|
central mich |
Insurance on ships is primarily provided by Property and Indemnty Clubs which is the an aggregate of ship owners. Lloyds of London does not provide much ship coverages but do provide some
marine coverage and could possibly accept some participation. I have read a lot Lloyds insurance participation slips and knew people who worked at Lloyds,
I do know that Lloyds has had financial issues in the past when members were underfunded. And I an not sure if anyone examines the P & I Club for solvency.
I was one of the individuals who declared Carriers Insurance Company of Des Moines , Iowa insolvent back in the day. Carriers insured Class 8 common carriers and deregulation caused the bankruptcy of many class 8 common carriers. And in turn the carriers could not pay the premiums due to the Carriers Ins. Thus the company was placed in receivershil and liquidated.
Carriers was started by John Ruan and no fault of his'for carriers financial demise.
For any insurance risk carrier all it takes is one black swan event to break a carrier. I probably had as much experience as anyone in the US at one time running insolvent insurance companies as I did that for about 40 years.
Edited by jimgen 3/18/2026 17:15
| |
|
Looks like !
