Originally Posted By: gromicko
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(September 7, 2004) – Hurricanes in Florida and other natural disasters and a surge in mold claims have prompted Lloyd’s of London to offer insurance coverage for high-end homes in fire-prone or coastal areas and to underwrite policies for homeowners who have been dropped by their insurers and cannot locate new carriers.
Lloyd's is a surplus insurer made up of numerous syndicates that don't have to comply with state insurance laws, which means that insurance agents in some states cannot turn to Lloyd's unless at least three conventional carriers have refused to provide coverage.
The company generally charges 50 percent to 100 percent more than traditional insurers, but it covers liability and other things that state-run pools do not. Given that it is not subject to state regulation, Lloyd's can make unusual requests regarding home temperature and security, among other things.
Source: Wall Street Journal (09/07/04); Oster, Christopher
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