What must Lloyd's brokers do regarding representation?

Lloyd's brokers have a specific role in the insurance market, primarily serving as intermediaries between insured clients and the Lloyd's market. The correct answer highlights that these brokers must not be managing agents and cannot have associations with managing agents. This is essential in maintaining the independence and impartiality of the brokerage process.

By being separate from managing agents, Lloyd's brokers can ensure that their primary responsibility is to represent the best interests of their clients without any conflicts of interest that could arise from a managerial relationship. This structure helps build trust in the marketplace, as clients can rely on brokers to provide unbiased advice and access to a range of insurance options available within Lloyd's.

The other options suggest scenarios that would conflict with the necessary independence and impartiality expected of Lloyd's brokers. By adhering strictly to the established guidelines, the integrity of the Lloyd's market is preserved, benefiting both brokers and clients alike.