LLoyd’s of London is the major insurer of gun shows in US. They replied to my emiail that they have no relationship with the NRA. NRA site lists LLoyd’s forgun show insurance. If you do not want to read any farther ;) sign the petition. www.change.org/... Lloyds of London: Stop providing insurance to gun shows in the USA
All emphasis is mine. The reply I received said that Lloyd’s is a marketplace insurer, has no database wrt which of their brokers insures gun shows and has no control over what their independent brokers insure. This is what Ian Bradford, Senior Case Manager, Legal Department, Lloyd’s said:
“Insurance business is placed “AT” Lloyd’s but not “WITH” or “BY” Lloyd’s – an important distinction.”Lloyd’s has no control over persistent media misinformation, however, I can confirm to you that Lloyd’s has no relationship of any kind with the NRA. That is because Lloyd’s is a marketplace, not an insurance company or carrier.”
I assume the distinction is a legal one. But is there a moral imperative, of one’s conscience? On the NRA web site:
Coverage is provided by Certain Underwriters at Lloyds of London. Lloyds of London is an excess/surplus lines insurer which is not licensed by or subject to the supervision of the insurance department of your state of residence. mynrainsurance.com/...
Is this an end run around state regulations that would apply if the gun show insurer was within the U.S.? Doesn’t having the name of your business on the NRA web site imply an association?
The Lloyd’s website says:
The Corporation ( ie of Lloyd’s) oversees and supports the Lloyd’s market, ensuring it operates efficiently and retains its reputation as the market of choice for specialist insurance and reinsurance risk. www.lloyds.com/...
Doesn’t ‘oversee’ imply some type of responsibility? I assume there is no legal liability based upon the ‘important distinction.’ But, again, a moral one?
The business written at Lloyd’s is brought to specialist syndicates, who price and underwrite risk, via brokers and coverholders. Much of the capital available at Lloyd’s is provided on a subscription basis – where Lloyd's underwriters join together as syndicates and where syndicates join together to underwrite risks and programmes. This kind of collaboration, combined with the choice, flexibility and financial certainty of the market, makes Lloyd’s the world’s leading insurance platform.
I have seen articles and TV interviews wrt low rate of gun violence in the UK. It irritates me that US gun shows are enabled by a UK corporation.
Sign the petition! www.change.org/…