I'm Worried My Friend Might Fall Out...
Family & Relationships7 mins ago
Because of the Californian fires?
No best answer has yet been selected by sandyRoe. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.A great many of the properties destroyed were either uninsured or uninsureable. Insurance companies aren't given to insuring properties against fire in areas where fires are a real possibilty.
There will be some companies sweating a little at the prospect of just how many gazillions are about to be claimed, but once the loss-adjusters have thrown out the majority because of some miniscule small-print on the 99th page of the policy, it'll be back to 'situation normal' for investers if not (former) houseowners.
As Naomi says, individual "names" where they were potentially liable "down to their cufflinks" are a thing of the past.
I've been in the Lloyd's market in re-insurance since the 90s, so have skin in the game here. There's no such thing as small print and never has been, and short of telling lies when applying for insurance, there's pretty much no defence against fire.
Individuals can no longer be elected to unlimited liability membership of Lloyd's. So, following the financial ruin faced by many such 'names' in 1990, there are now very few of them left:
https:/
This is from 2007 but it still provides some interesting background information:
https:/
As I understand it the vast majority of investment in Lloyd's comes from large corporations rather than individual 'names'.
lloyds has minimall exposure on this as a result of er 'reformss ten or twenty years earlier
( American insurers invited in Brits and then gave them dogs and dead horses to insure - that's life!)
oh I missed out Naomi is quite right
As Naomi says, individual "names" where they were potentially liable "down to their cufflinks" are a thing of the past.
One name had to sell his rather nice house in Waytown and downsize ( pad de tennis court etc) . Bought by a lawyer in the Guiness / Blue arrow case.
oh lardy dah ... this is not too brainy is it?
I remember there was a bookmaker in N Ireland called Eastwood. He was a 'name'.
He, and others, got their fingers burnt when a project went wrong and they had to cough up. He didn't seem unduly concerned, advising others to dry their eyes and pay up.
Some years later, after his death, the bookmaking business was sold for £90 million.
I guess he'd weathered the insurance storm.
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