Are you planning to buy insurance from Lloyd’s of London but confused about their licensing in the US? This article will provide you with all the necessary information on this topic.
Lloyd’s of London – An Overview
Lloyd’s of London is a well-known insurance and reinsurance market located in London, UK. It was founded in 1686 and has been providing insurance services for over 330 years. Lloyd’s is not an insurance company but rather a marketplace where underwriters come together to offer various types of insurance policies to clients.
Is Lloyd’s of London Licensed in the US?
Yes, Lloyd’s of London is licensed to conduct business in the United States. They have been doing business in the US for over 200 years and have offices located across several states, including New York, Illinois, and Kentucky.
Lloyd’s operates in the US through its subsidiary, Lloyd’s America Inc. This subsidiary is licensed as a surplus lines insurer in all 50 states and the District of Columbia. They also have several approved reinsurance brokers who are authorized to place business with Lloyd’s syndicates.
What is a Surplus Lines Insurer?
A surplus lines insurer is an insurance company that can provide coverage for risks that are not covered by standard insurance policies. These risks are often considered too high or too complex for traditional insurers to cover. When a client purchases insurance from a surplus lines insurer, they are buying coverage from a non-admitted insurer that does not have to comply with state regulations.
How Does Lloyd’s America Inc Operate?
Lloyd’s America Inc operates as an excess and surplus lines (E&S) insurer in the US. This means that they provide coverage for unique or high-risk situations that are not covered by standard insurance policies. Clients who purchase insurance from Lloyd’s America Inc will typically pay higher premiums but will also receive broader coverage that is tailored to their specific needs.
Conclusion
In conclusion, Lloyd’s of London is licensed to conduct business in the US through its subsidiary, Lloyd’s America Inc. They operate as an excess and surplus lines insurer, providing coverage for unique or high-risk situations that are not covered by standard insurance policies. If you are interested in purchasing insurance from Lloyd’s of London, you can do so with confidence knowing that they are licensed to operate in the US.
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