7 BEST OF LLOYDS ACTIVITIES IN LONDON
Are you seeking to insure your business, organization or personal property?
Do you know that the Lloyd’s of London cover a wide range of insurance that you would never imagine?
Lloyd’s is an insurance marketplace where syndicates provide insurance coverage for individuals, businesses and organizations.
Lloyd’s is not just an insurance company. It is a legal body with 2,000 employees, established by Edward Lloyd in the year 1689. It is governed by 1871 Lloyd’s act and subsequent acts of parliament . Below are notable Lloyd’s of London. LLoyds insurance company you can partner with for reliable experience without being disappointed. In this piece,
7 BEST OF LLOYDS ACTIVITIES IN LONDON
- Liability insurance
- Marine insurance
- Aviation insurance
- The 1906 San Francisco Earthquake
- Hurricane Katrina 2005
- Automobile insurance
- Life insurance
BEST OF LLOYDS ACTIVITIES IN LONDON
1. LIABILITY INSURANCE
Lloyd’s liability insurance protects independent professionals and self-employed individuals against compensation costs levied on them by customers, employees or the public.
Types of liability insurance include public liability, employers’ liability, property owner’s liability and professional indemnity insurance.
This insurance provides you with a team of experienced advisors who will work hand to hand with you to find the right coverage at a rate.
The insurance covers compensation claims, business equipment and tools, legal expenses, medical expenses,and employers’ liability.
Insurance coverage is based on individual terms, conditions and exclusion of the issuer providing them.
2. MARINE INSURANCE
Lloyd’s of London is alsom known for marine insurance. It covers losses from accidental damage, theft or third party liability.
It also covers physical damage on marine cargo while in transit or in storage within 60 days. A notable marine insurance done by Lloyd’s of London is the insurance of the world famous Titanic ship which was insured for £1,000,000.
The Titanic insurance was regarded as one of the market’s greatest losses as insurers paid in full within 30 days of the great tragedy that befell it.
3. AVIATION INSURANCE
Aviation insurance covers losses incurred from physical damage caused by war or terrorism. It also covers the aircraft operators, legal liabilities, aviation products and components, physical damage on cargo while on transit and injury or death of a crew member.
It is important to know that the coverage is based on the type and nature of insurance provided and their various conditions and requirements.
A prominent insurance is the German airship, Hindenburg, which crashed and blew up lakehurst, New Jersey in 1937.
Lloyd’s paid the claims of close to $80 million at our present rate.
4. THE 1906 SAN FRANCISCO EARTHQUAKE
This earthquake and fire claimed the lives of over 3,000 people and affected over 80% of the city. It is the deadliest earthquake in United States’ history which records the greatest loss of lives from a natural disaster in America.
The earthquake was accompanied by a wildfire which lasted for days. Many insurance policies today do not cover damages resulting from the destructive event of an earthquake.
However after the tragic event of the earthquake and fire in San Francisco in 1906, Lloyd of London instructed its syndicate to pay all claims for damages caused by the earthquake and fire regardless of the terms of their policies.
This cost the market over $1 billion which remains the largest loss for Lloyd’s.
5. HURRICANE KATRINA 2005
Hurricane Katrina was the most destructive Atlantic hurricane which occurred in 2005. It is recorded to be one of the five deadliest hurricanes in US history.
It claimed the lives of over a thousand people, rendered over 10 thousand people homeless and destroyed the city of New Orleans beyond recognition.
In this difficult time, Lloyd’s of London responded actively to the region by paying billions of dollars claims and donating relief funds running in millions of dollars.
Lloyd’s established a hurricane emergency response team, a toll free helpline and connected policyholders to the right people in the marketplace.
6. BEST OF LLOYDS ACTIVITIES IN LONDON: AUTOMOBILE INSURANCE
Lloyd’s claims to be the first to issue an automobile insurance policy in 1904. At this time, it was referring to as “ship navigating on land”
In 1910, Lloyd formed the Non-marine underwriters which address automobile and aviation insurance. This insurance is underwritten by a panel of insurers and administered by BISL limited.
As an existing customer, you can make changes on your insurance policy online using the My account online platform. These changes include removing or adding a driver, edit or change contact address and details, change of vehicle, change of payment details. You will be pre informed 28 days before your insurance is due and needs to be renewed .
However, as a new customer, you will be required to provide proof of no claim discount you have gained in the past. This can be provided in two ways. It can be done through a renewal invitation from your former insurer showing the expiry date of the insurance policy or a no claim discount letter from your former insurer which confirms the expiry or cancellation date of the policy.
This has to be sent within 21 days to avoid the increment or cancellation of your policy. It can be sent through email or letter posting. However, to make a car insurance claim, accident and damage must be reported within 24 hours of its occurrence and you must register for the claim.
7. LIFE INSURANCE
Life insurance is an insurance that protects your family when you pass away during the term of your policy. To attain a Lloyd’s life insurance policy, you must be a UK citizen and must be 18 years and above.
Life insurance pays a sum of money to your family which helps them maintain their standard of living and pay necessary bills. However, it is important to know that no payment will be received except a successful claim is made. Therefore, your family is expected to register for a claim. There is a cash back reward on your life insurance policy
To keep your policy, you must make a monthly payment . Your monthly payment is a fixed amount that can’t be changed once it has started.
Life insurance has a lot of benefits, which includes mortgage protection. This allows your family to continue living in their homes even in difficult times.
Conclusion
Lloyd’s of London is open to a wide range of insurance policies. Start your insurance today and save yourself from future expenses.
