Lloyd's of London
Insurance cover is obtainable in Britain from two different sources, Lloyd's or insurance companies.
Lloyd's is a unique institution and will be described first. It's role is often misunderstood so to find out more visit www.moneyterms.co.uk/lloyd-market.
It developed in the seventeenth century and is based on the principle that each insurer (or underwriter) accepts unlimited personal liability for contracts entered into in his name.
This system has been maintained at Lloyd's ever since, in contrast to the system established in the nineteenth century, whereby business is done by companies made up of shareholders whose liability is limited to the amount of capital each has subscribed.
On this and the next webpages Lloyd's and the insurance companies will be described.
Motor insurance companies employ automotive engineers to inspect and report on damage to vehicles.
They check that the damage claimed was caused by the accident concerned, that the repairs proposed are necessary and that the repairers' estimate is reasonable.
Most large insurers have engineers on their staff for the purpose.
There are also a number of independent firms of assessors who are instructed by other insurers and even on occasion by large insurers for out of the way accidents.
Motorists naturally do not like repairs to their cars to be held up... see: Car Insurance
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We are not authorised to give advice and we are not liable for any financial advice provided by, or obtained through a third party. The information published on this website is for information purposes only. This site has been approved for compliance purposes by a Firm of Independent Financial Advisors who are authorised and regulated by the Financial Services Authority (FSA). The Chartered Insurance Institute
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