- Title: ENGLAND: PROFILE OF 'LLOYDS OF LONDON' INSURANCE COMPANY.
- Date: 1st January 1976
- Summary: 1. GV Interior Lloyd's office 2 ft 2. MV Men at work at desks 4 ft 3. CU Lutine Bell - tilt down to crest beneath it 9 ft 4. GV Floor (as in (1) 12 ft 5. Aerial view tanker - pan along side submerged in water 28 ft 6. CU Ledger book - "Olympic Bravery" written in with a quill 39 ft 7. GV Floor of Lloyds (2 shots) 51 ft 8. CU Reporter 59 ft 9. MCU Men with paper-work (2 shots) 64 ft 10. CU Man 66 ft 11. CU Working calculator Zoom out MV 71 ft 12. MV's men at work 86 ft 13. MCU Machines 95 ft 14. CU Type-written printout from machine 98 ft 15. MV Man hanging up printout from machine on notice-board Men reading them 104 ft 16. Aerial view sinking oil rig 113 ft 17. MV Wreckage from air crash Various shots 130 ft 18. CU Official 144 ft 19. MV Interior 147 ft 20. MV Group of men 150 ft 21. CU Pile of papers 152 ft 22. MV Two men discuss business at desk 158 ft 23. CU Paperwork 161 ft 24. MV 2 men as in (22) Zoom in as one signs document 167 ft 25. MCU Reporter 178 ft "One the morning of January 19th a hush fell over the underwriting room at Lloyds of London" the ritual single stroke of the bell announced the loss of the supertanker Berge Istra in the Pacific.. it was insured for $27 million, most of it by Lloyds of London A month later another super-tanker Olympic Bravery ran aground off the coast of France....the tanker broke apart and was declared a total loss the Olympic Bravery was insured for $50 million making it the most expensive maritime loss name Olympic Bravery was written in the ledger book which has been used to record major shipping losses for more than 200 years The insuring of ship & their cargo is the mainstay of business here as it has been since 1688 Lloyds of London operates now....on a much larger scale Wealthy businessmen, now called underwriters still put up their private fortunes to guarantee against losses Lloyds of London merely provides a market place - where members...can meet with brokers to negotiate insurance cover Ian Spur (?) is a typical underwriter he's been at Lloyds for 15 years ...a part-time pilot he specialises in writing high-risk aviation insurance To have a desk here........has to prove he has a personal net worth of at least 150,000 dollars. ......largest marine intelligence network in the world keeps track of the daily movements of at least 18,000 ships ....when a vessel reports she is in trouble word is relayed here in minutes .....posted on a casualty board..in recent months there have been some spectacular ones. When the Norwegian oil rig deep sea drill keeled over.......one third was insured by underwriters at Lloyds The crash of a Turkish airlines DC 10 near Paris....could cost Lloyds as much as 200 million dollars, most expensive insurance claim in history.....a California court has awarded 1 1/2 million dollars to the family of just one of the 344 passengers who died A Loyd's official said this high damage award will have a major effect COMM:"While most underwriters are involved in marine and aviation insurance you can find someone on this floor who will cover virtually any risk from a wine-taster's palate to a movie star's legs In this case the broker wants the underwriter to insure the face and voice of an American sports commentator for 250,000 dollars After agreeing on a premium rate the underwriter signs the policy.... Even though they have to pay out.....the underwriters make money, lots of it lost near.....a profit of 184 million $'s" Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 15th January 1976 12:00
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- Location: England London & Various
- City:
- Country: United Kingdom
- Reuters ID: LVACOEH1W9F7BKKAPDOY9DPRJ10C
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- Copyright Holder: REUTERS - SOURCE TO BE VERIFIED
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