Financial security assurance to Lloyd's policyholders are as follows :
1. The Deposit insurer. A member insurer is required to submit a deposit to the Committee of Lloyd's. The amount of the deposit depends on the type of the volume of business conducted by the underwriter, but not less than $ 9 million. The deposit is held to guarantee for policy – a policy that is borne by the members, and held on behalf of Lloyd's as a trustee to a member, the executor and power the amount of deposits is now more than Rp 100 trillion.
2. the trust Fund premium. According to the article – article statutes – insurance companies Act 1958, each underwriter must be paid to the trust fund the entire premium received for transaction of business insurance. Retrieval should only be done for the payment of costs – the cost of bearing and claim – a claim based on a contract.
In addition, each Member should always keep its minimum deposit Rp
1,750,000.00 in Fund Turts premiums, and during this whole deposit,
profit bearing (underwriting profits) are distributed to members.
A trust fund has been established in America in 1939 on behalf of the insurer. These trusts stipulate that all premiums collected in Dollar funds into the trust entered America on behalf of the underwriter (the insurer) to use a payment claim – a claim for insurance policy – policy in the Dollar. The trust fund is held in New York and now the number has more than 1 billion dollars. The existence of this Fund guarantees payment immediately against the loss – a loss, although that number is huge.
3. The guarantee fund. Committee of Lloyd's funds hold few million pound refurbishment that comes from an annual levy upon all members of the premium income of the insurer, used to pay off the obligations of insurance members who are not solven.
4. Reserves held by underwriting. The insurer's agents typically do not share the entire net profit generated by members, unless they hold a reserve fund to payer claim – a claim which may arise in the future. Because the funds – these funds are held by the trust, he is protected from creditors-general creditors demands against the underwriter (the insurer).
Type – the type of Lloyd's policy
The
main business of the Member insurer Lloyd's is providing property and
liability insurance (liability) for possible – likely losses that
customarily a day – today however, all members do not limit themselves
to risk – the risk. There's the underwriter who received insurance type
anything that can conceivably include insurance which is really
subjective. As the fingers – piano player finger or foot movie star for example.
The real fairy tale is just that Lloyd's accepting the risk of whatever question that pitted Lloyd's profit on things – things such as the results of an election, the possibility of war, and the thing – so, verily, is merely a figment of the thumb – mail newspapers. Lloyd's does not accept bets. It is true the insurer (underwriter) individual often receive insurance against the election of a particular candidate, but the person seeking insurance shall have an interest that can be insured, meaning that its position was open to the possibility of loss by the insured events that. Thus, it is conceivable that an employee of purely politically which will surely lost his job if the election was won by the other party, may obtain insurance against the election of the opposing side, however, theoretically such insurance will not be issued to a person who just want to speculate on the results of the voting.
Special donation from Lloyd's
From the discussion above it is clear that an important means of service given by Lloyd's underwriter is the provision of a type of insurance that you can't get elsewhere. Many types of insurance can only be purchased through Lloyd's. The ability of the insurer to offer a huge amount of insurance in an individual case is also a significant contribution from Lloyd's.
There are times when American insurance companies because of lack of funds, could not accept the demand for insurance is pretty decent. Lloyd's has been really helpful in providing additional capabilities. The insurer Lloyd's special contributions in pioneering and developing new contracts for example, they are the first to receive rain insurance and comprehensive insurance also for banks. Their efforts a progressive effect is very good for the industry, because the insurance companies that others often follow their example.
