QUESTI SONO RIASSUNTI PERSONALI. CHI VOLESSE COPIARE IL CONTENUTO DELLA DISCUSSIONE CHIEDA PRIMA IL PERMESSO AL SOTTOSCRITTO
INSURANCE
Insurance is the transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Companies are subject to many risks: theft, fire, non-payment of debts and protect themselves stipulating insurance policies known as indemnity.
Insurance covers a company against a risk in return for a premium or a fixed amount of money.
The premium increase in relation to the risk and the value of the element ensured. Most insurance companies are joint stock companies except Lloyd, the most famous insurance company in the world.
LLOYD’S OF LONDON
WHAT IS LLOYD’S OF LONDON?
Lloyd's of London is a company that provides insurance services to businesses around the world. The Lloyd is not a company, it is a market place where investors join to form syndicates that ensure the risks and pay claims. In the past, the syndicates members were almost all private investors, but today most of the investments come from businesses.
HOW DOES LLOYD’S MAINTAIN ITS REPUTATION?
The Lloyd covers all risks and has a good reputation for reliability. It has never failed to pay a claim because its activity is supported by a large fund called "Central Fund".
Each syndicate pour money into the central fund every year and if a syndicate is unable to pay its debts the central fund ensures that the claims are paid.
WHERE AND WHEN DID LLOYD’S OF LONDON DEVELOP?
In 1688 Edward Lloyd had a coffee house in Tower Street in London.
Edward was not active in the insurance sector, but he provided a free information on merchant shipping. Its Coffee House then become a meeting place for the owners of ship and investors insurance. After the death of Lloyd in 1713 coffee remained a center for insurance in London.
WHAT ARE LLOYD’S MOST FAMOUS LOSSES?
• One of the most famous Lloyd losses occurred in 1912 after the earthquake that destroyed San Francisco. After this event, his reputation grew.
• Another loss Lloyd was the 16th April 1912, with the Shipwreck of the Titanic.
• Another loss came on 11th September 2001, with the terrorist attacks in America that cost the Lloyd's about £ 1.3 billion.
TYPES OF BUSINESS INSURANCE
COMPULSORY BUSINESS INSURANCE
There are two types of compulsory insurance for businesses:
• Motor vehicle insurance, which is required for vehicles of their respective owners;
• Employers liability insurance for workers, which provides compensation in the event of injury to employees.
OTHER COMMON KINDS OF BUSINESS INSURANCE
• Fire and other risks insurance covers commercial properties and their contents against fire, floods, storms and other natural disasters;
• Theft insurance covers companies that are robbed;
• Public liability insurance provides cover for damage to third parties caused by the negligence of the owner or employees, for example, the fall into a store for a client;
• Product liability insurance that insures customers against defective products that cause injury;
• Goods in transit insurance covers against damage of goods during transport;
• Bad debts insurance insures in case of non-payment of goods purchased on credit companies.
MARINE INSURANCE
In marine insurance there are various types of policies:
• Valued Policy Which states the value of the shipment;
• Unvalued policy which specifies the total sum insured and not the individual values of the objects carried, the amount to be provided is determined by the inspection if and when the claim;
• Time policy covers the load in the course of a fixed period of time , from one month to a year;
• Voyage policy which covers an expedition during a specific trip;
• Floating or open policy decreases when the goods are delivered to the destination until the total amount has not been exhausted;
• Free of Particular Average (FPA) covers the total loss of goods due to an incident involving the ship. In case of partial loss of cargo there is no compensation;
• With Particular Average (WPA) covers the total or partial loss of the load;
• All Risks cover all losses caused by specific risks (eg, theft, shortages, breakages, shipwrecks, etc. ..).
INSURANCE
Insurance is the transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Companies are subject to many risks: theft, fire, non-payment of debts and protect themselves stipulating insurance policies known as indemnity.
Insurance covers a company against a risk in return for a premium or a fixed amount of money.
The premium increase in relation to the risk and the value of the element ensured. Most insurance companies are joint stock companies except Lloyd, the most famous insurance company in the world.
LLOYD’S OF LONDON
WHAT IS LLOYD’S OF LONDON?
Lloyd's of London is a company that provides insurance services to businesses around the world. The Lloyd is not a company, it is a market place where investors join to form syndicates that ensure the risks and pay claims. In the past, the syndicates members were almost all private investors, but today most of the investments come from businesses.
HOW DOES LLOYD’S MAINTAIN ITS REPUTATION?
The Lloyd covers all risks and has a good reputation for reliability. It has never failed to pay a claim because its activity is supported by a large fund called "Central Fund".
Each syndicate pour money into the central fund every year and if a syndicate is unable to pay its debts the central fund ensures that the claims are paid.
WHERE AND WHEN DID LLOYD’S OF LONDON DEVELOP?
In 1688 Edward Lloyd had a coffee house in Tower Street in London.
Edward was not active in the insurance sector, but he provided a free information on merchant shipping. Its Coffee House then become a meeting place for the owners of ship and investors insurance. After the death of Lloyd in 1713 coffee remained a center for insurance in London.
WHAT ARE LLOYD’S MOST FAMOUS LOSSES?
• One of the most famous Lloyd losses occurred in 1912 after the earthquake that destroyed San Francisco. After this event, his reputation grew.
• Another loss Lloyd was the 16th April 1912, with the Shipwreck of the Titanic.
• Another loss came on 11th September 2001, with the terrorist attacks in America that cost the Lloyd's about £ 1.3 billion.
TYPES OF BUSINESS INSURANCE
COMPULSORY BUSINESS INSURANCE
There are two types of compulsory insurance for businesses:
• Motor vehicle insurance, which is required for vehicles of their respective owners;
• Employers liability insurance for workers, which provides compensation in the event of injury to employees.
OTHER COMMON KINDS OF BUSINESS INSURANCE
• Fire and other risks insurance covers commercial properties and their contents against fire, floods, storms and other natural disasters;
• Theft insurance covers companies that are robbed;
• Public liability insurance provides cover for damage to third parties caused by the negligence of the owner or employees, for example, the fall into a store for a client;
• Product liability insurance that insures customers against defective products that cause injury;
• Goods in transit insurance covers against damage of goods during transport;
• Bad debts insurance insures in case of non-payment of goods purchased on credit companies.
MARINE INSURANCE
In marine insurance there are various types of policies:
• Valued Policy Which states the value of the shipment;
• Unvalued policy which specifies the total sum insured and not the individual values of the objects carried, the amount to be provided is determined by the inspection if and when the claim;
• Time policy covers the load in the course of a fixed period of time , from one month to a year;
• Voyage policy which covers an expedition during a specific trip;
• Floating or open policy decreases when the goods are delivered to the destination until the total amount has not been exhausted;
• Free of Particular Average (FPA) covers the total loss of goods due to an incident involving the ship. In case of partial loss of cargo there is no compensation;
• With Particular Average (WPA) covers the total or partial loss of the load;
• All Risks cover all losses caused by specific risks (eg, theft, shortages, breakages, shipwrecks, etc. ..).