Re: Re: Re: Lloyds of London (insurance Company)

Subject: Re: Re: Re: Re: Lloyds of London (insurance Company)

Comments:
: Lloyds is almost never an "admitted" carrier in a state; they are an excess and surplus lines insurer. That is, they cover risks which may not be covered adequately by admitted companies. : Tell me kenny, has a Lloyds company ever gone belly up? : Oh, and tell us the difference between a US Insurance Company and a Lloyds Sydicate - if you can. And perhaps you can tell us why such an organization is illegal in the United States? : I doubt it. : : : : 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? : : -------------------------->>>>> YOU MUST BE CAREFUL WHEN DEALING WITH LLOYDS COMPANIES THROUGH. THERE ARE SOME STATES THAT LLOYDS IS NOT ADMITTED AS A REGISTERED WITH THE CARRIER WITH CERTAIN PROPERTY AND CASUALTY LINES. : : AS AN EXAMPLE, IN TEXAS LLOYDS IS NOT REGISTERED WITH THE STATE ALTHOUGH THE STATE ALLOWS THE COMPANY TO SELL AND SERVICE HOMEOWNERS BUSINESS HERE. : : THE PROBLEM WITH A NON-REGISTERED LLOYDS HOMEOWNERS POLICY IS THAT IF THE ORGAINZATION GOES BELLY UP, NOT BEING REGISTERED IN THIS STATE THE STATE WILL NOT GUARANTEE A PAYMENT OF CLIAM IF THE DAMAGE IS COVERED UNDER THEIR POLICY. : : I DON'T THINK YOU HAVE TO WORRY ABOUT A LLOYDS COMPANY THOUGH BECAUSE THE USUALLY CARRY A "A" FINANCIAL RATING WHICH MEANS THE COMPANY IS VERY SOLVENT FINANCIALLY. : : I AM SURPRISED THAT KEITH DIDN'T MENTION THAT TO YOU ALSO. : : XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

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