10.1 A distinguishing feature of the Lloyd’s market is that business generally (but with certain exceptions) comes to syndicates through professional insurance intermediaries: either “open market business”, transacted with the managing agents of any syndicate(s) in the Underwriting Room at Lloyd’s premises (or at the managing agent’s office) in London by Lloyd’s brokers or other intermediaries acting on behalf of the proposer/policyholder, or “coverholder” business underwritten on behalf of the members of a particular syndicate or syndicates by a subdelegate of their managing agent(s) pursuant to a “binding authority” agreement.1