Dear Chris,
I really enjoyed the recent JSA continuing ed classes, and learned a lot! I took a ton of notes on Lloyd’s of London, but unfortunately, I’ve misplaced them – could you refresh my memory with a few key points to remember?
– Lost It on Lloyd’s
Dear Lost It,
Thank you so much for supporting JSA CE classes – it was great to see you again! I’ll be happy to hit the high spots on Lloyd’s again; maybe a good way would be to “bust” a few Lloyd’s myths. Here goes!
Myth #1: Lloyd’s is an insurance company just like any other.
NOT TRUE! Lloyd’s is an insurance marketplace consisting of around 85 individual syndicates, where Underwiters place a broad range of insurance products through London Brokers working with MGA’s in the United States and elsewhere around the world.
Myth #2: Lloyd’s will write any and all risks.
NOT TRUE! This is a common misconception, based on publicity of some VERY unusual risks that Lloyd’s has provided coverage for, but there are times when Lloyd’s can not (or will not) place coverage on a particular risk.
Myth #3: A Lloyd’s quote from one MGA will be the same as a Lloyd’s quote from another.
NOT TRUE! Every MGA has relationships with different London Brokers, who in turn have relationships with different Lloyd’s syndicates. This means that a Lloyd’s quote from one MGA could be dramatically different from a Lloyd’s quote on the same risk from another MGA, and could have different terms, conditions, and pricing. Always review your Lloyd’s quotes very carefully so you know what you’re offering your client!
Hope that helps jog your memory. If you have any other specific questions, drop me an email or give me a call! See you in class next year!
XOXO,
Chris
