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Old 13-12-2017, 00:59   #1
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Lloyds no longer writing marine insurance

Well, this was not good news to receive today. My insurance broker just advised me that I have no insurance come the end of my current policy period. Hope they can find me something. My policy is ending quite soon. Dang!
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Old 13-12-2017, 03:44   #2
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Re: Lloyds no longer writing marine insurance

Check with another broker!
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Old 13-12-2017, 03:48   #3
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Re: Lloyds no longer writing marine insurance

Don't get it. Re insured last week, Lloyds is the under writer.
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Old 13-12-2017, 03:56   #4
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Re: Lloyds no longer writing marine insurance

Isn't marine, the whole reason Lloyds existed in the first place? I doubt it is something they would give up. The figures are astronomical.
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Old 13-12-2017, 04:27   #5
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Re: Lloyds no longer writing marine insurance

Never understood very well how it works Lloyds and Yacht insurance, Someone care to explain?

There are two Lloyds, Llloyds and lloyds of London. It seems that Lloyds of London are the ones that work with Yacht insurance...but not directly.

They only back up insurances made by other companies? For broker companies or also for insurance companies?

These is one of the agencies (broker agencies?) that have insurances backed by Llyods and they explain the process:
https://www.hanhaminsurance.com/sing...hing-To-Lloyds

Complicated!!! and on case of a claim who is going to evaluate what is to pay? The agency? Llyods of London directly? Can a disagreement happen between the broker and the underwriter? What happens then?
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Old 13-12-2017, 09:42   #6
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Re: Lloyds no longer writing marine insurance

In the UK there are two Lloyds, Lloyds of London which is a house of insurance Underwriters, who deal with Insurance Brokers such as Marsh, they underwrite the policies which are issued under the name of Lloyds and will insure almost anything.

The other Lloyds is Lloyds Register of Shipping which is the original Classification Society, so if your yacht was built to Lloyds Standard A100 then this was the organisation which over saw the building not Lloyds of London who are wholly concerned with insuring against risk.
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Old 13-12-2017, 09:46   #7
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Re: Lloyds no longer writing marine insurance

Lloyd's of London doesn't offer insurance to direct individual consumers - your broker's portfolio was probably denied future insurance from Lloyd as not being diversified enough for Lloyd's risk assessment.
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Old 13-12-2017, 10:19   #8
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Re: Lloyds no longer writing marine insurance

Lloyds the underwriters isn't an insurance company as such. Lets say you want to insure your megayacht for $1 million. Your broker trots off down to Allianz for instance... they in turn phone their man at Lloyds. He wanders into the 'trading room' or whatever it is called and sidles up to one of the more well established 'names' . The 'names' being the people who accept the risk and if they stuff up they can lose house, wife, kids ( sold into slavery), the lot, as it is 'unlimited liability. To be accepted into Lloyds as a 'name' you have to have $$$$$$$ .....

Anyway, the 'name' gives a snort and looks at the paperwork offered to him .... if he is interested he will scribble on the paperwork that he will take 5% or 10% or whatever amount of the risk he fancies at such and such a rate. Your man then works his way around the floor with other lesser 'names' taking 2% here, 0.5% there, until he has covered the 100%.

Your boat is now insured.

They have , or at least had 45 years ago, a viewing gallery where you could watch all this going on... you could also see the silver plate they gave to Nelson. Worth a visit.

There are actually 3 Lloyds, underwriting, classification society, and shipping intelligence/publishing.
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Old 13-12-2017, 11:26   #9
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Re: Lloyds no longer writing marine insurance

Quote:
Originally Posted by El Pinguino View Post
Lloyds the underwriters isn't an insurance company as such. Lets say you want to insure your megayacht for $1 million. Your broker trots off down to Allianz for instance... they in turn phone their man at Lloyds. He wanders into the 'trading room' or whatever it is called and sidles up to one of the more well established 'names' . The 'names' being the people who accept the risk and if they stuff up they can lose house, wife, kids ( sold into slavery), the lot, as it is 'unlimited liability. To be accepted into Lloyds as a 'name' you have to have $$$$$$$ .....

Anyway, the 'name' gives a snort and looks at the paperwork offered to him .... if he is interested he will scribble on the paperwork that he will take 5% or 10% or whatever amount of the risk he fancies at such and such a rate. Your man then works his way around the floor with other lesser 'names' taking 2% here, 0.5% there, until he has covered the 100%.

Your boat is now insured.

They have , or at least had 45 years ago, a viewing gallery where you could watch all this going on... you could also see the silver plate they gave to Nelson. Worth a visit.

There are actually 3 Lloyds, underwriting, classification society, and shipping intelligence/publishing.
... and the history of the word 'Underwriter' is derived from just what El Pigunio is saying here. As the broker would walk around to the "names" they would examine the proposition and if agreeable, would sign their name under the proposition, along with the amount they would cover. Hence the term 'Underwriter'.

I believe this stemmed from very old days (1600's and 1700's) when ship owners would put up the boat, cargo, destination, captain & maybe first mate on a letterhead, and then walk around to various "names" and get them to cover a portion of the journey for a percentage of the profits.
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Old 13-12-2017, 12:25   #10
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Re: Lloyds no longer writing marine insurance

Nothing in the OP, except the title, suggests that LLoyds (of any stripe) is no longer writing marine insurance. Maybe there has been a miscommunication, misunderstanding, or perhaps an unjustified conclusion based upon misinterpreted facts?
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Old 13-12-2017, 13:26   #11
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Re: Lloyds no longer writing marine insurance

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Originally Posted by buzzstar View Post
Nothing in the OP, except the title, suggests that LLoyds (of any stripe) is no longer writing marine insurance. Maybe there has been a miscommunication, misunderstanding, or perhaps an unjustified conclusion based upon misinterpreted facts?
Except this quote from my broker:
"Your current company is not offering renewal terms.
They are no longer writing Marine Insurance."
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Old 13-12-2017, 13:43   #12
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Re: Lloyds no longer writing marine insurance

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Originally Posted by Privleoplag View Post
Except this quote from my broker:
"Your current company is not offering renewal terms.
They are no longer writing Marine Insurance."
Would it not have been easier to say that your policy was from Lloyds, if in fact it was? You still do not say it, only imply it.
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Old 13-12-2017, 14:23   #13
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Re: Lloyds no longer writing marine insurance

West Marine??? I had a carrier that also stopped insuring vessels. West Marine picked up the policy. Are there other carriers? Yes.
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Old 13-12-2017, 15:01   #14
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Re: Lloyds no longer writing marine insurance

Quote:
Originally Posted by El Pinguino View Post
Lloyds the underwriters isn't an insurance company as such. Lets say you want to insure your megayacht for $1 million. Your broker trots off down to Allianz for instance... they in turn phone their man at Lloyds. He wanders into the 'trading room' or whatever it is called and sidles up to one of the more well established 'names' . The 'names' being the people who accept the risk and if they stuff up they can lose house, wife, kids ( sold into slavery), the lot, as it is 'unlimited liability. To be accepted into Lloyds as a 'name' you have to have $$$$$$$ .....

Anyway, the 'name' gives a snort and looks at the paperwork offered to him .... if he is interested he will scribble on the paperwork that he will take 5% or 10% or whatever amount of the risk he fancies at such and such a rate. Your man then works his way around the floor with other lesser 'names' taking 2% here, 0.5% there, until he has covered the 100%.

Your boat is now insured.

They have , or at least had 45 years ago, a viewing gallery where you could watch all this going on... you could also see the silver plate they gave to Nelson. Worth a visit.

There are actually 3 Lloyds, underwriting, classification society, and shipping intelligence/publishing.
I don't think that if you insure some property with Allianz Lloyds will have anything to do with it. Allianz is not a broker firm but one of the big international insurance companies. They don't intermediate for Lloyds.
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Old 13-12-2017, 15:11   #15
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Re: Lloyds no longer writing marine insurance

Quote:
Originally Posted by Privleoplag View Post
Except this quote from my broker:
"Your current company is not offering renewal terms.
They are no longer writing Marine Insurance."
What is "your current company". i.e. what is the name of the company on your current policy?

As others have said LLoyds are underwriters, not policy writers.
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