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Lloyds
began
in Edward Lloyd's coffee house in Tower
Street in the City of London, beside the river Thames. The exact date
it became established is not known, however there is evidence
to suggest that Lloyd's coffee house was well known in business circles
in London by 1688.
Lloyd
provided the premises but was not himself involved in insurance.
Apart from the premises, he also gave reliable shipping news and
other information and services, to enable his clientele of ships' captains,
merchants and rich men to carry on their business of
insuring ships and their cargoes.
The
wealthier clients frequenting the coffee house would each
take a share of a risk, signing their names one
beneath the other on the policy, together with the
amount they agreed to cover. As each signature
was written beneath the other, they became known as 'underwriters'.
Lloyd
died in 1713 but the coffee house continued to
prosper as a center for marine insurance. The
name stuck and Lloyd's, now the collective name for
the 'underwriters' or subscribers, slowly evolved into a more formal society.
In 1774
the 'Subscribers to Lloyd's' occupied new premises at
the Royal Exchange at Cornhill. By
the end of the 18th century the underwriters had formed
an elected committee and moved to their own premises in the
Royal Exchange. Only
members of Lloyd's were allowed to accept insurance
business.
The
Society of Lloyd's was incorporated by Lloyd's Act 1871,
which provided the business with a sound legal basis and
laid the foundations for today's market. By
the turn of the century the traditional club of marine
underwriters had become an international market for
insurance risks of almost every type.
Lloyd's
pre-eminence as a world center for insurance had been
established. The Society moved to 12 Leadenhall
Street 1928. This was the first building the
Society purchased. As
the business expanded further another move became
necessary to a second new
building in Lime Street 1958. In 1986 Lloyd's
moved again into another new building where it remains today.
We
would recommend that you visit the Lloyd's
web site which provides more information of the many services the Underwriters
that
Lloyd's provide today.
LINKS:
A.
M. Best's Directory of P&C and A& H insurance
companies
A.
M. Best's Company Rating Reports
A.M.
Bests Directory of Insurance Departments
A.M.
Best's Directory of Insurance Associations
Barry
Kline's Comprehensive list of P & C vendors web
sites
Barry
Kline's listing of Insurance Carriers and their web
sites
Barry
Kline's list of Insurance Organizations and their web
sites
Barry
Kline's list of Insurance Publications and their web
sites
Bennett
Gould and Partners
Cornell
University's Directory of State Statutes
Directory
of all States Worker's Compensation Agencies and statute
comparisons
Hovers
- on line location of officers and company financial
information
I
Can - listing of all Insurance Commissioners addresses,
phone numbers and web sites
National
Underwriter Magazine Directory of Federal and State
Government web sites
On
Line Law Library
Risk
& Insurance Management Society
Contact:
nelson@solarnavigator.net
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