About Lloyd’s
Starting with its roots in marine insurance, Lloyd’s has grown over 300 years to become the world’s leading market for specialist insurance. In an increasingly risk-conscious world, hundreds of good ideas would never get off the ground without a way to reduce risk. Risk can’t be eliminated but it can be managed and reduced. At its simplest that is what insurance helps you do. But what happens to risks that are hard to price, large or otherwise difficult to quantify and understand? Lloyd’s specialises in exactly these risks. You would be hard pressed to find more expertise and know-how on this subject. Understanding and pricing complex risk is the heart of the Lloyd’s market.
Over 300 years ago Lloyd’s started out in Edward Lloyd’s Coffee House as a place where people with exposure to risks could meet people with capital who, for a price, would agree to insure them. That’s exactly what Lloyd’s is today: a face-to-face market, with all the dynamism and imagination that a market generates. Today the Lloyd’s market covers some of the world’s largest, most individual and complicated risks. From oil rigs and bridges to celebrity body parts; from airlines and sporting events to global banks, millions of people at home and at work are covered at Lloyd’s.
Comparison: Traditional Carriers vs. Lloyd's of London
Lloyd's is not a standard insurance company; it is a market for unique risks. Here is how it differs from traditional carriers like Guardian or Principal:
| Feature | Traditional Carrier (Standard) | Lloyd's of London (Surplus) |
|---|---|---|
| Primary Use | Core Income Protection | High-Limit Supplement or Impaired Risk |
| Max Monthly Benefit | Usually capped at ~$20k-$30k | Up to $100k+ / Month |
| Policy Duration | Guaranteed to Age 65/67 | Typically 5-Year Term (Renewable) |
| Underwriting | Strict / Conservative | Flexible / Aggressive |
🎯 Is Lloyd's Right for You?
We typically recommend Lloyd's of London policies for physicians in three specific situations:
- The "High Earner": You earn over $500,000/year and have already maxed out the coverage available from standard carriers. Lloyd's acts as a "top-up" layer.
- The "Impaired Risk": You have a medical history (e.g., cancer survivor, heart condition) that causes standard carriers to decline you. Lloyd's can often write a policy where others cannot.
- The "Senior Physician": You are over age 60 and standard carriers will no longer offer you a new policy. Lloyd's writes coverage up to higher ages.
Not sure if you fit? Speak to one of our specialists to run a preliminary risk assessment.
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