA. Their underwriting services are the provision of insurance intermediary services and subject to the normal VAT rules and partial exemption arrangements.