If you have anything that your local insurance broker or online market cannot find coverage for, then you will usually be referred to a broker or managing agent who has access to Lloyd's of London.
This could be for anything from a car or factory requiring insurance, right through to an International Space Station or Game Show prize fund. If it's a strange or specialist risk, then Lloyd's will always be able find cover for it, for a price.
Lloyd's of London is an insurance market for global risks, marine and shipping insurance, business and commercial insurance and personal lines. It has markets for both property and liability insurance and all types of consequential loss.
No matter where you are in the World you can still get cover from Lloyd's, as long as your risk is specialist enough to warrant it.
Many people assume that Lloyd's is expensive because of the unique, hazardous and massive risks that it underwrites.
However this is not always necessarily so as demonstrated by the large Motor division.
The Motor department underwrites car risks like any other insurance company except that because Lloyd's is a specialist market with various syndicates and brokers competing on price, premiums are often much cheaper and covers more specific to the risk.
Lloyd's now has brokers, and underwriting agents with binding authority in over two hundred countries around the World.
At one end of the scale underwriters will be responsible for insuring personal accident cover, home, motor and property cover for a famous sportsperson, businessman or movie celebrity.
At the other end, syndicates or teams of underwriters at Lloyd's, will provide cover for a satellite launch or the liability for a new cancer fighting drug.
Between these extreme examples, cover is available and provided for everything from large commercial and industrial property, global marine shipping and events such as hollywood movie making through to large spectacles such as the Olympics or the World Cup.
In recent years Lloyd's has become the main market for global weather and environmental risks and in 2011 paid out for damage caused by Queensland's Cyclone Yasi, Christchurch earthquakes, the Japan earthquake and subsequent tsunami, 1,600 tornadoes in the South and Midwest US and floods in Thailand.
For the Names that provide the funding, it was the largest catastrophe claims year on record, with a loss of £516 million.
Aside from catastrophe placement, Lloyd's is now the global market for new risks and emerging markets such as Computer Industry, Internet and Cyber risks, Intellectual Property, Genetic Engineering risks and Biotech risks.
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