MANY RISKS

Evening Post, Volume CV, Issue 127, 31 May 1928, Page 5

MANY RISKS

ACTIVITIES AT LLOYD'S STRANGE FORMS OF INSURANCE The opening by His Majesty the King recently oi! the magnificent new offices erected for Lloyd's directs attention afresh to the many interesting activities of this* famous insurance organisation. Originally the members of Lloyd's concentrated mainly on marine insurance, but within recent yearn they have gradually widened their iield, until to-day it is said that they are willing tp cover almost any conceivable contingency, with tho single- exception of life. * Lloyd's claims to have been the pioneer in burglary, hurricane, and earthquake insurance. So successful has boon the departure .from exclusively marine business that last year for the first time tho premium incomes from what are termed "miscellaneous" risks exceeded that from marine underwriting. Sonic of the risks included in tho term "miscellaneous" reveal to what .extent eccentric human nature will.go with insurance, and, incidentally, servo to indicate the extraordinary field over which the insurance principle is applied by Lloyd's. A huge volume of business is done in such common types of risks as fire, theft, accident, liabilities of employers to workmen, 'motors, and live stock. Then there are all the seasonal contingencies or risks which come in "waves," such as epidemics, industrial upheavals (for which Lloyd's is said to be willing to undertake policies applicable to any part of the world), and war. It frequently happens that a particular event such as the collapse or partial collapse of a building, will lead to.a demand for insurance, and these are at all times willingly undertaken by this great exchange. Lloyd's underwriters were quick to provide insurance for airmen and airplanes and airships, and there is now a special organisation associated with it which specialises in flying risks. In this connection the recent offer to Mr. Hinkler before his flight from England to Australia, to insure against his arrival in Australia before a definite stated time, will bo recalled. Similar policies have been taken o\H by other airmen, and some of these, too, aro extremely eccentric. Lloyd's will.insure against endurance and speed feats on sea or land or i" the air. Among tho more peculiar forms of insurance which may bo mentioned are those which havo been effected to provide for payment of losses should weddings fail to take place, and these are by no means uncommon. Insurance against the risk of the arrival of twins has now becomo such an established type of business that specially-printed forms of proposal arc in use practically every day I Thoro lias also been a steady increase in the number of spinsters who provide for payment of recompense if they are still unmarried when they reach a stated age. Perhaps the most unusual aspect of insurance at Lloyd's, however, is revealed by traders and merchants, who every year inquire for the rates at "which they can protect themselves against losses through possible changes in the Budget! These and many other forms of risk are distinctly interesting, but they represent only the fringe of the substantial business conducted by Lloyd's. Very few notable events occur, in fact, in any part of tho world which aro not in some form or another reflected there. Its almost perfect organisation for tho collection of maritime news and its fine general servico'-to shipping arc household knowledge. "Lloyd's Register of British and Foreign Shipping," as the name implies, was originally part of the organisation of Lloyd's, but it has long had an independent existence. However, chief credit for its organisation must bo given to Lloyd's, whose underwriters, as well as those of the inariuo insurance companies, are represented on its committee. The register is responsible for the classification and survey of ships, and is known throughout the world. Reports of the movements of vessels aro received at Lloyd's from its own signal stations and corps of agents in every port, and aro posted in the main hall throughout the day. News of mishaps to ships is posted on yellow sheets in a room specially set apart for the purpose and known as tho "Chamber of Horrors." In recent years these have been supplemented by messages, printed on orange sheets, recording serious fires and accidents of all descriptions on land and in the air. The receipt of bad news at Lloyd's is the signal for the beginning of an interesting ceremony, the ritual of which has been found absorbing by visitors who have been fortunate enough to witness it. When tidings of a serious accident at sea arrives, such as news of a wreck, tho Lutine Bell is sounded by one of the red-robed callers to require silence, the announcement is made, and the yellow sheet is posted !in the chamber. All is done with fitting solemnity and ceremony. The Lutine Bell is sounded before every announcement of importance, especially on the arrival of a ship long overdue and for which additional rates havo been paid for reinsurance. On occasions when ships which had become practically uninsurable have reached port the chamber has witnessed some very remarkable scones. News of all wrecks and the moiJe serious'accidents are solemnly- cnteei'd in tho casualty book, which is tho object of considerable interest to visitors. To-day this great exchange occupies a pre-eminent place in the commerce of the world. Tho members of the corporation are conscious of their great inheritance and traditions, and are determined to hand them on to future generations. Its history is also a continual reminder of its romantic origin and growth. It 3 daily work is constantly yielding it opportunities, which are never neglected, of helping forward both old and now forms of commerce and, 'because tho possibilities of insurance are always receiving increasing'recognition, the activities of Lloyd's should be of even greater service to industrial enterprises and tho further progress of the nation.