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Commercial
Lloyd’s, Loch Ness and Creative Insurance Solutions
In the 1970s, Cutty Sark Whiskey offered 1 million pounds to anyone who could catch the Loch Ness Monster. They approached Lloyd’s of London to insure the contest. Initially, Lloyd’s declined the risk- they were worried that the risk was too great that someone would actually end up discovering the Loch Ness monster and collect on the policy.
Negotiations ensued- and finally, the policy was agreed to, with three conditions. The monster had to be in excess of 20 feet long, acceptable as the Loch Ness Monster to the curators of the Natural History Museum in London, and, in the event, it was found (and a loss fell to the policy), the monster would become the property of the underwriters subscribed. Over 60 syndicates put down a line on the risk.
This is an example of what I absolutely love about being a marine insurance broker. In a world of compliance and regulation, marine insurance is still very much de-regulated. Business is still done in a way that allows for negotiation of terms and involves face to face meetings with the underwriters. That ability to be a little creative allows us to craft customized and unique insurance products for our clients.
While most of our clients are NOT searching for the Loch Ness monster, each company is unique and has its own needs and profile from an insurance perspective. After all, our clients wouldn’t be able to compete very well in the marketplace if they didn’t have that one thing that set them apart from their competitors. As the insurance broker for our clients, we need to celebrate those differences and craft a program that is meant to ensure that they can keep doing what they do best, with peace of mind that they are protected financially.
So what do you think- Sasquatch hunt? I’ll call the underwriters.
Contact us today for more information on marine insurance and how our experts can help.
I believe that legendary Sasquatch hunter Peter Byrne would have taken you up on that offer of insurance.