Lloyds of london

Lloyd's of London, styled simply as Lloyd's, is a British insurance and reinsurance market. It serves as a partially mutualised marketplace where multiple financial backers, underwriters, or members, whether individuals (traditionally known as Names) or corporations, come together to pool and spread risk.  Unlike most of its competitors in the insurance and reinsurance industry, it is not a company, but it is a corporate body under the Lloyd's Act 1871of the British Parliament. Uberrimae fidei (Latin for "of the utmost good faith") is the motto of Lloyd's. Lloyd's Coffee House was a coffee house opened by Edward Lloyd around 1688 in Tower Street, London. This establishment was a popular place forsailors, merchants, and ship owners, and Lloyd catered to them with reliable shipping news. The shipping industry community frequented the place to discuss insurance deals among themselves. The dealing that took place led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Just after Christmas 1691, the coffee shop relocated to Lombard Street. Merchants continued to discuss insurance matters here until 1774, long after Lloyd's death in 1713, when the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange onCornhill as The Society of Lloyd's. In 2009, over £21.97 billion of gross premium was transacted in Lloyd's, and it achieved a record pre-tax profit of over £3.8 billion.[2] The Lloyd's building is located at 1 Lime Street in the City of London. History [edit]Formation The market began in Lloyd's Coffee House, opened by Edward Lloyd around 1688 in Tower Street, London. This establishment was a popular place for sailors, merchants, and ship owners, and Lloyd catered to them with reliable shipping news. The shipping industry community frequented the place to discuss insurance deals among themselves. Just after Christmas 1691, the coffee shop relocated to Lombard Street (a blue plaque commemorates this location). This arrangement carried on until 1774, long after Lloyd's death in 1713, when the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange on Cornhill as The Society of Lloyd's   Lloyd's and the Slave Trade Due to the focus on marine business, during the formative years of Lloyd's (between 1688 and 1807), one of the primary sources of Lloyd's business was the insurance of ships engaged in slave trading,  as Britain rapidly established itself as the chief slave trading power in the Atlantic. British shipping carried more than 3.25 million people into slavery,[4] meaning that by the end of the eighteenth century, slave trading had become one of the primary constituents of all British trade. The dangers involved necessarily meant that insurance of slave-trade shipping was a major concern. Between 1689 and 1807, 1,053 British vessels were lost whilst undertaking slave-trading activities SLAVE INSURANCE Many African Americans knew very little about slavery insurance until the California Insurance Code was released. As I researched it more in depth, I began to realize that the records kept could be of some genealogical value. Of course, this topic is one that saddens us today when we realize that these black families, who longed for freedom and family, were insured as property. It is not pleasant to talk about it today but slaves were insured just like any other thing that the slave owners owned, said Tom Baker, director of the Insurance Law Center at the University Of Connecticut School Of Law. If you were selling insurance in slave states, to people who had plantations, that was one of the things that you sold. One slave account went as follows, “Annie knew that if a slave mentioned the North, he or she would be killed, “Griffith [slave master] would most certainly kill you children,” she said. ‘he got slave insurance, which means he’ll get paid for killing you!’" FOR FULL STORY GO HERE: www.bellaonline.com/articles/art22811.asp "UNDERWRITING" Timeline of significant events at Lloyd's 1774 Foundation of Lloyd's 1871 Lloyd's Act 1871 1906 San Francisco earthquake 1911 Lloyd's Act 1911 1925 1925 building completed 1958 1958 building completed 1965 Hurricane Betsy 1968 Cromer Report 1975 Computer Leasing 1977 Sasse syndicate [Lioncover][13] - Peter Cameron-Webb (PCW)[14] 1982 Lloyd's Act 1982 1986 1986 building completed 1988 Piper Alpha disaster 1990 Asbestosis and LMX Spiral[15] 1991 Gooda Walker, Feltrim, etc. 1996 Equitas set up 2001 September 11 attacks 2006 Berkshire Hathaway assumed Equitas liabilities 2011 Great East Japan earthquake 2011 In September, Lloyd’s of London pulled deposits from European banks because of concerns that European governments may be unable to support lenders in a worsening debt crisis. Lloyd's finance director Luke Savage explained, “There are a lot of banks who, because of the uncertainty around Europe, the market has stopped using to place deposits with. If you’re worried the government itself might be at risk, then you’re certainly worried the banks could be taken down with them.” Types of policies Lloyd's syndicates write a diverse range of policies, both direct insurance and reinsurance, covering casualty, property, marine, energy, motor, aviation and many other types of risk.[17] Lloyd's has a unique niche in unusual, specialist business such as kidnap and ransom, fine art, aviation, marine, and other insurances. The general public knows Lloyd's for some unusual or notable policies it has written. For example, Lloyd's has insured: silent film comedian Ben Turpin's eyes against uncrossing Betty Grable's,[18] Brooke Shields's, and Tina Turner's legs cricketer Merv Hughes's trademark walrus mustache while playing for Australia between 1985-1994[19] Jimmy Durante's nose the hands of the 1932 World Yo-Yo Champion Harvey Lowe[19] Keith Richards' slender fingers food critic and gourmet Egon Ronay's taste buds for £250,000[18] Celine Dion's, Bob Dylan's and Bruce Springsteen's vocal cords[19] Michael Flatley's legs for $47 million[19] (the policy was only in effect when he was touring, and forbade him from dancing except on stage) America Ferrera's smile for $10 million Ken Dodd's teeth for $7.4 million[19] Tempest Storm's breasts Steve Fossett's life for $50 million the bodies of several professional wrestlers, including Bret Hart, Ric Flair, Curt Hennig, Rick Rude, Brian Adams, and Joe Laurinaitis, better known as Road Warrior Animal Diana Lee's hair Troy Polamalu's hair for $1 million[20] Holly Madison's breasts for $1 million participating automobiles in the carpools involved in the Montgomery Bus Boycott a grain of rice with a portrait of the Queen and the Duke of Edinburgh engraved on it for $20,000[18] a confident comedy theatre group against the risk of a member of their audience dying of laughter[18] the development of the new World Trade Center with workers' compensation, general liability, excess liability and speciality insurance programmes

Blake is in love with an aristocratic woman whose husband seriously injures him. Blake's friendship with Lord Nelson provides the basis for Blake's part in the growth of Lloyd's insurance business following the Battle of Trafalgar. Only very slightly based on history.  A crisis occurs when they learn that 63 ships were sunk off the Azores by Napoleon's navy. Insurance rates rise dramatically and ship owners refuse to go to sea. Jonathan proposes that they use the old rates in order to ensure Nelson can use his fighting ships in battle and not as convoy ships. Nelson's victory at Trafalgar means the British navy will use the seven seas