LLOYD'S OF LONDON
British Insurance Exchange housing various
syndicates who
underwrite Commercial and Political Risks Insurance lines
Political Risks since 1970; Commercial Risks since 1995
(prohibited by charter from underwriting "financial guarantees"
from the 1930's until 1995)
LLOYD'S POLICY TYPES
Comprehensive Commercial and Political
Risks Trade Credit
Insurance
Contract Frustration (Pre-shipment, Post-shipment - Non
Payment/Non Transfer and Non-Delivery)
Wrongful Calling of Guarantee or Stand-by Letter or Credit
CEN - Confiscation, Expropriation, Nationalization and
Deprivation (Fixed and Mobile Assets)
War Risks (Land-based and Mobile Assets)
Other Political Risks
LLOYD'S POLICY PARAMETERS
Mostly Short Term
Medium Term Maximum Policy Period: 3 Years
Insured Percentage: 90%
Waiting Period: 180 Days minimum (except CEN None)
Single Transactions and Multi-Buyer trade credit insurance
Upper Market: %15 million + sales
No "War" Exclusions
LLOYD'S CREDIT RATING
Lloyd's of London
Lime Street
London EC3, United Kingdom
Overseen and administered by a Governing Board who periodically elect a
Chairman from the membership for a fixed term. Problems encountered with a certain
high volume of claims and resulting wunderwriting losses in the early 1990's caused
Lloyd's to undertake a comprehensive Reconstruction and Renewal program in 1996.
These former claims were formally seperated from the ongoing underwritings of the
exchange and Lloyd's has returned to profitability in recent years. Lloyd's policies
are written on an excess and surplus lines basis in the U.S., except in the State of
Illinois where Lloyd's is an admitted insurer. Although its syndicates are the
actual underwriters or "risk takers", Lloyd's is rated by the folowing creit
rating services.
Ratings |
S&P's
A+ |
Duff
& Phelps |
Moody's |
Demotech
|
Bests
A |
