Hurricane Michael policyholders, public adjusters, contractors and agents must check their policies to make certain that there is not a one-year deadline to start arbitration. The above photo is Lloyds at London. Lloyds is a place where surplus lines insurers do business and it is not an insurance company. Many of the Lloyds Underwriters have … Continue Reading
Lately I have had several public insurance adjusters call me about a specific problem with Lloyds.1 The public adjuster and the Lloyds (third-party) adjuster agree on the scope and amount of damages on a claim. Then Lloyds never pays. It’s not that Lloyds refuses to pay. They just don’t pay, like for a real long … Continue Reading
In the late 1600’s, at the height of a lucrative slave trade, a group of ship owners and merchants got together at Lloyd’s Coffee House in London to negotiate the first forms of insurance agreement. The merchants promised to use their private funds to pay the ship owners if the ships were attacked by pirates … Continue Reading
Contingent Business Income products are necessary, if not vital, in today’s global market. In Understanding Supply Chain Exposures – Business Interruption Claims, Part 76, I wrote: Businesses develop and thrive on symbiotic relationships, in which the entities rely on the continued operational viability of each other,(or even exclusively beneficial relationships. Few businesses, however, consider the … Continue Reading
Matt Litsky represents certain underwriters and syndicates from Lloyd’s. I have talked with Matt and written others explaining that many policyholder counsel incorrectly file suit against Lloyd’s. Failing to properly name and serve Lloyd’s can lead to dismissed legal actions and possible malpractice claims against counsel who make these mistakes.… Continue Reading