MESSAGE FROM THE EARLIEST ADOPTER
CHART’S CLIENTCENTRIC APPROACH CAN LAUNCH NEW PROGRAMS & PRODUCTS IN THE U.S./LONDON
MARKET PLACE The CHART Exchange can serve as a resource for helping specialist insurance agencies launch new programs or products within the U.S./London marketplace. CHART’s clientcentric approach puts us in the position to advocate for the business submissions seeking placement through Lloyd’s.”
6 JULY 2021
T
hroughout its 334-year tenure, the London market has repeatedly demonstrated fresh approaches for dealing with emerging risk trends. Many of the products Lloyd’s pioneered are commonplace today. It is a worthwhile exercise to revisit some of these coverages in a historical context to fully appreciate just how innovative they were at the time. PERSONAL LINES INSURANCE. The first gas-powered automobile was introduced to the world in 1886. The concept of a “horseless carriage” was slow to catch on; by the dawn of the twentieth century, there were only 4,192 vehicles produced in the United States (with 40% propelled by steam). In 1904 Lloyd’s was asked
TABLE OF CONTENTS
Glenn W. Clark, CPCU Publisher & Earliest Adopter
to insure a motorcar. Risk evaluation was handled by the market’s marine underwriters; it is hardly surprising that the insurance documents described the car as a “ship navigating on land.” Today there are over 203 million cars insured in the United State alone. DIRECTORS & OFFICERS INSURANCE. The 1930’s was a time of significant economic upheaval in the United States. A number of regulations were put in place by the Securities and Exchange Commission to protect investors who were willing to buy public securities after the stock market crash. For the first time, directors and officers of the companies could be held personally liable for the decisions they were making.
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