Lloyd's of London is a name that is often associated with insurance, but many people don't know that Lloyd's of London is not an insurance company. It is actually a corporate body that is governed by the Lloyd's Act of 1871 and subsequent Acts of Parliament. In this blog post, we will discuss what Lloyd's of London is and how it operates.
Lloyd’s of London is Not an Insurance Company
Lloyd's of London is a market for insurance that has been in existence since the 17th century. It provides a unique form of insurance called “marine insurance”, which covers ships and the goods they transport. Lloyd's also offers other types of coverage including disability and life insurance.
At Lloyd's, individual businesspeople and companies called “underwriters” are typically responsible for bearing the risk associated with any given policy. Underwriters can either choose to accept or reject risks – this means that if there is an unusually risky contract out on offer then only those who are willing to take it will be presented with such opportunities.
The underwriter will assess their risk exposure and set prices for their services accordingly. In addition, the underwriters enter into a system of “names” where each name provides capital to Lloyd's and secures policies on behalf of corporate members in exchange for a commission or fee.
Today, Lloyd's is one of the most well-known markets for specialized insurance products around the world. It continues to provide unique opportunities to both individual and small business underwriters, as well as corporations that require specialized coverage that may not be available through traditional insurers. Despite this specialization, Lloyd's is far from a large insurance company – it exists as an independent market providing risk-bearing services to its participants and customers alike.
Lloyd’s of London Disability Insurance
Lloyd’s of London disability insurance is unique in that it often pays out a one-time lump sum payment for total and permanent disabilities or like other types of disability insurance it can pay a monthly benefit amount. These policies typically have specific requirements that must be met for a payment will be made. An example of this is when the disability must occur while the policy is in effect. This means you cannot file a claim for a condition that already existed before you became covered by the policy.
Because of the unique nature of a Lloyd’s of London disability insurance claim, it is beneficial to speak with an experienced disability insurance attorney. We can help guide you through the process and work toward a positive outcome on your disability insurance claim.
Lawyers Specializing in Disability Claims
Because disability law is complicated, it is important to get legal help from a lawyer who focuses solely on disability law.
As a law firm built to focus on disability benefits, our lawyers specialize in this field. We spend every day working on getting our clients' long-term disability benefits approved.
Because federal law applies to most disability claims, we do not have to be located in your state to help.
If your claim for long-term disability benefits was denied or delayed by a provider, call us to speak with a disability insurance attorney.
We represent clients across the U.S. with:
- Submitting a disability claim;
- Appealing a long-term disability denial;
- Negotiating a lump-sum settlement; or
- Filing a lawsuit against your disability benefits provider.
Contact Dabdoub Law Firm today at (800) 969-0488 or fill out the online contact form to speak with an experienced attorney about your case.
