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In Reply to: Lloyds of London (insurance Company) posted by Doug P. on February 24, 2003 at 09:04:38:
Lloyds is one of the oldest insurance syndicates in the world, if not the oldest. I believe they have done business in this country for well over 100 years. I have handled claims on their behalf for car dealers, personal auto policies (very high risk individuals), commercial properties and have heard they also write medical malpractice.
As far as claims, I can only say it depends. Most of their general agents have draft authority, which means the agent hires an independent adjuster to handle the claim and pays the claim without having to go to London for funds. This is not always the case however, as I have had to report to London on more than one occaision on larger claims. Ask you agent about draft authority and claims reporting requirements. Most of them have authority for small-medium claims.
I just wanted to find out more about this Lloyds of London in order for me to decide whether to get a tattooing business policy throught them or not. Are they prompt to pay any claim? How long they have been in business in the U.S?
: As I understand that Lloyds of London operates business as a surplus lines insurer in the State and how is that effect the insure when or if it's going out of business?