
Lloyds of London Flood Insurance
Who is this Lloyd guy in London and what does he have to do with flood insurance?
Lloyds of London Insurance
Lloyds of London also known as Lords of London and just simply Lloyds is one of the strongest financial entities in the world. As the name suggests, it is located in the financial district of London.
Lloyds of London is the very first modern insurer. They have been around since 1688, and A.M. Best gives them the strongest rating possible (A+). When it comes to insurance, they know what they are doing.
But Lloyds isn’t an insurance company. Lloyds of London isn’t even a single company. They are a corporate body governed by the Lloyd’s Act of 1871 and subsequent Acts of Parliament.
Lloyds of London is a marketplace for syndicates. Syndicates are companies or individuals that come together to pool their capital and spread the risk of insuring a thing. And boy oh boy has Lloyds insured some things!
Things Lloyds of London Had Insured
For hundreds of years, Lloyds insured ships and buildings against fire. Then in the 19th century, a forward-thinking underwriter, Cuthbert Heath, started looking around to see what else Lloyds could insure to grab a little publicity.
Mr. Heath insured those vaccinated against smallpox that they would not contract the disease. This encouraged more people to be vaccinated and helped halt an outbreak of smallpox in Britain. He insured a monkey in a vaudeville act and when it died, he paid out the claim, claimed the monkey’s body, and had it stuffed and installed in his office.
Over the years, Lloyds of London has insured:
Betty Grable’s legs for $1 million each
Keith Richard’s hands for $1.6 million
Bruce Springstein’s voice for $6 million
Dolly Parton’s breasts for $4 million