Lloyd’s of London started in a coffee shop belonging to Edward Lloyd around 1688 whose clients formed what today are recognised as underwriters. Edward Lloyd also started a newspaper to supply his customers with information on shipping movements and other related information which would be of use to his clients. From this Edward Lloyd’s coffee shop became Lloyd’s of London or later more commonly known as Lloyd’s.
Lloyd’s is divided in two main sections, 1) Lloyd’s Corporation and 2) the Lloyd’s market place. The Lloyd’s market is formed by independent insurance companies, known as syndicates or manging agents who undertake the work of selling insurance. The Lloyd’s Corporation’s function is to oversee the market to ensure high levels are maintained, but also provides service to the market.
Lloyd`s Agencies
In 1811, the committee of Lloyd`s decided that a network of agencies should be established to protect the interests of the underwriters, and by 1812, 67 agents had already been appointed. In 2013 a total of 289 agents existed with a similar number of subagents in 175 countries.
Today, Lloyd’s Agencies form the world`s most extensive surveying and claims settling network who are located in virtually every country in the world and run a network of sub agents in their areas. They provide 24-hour year-round services to the global insurance industry and its customers.
Lloyd`s Agents are appointed on the basis of their:
- Proven expertise and experience in marine surveying, particularly cargo. Their skills also extend to other classes such as non-marine, aviation and even personal lines such as travel insurance.
- Expertise, integrity and local standing. Lloyd`s Agencies are generally well- established businesses and enjoy excellent reputations in their local communities.
- Willingness to comply with stringent service levels when conducting surveys or adjusting claims, thereby ensuring that their customers receive the highest standard of service.
- Participation in the continuous training and development programmes managed by the Lloyd`s Agency Department in London. These are aimed primarily at improving basic skills of cargo surveyors. Additional initiatives are continually being introduced in order to enhance existing skills to ensure that Lloyd`s Agencies meet the insurance and trade demands of the 21st. century.
- Access to in-house staff surveyors and detailed knowledge of local independent experts for cases when specialist knowledge is needed.
