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90-627: The Lloyd's building (sometimes known as the Inside-Out Building ) is the home of the insurance institution Lloyd's of London . It is located on the former site of East India House in Lime Street , in London's main financial district, the City of London . The building is a leading example of radical Bowellism architecture in which the services for the building, such as ducts and lifts , are located on
180-663: A Nerva–Antonine dynasty -era tablet from the ruins of the Temple of Antinous in Antinoöpolis , Aegyptus . The tablet prescribed the rules and membership dues of a burial society collegium established in Lanuvium , Italia in approximately 133 AD during the reign of Hadrian (117–138) of the Roman Empire . In 1851 AD, future U.S. Supreme Court Associate Justice Joseph P. Bradley (1870–1892 AD), once employed as an actuary for
270-416: A contract , called the insurance policy , which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium . If the insured experiences a loss which is potentially covered by the insurance policy,
360-577: A sea captain , ship-manager , or ship charterer that saved a ship from total loss was only required to pay one-half the value of the ship to the ship-owner . In the Digesta seu Pandectae (533), the second volume of the codification of laws ordered by Justinian I (527–565), a legal opinion written by the Roman jurist Paulus in 235 AD was included about the Lex Rhodia ("Rhodian law"). It articulates
450-459: A French peace envoy Joseph Matthias Gérard de Rayneval at his country estate in Wiltshire, and they discreetly agreed on a number of points which formed a basis for peace. Shelburne's own envoys negotiated a separate peace with American commissioners which eventually led to an agreement on American independence and the borders of the newly created United States. Shelburne agreed to generous borders in
540-528: A German investment bank. In July 2013 it was sold to the Chinese company Ping An Insurance in a £260 million deal. In 2008 the Twentieth Century Society called for the building to be Grade I listed and in 2011 it was granted this status. The current Lloyd's building (address 1 Lime Street) was designed by the architect company Richard Rogers & Partners and built between 1978 and 1986. Bovis
630-453: A claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured: From an insured's standpoint, the result is usually the same: the insurer pays the loss and claims expenses. If the Insured has a "reimbursement" policy, the insured can be required to pay for a loss and then be "reimbursed" by the insurance carrier for
720-448: A claim. Adjusting liability-insurance claims is particularly difficult because they involve a third party, the plaintiff , who is under no contractual obligation to cooperate with the insurer and may in fact regard the insurer as a deep pocket . The adjuster must obtain legal counsel for the insured—either inside ("house") counsel or outside ("panel") counsel, monitor litigation that may take years to complete, and appear in person or over
810-601: A combined ratio over 100% may nevertheless remain profitable due to investment earnings. Insurance companies earn investment profits on "float". Float, or available reserve, is the amount of money on hand at any given moment that an insurer has collected in insurance premiums but has not paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest or other income on them until claims are paid out. The Association of British Insurers (grouping together 400 insurance companies and 94% of UK insurance services) has almost 20% of
900-455: A company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include: To "indemnify" means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather "contingent" insurance (i.e.,
990-468: A failure, despite the many high offices he held over 17 years, and his undoubted abilities as a debater. He blamed his poor education—although it was as good as that of most peers—and said the real problem was that "it has been my fate through life to fall in with clever but unpopular connections". The future Marquess of Lansdowne was born William Fitzmaurice in Dublin , the first son of John Fitzmaurice , who
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#17330847364291080-489: A journey I made with Mr Smith from Edinburgh to London, the difference between light and darkness through the best part of my life. The novelty of his principles, added to my youth and prejudices, made me unable to comprehend them at the time, but he urged them with so much benevolence, as well as eloquence, that they took a certain hold, which, though it did not develop itself so as to arrive at full conviction for some few years after, I can fairly say, has constituted, ever since,
1170-413: A minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be " indemnified " against the loss covered in
1260-453: A more active role in loss mitigation, such as through building codes . According to the study books of The Chartered Insurance Institute, there are variant methods of insurance as follows: Insurers may use the subscription business model , collecting premium payments periodically in return for on-going and/or compounding benefits offered to policyholders. Insurers' business model aims to collect more in premium and investment income than
1350-471: A post in the royal household. Though he had no active military career after this, his early promotion as colonel meant that he would be further promoted through seniority to major-general in 1765, lieutenant-general in 1772 and general in 1783. On 2 June 1760, while still abroad, Fitzmaurice had been returned to the British House of Commons as a member for Wycombe . He was re-elected unopposed at
1440-622: A premium paid independently of loans began in Belgium about 1300 AD. Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. The first known insurance contract dates from Genoa in 1347. In the next century, maritime insurance developed widely, and premiums were varied with risks. These new insurance contracts allowed insurance to be separated from investment,
1530-697: A relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer's profit . Policies typically include a number of exclusions, for example: Insurers may prohibit certain activities which are considered dangerous and therefore excluded from coverage. One system for classifying activities according to whether they are authorised by insurers refers to "green light" approved activities and events, "yellow light" activities and events which require insurer consultation and/or waivers of liability, and "red light" activities and events which are prohibited and outside
1620-503: A reward for his conduct at the Battle of Kloster Kampen , Shelburne was appointed an aide-de-camp to George III . He became involved in politics, becoming a member of parliament in 1760. After his father's death in 1761, he inherited his title and entered the House of Lords . In 1766, Shelburne was appointed as Southern Secretary , a position which he held for two years. He departed office during
1710-539: A separation of roles that first proved useful in marine insurance . The earliest known policy of life insurance was made in the Royal Exchange, London , on 18 June 1583, for £383, 6s. 8d. for twelve months on the life of William Gibbons. Insurance became far more sophisticated in Enlightenment-era Europe , where specialized varieties developed. Property insurance as we know it today can be traced to
1800-399: A staff of records management and data entry clerks . Incoming claims are classified based on severity and are assigned to adjusters, whose settlement authority varies with their knowledge and experience. An adjuster undertakes an investigation of each claim, usually in close cooperation with the insured, determines if coverage is available under the terms of the insurance contract (and if so,
1890-624: A tradition of welfare programs in Prussia and Saxony that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced old age pensions, accident insurance and medical care that formed the basis for Germany's welfare state . In Britain more extensive legislation was introduced by the Liberal government in the National Insurance Act 1911 . This gave the British working classes
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#17330847364291980-572: A univariate analysis could produce confounded results. Other statistical methods may be used in assessing the probability of future losses. Upon termination of a given policy, the amount of premium collected minus the amount paid out in claims is the insurer's underwriting profit on that policy. Underwriting performance is measured by something called the "combined ratio", which is the ratio of expenses/losses to premiums. A combined ratio of less than 100% indicates an underwriting profit, while anything over 100 indicates an underwriting loss. A company with
2070-510: A vehement attack on Pitt in the House of Commons. In 1762 negotiations for a peace agreement went on in London and Paris. Eventually, a deal was agreed but it was heavily criticised for the perceived leniency of its terms as it handed back a number of captured territories to France and Spain. Defending it in the House of Lords, Shelburne observed "the security of the British colonies in North America
2160-409: Is a form of risk management , primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer , insurance company , insurance carrier , or underwriter . A person or entity who buys insurance is known as a policyholder , while a person or entity covered under the policy is called an insured . The insurance transaction involves
2250-409: Is paid out in losses, and to also offer a competitive price which consumers will accept. Profit can be reduced to a simple equation: Insurers make money in two ways: The most complicated aspect of insuring is the actuarial science of ratemaking (price-setting) of policies, which uses statistics and probability to approximate the rate of future claims based on a given risk. After producing rates,
2340-594: Is the large Underwriting Room on the ground floor, which houses the Lutine Bell within the Rostrum. Also on the first floor is the loss book which for 300 years has had entries of significant losses entered by quill . The Underwriting Room (often simply called "the Room") is overlooked by galleries, forming a 60 metres (197 ft) high atrium lit naturally through a huge barrel-vaulted glass roof. The first four galleries open onto
2430-426: Is the materialized utility of insurance; it is the actual "product" paid for. Claims may be filed by insureds directly with the insurer or through brokers or agents . The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form, such as those produced by ACORD . Insurance-company claims departments employ a large number of claims adjusters, supported by
2520-619: The Corsican Crisis and joined the Opposition. Following the fall of the North government , Shelburne joined its replacement under Lord Rockingham . Shelburne was made Prime Minister in 1782 following Rockingham's death, with the American War still being fought. He lost his authority and influence after being driven out of office at the age of 45 in 1783. Shelburne lamented that his career had been
2610-657: The Great Fire of London , which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren 's inclusion of a site for "the Insurance Office" in his new plan for London in 1667." A number of attempted fire insurance schemes came to nothing, but in 1681, economist Nicholas Barbon and eleven associates established
2700-586: The Illinois Country , but rejected demands by Benjamin Franklin for the cession of Canada and other territories. Historians have often commented that the treaty was very generous to the United States in terms of greatly enlarged boundaries. Historians such as Alvord, Harlow and Ritcheson have emphasized that British generosity was based on Shelburne's statesmanlike vision of close economic ties between Britain and
2790-712: The Mutual Benefit Life Insurance Company , submitted an article to the Journal of the Institute of Actuaries . His article detailed an historical account of a Severan dynasty -era life table compiled by the Roman jurist Ulpian in approximately 220 AD that was also included in the Digesta . Concepts of insurance has been also found in 3rd century BC Hindu scriptures such as Dharmasastra , Arthashastra and Manusmriti . The ancient Greeks had marine loans. Money
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2880-600: The general average principle of marine insurance established on the island of Rhodes in approximately 1000 to 800 BC, plausibly by the Phoenicians during the proposed Dorian invasion and emergence of the purported Sea Peoples during the Greek Dark Ages (c. 1100–c. 750). The law of general average is the fundamental principle that underlies all insurance. In 1816, an archeological excavation in Minya, Egypt produced
2970-501: The general election of 1761 , and was also elected to the Irish House of Commons for County Kerry . However, on 14 May 1761, before either Parliament met, he succeeded on his father's death as the second Earl of Shelburne in the Peerage of Ireland and the second Baron Wycombe in the Peerage of Great Britain . As a result, he lost his seat in both Houses of Commons and moved up to
3060-533: The Cabinet he resigned office after only a few months. Having moreover on account of his support of Pitt on the question of John Wilkes 's expulsion from the House of Commons incurred the displeasure of the King, he retired for a time to his estate. After Pitt's return to power in 1766, he became Southern Secretary , but during Pitt's illness his conciliatory policy towards America was completely thwarted by his colleagues and
3150-470: The Cabinet, was created Marquess of Lansdowne . Though giving general support to the policy of Pitt, he from this time ceased to take an active part in public affairs. He was elected a Foreign Honorary Member of the American Academy of Arts and Sciences in 1803. A personal act of 1797 relieved him "from disabilities in consequence of his having sat and voted in the House of Lords without having made
3240-483: The Cooper Building. By the 1970s Lloyd's had again outgrown these two buildings and proposed to extend the Cooper Building. In 1978, the corporation ran an architectural competition which attracted designs from practices such as Foster Associates , Arup and Ioeh Ming Pei . Lloyd's commissioned Richard Rogers to redevelop the site, and the original 1928 building on the western corner of Lime and Leadenhall Streets
3330-503: The House of Lords, though he would not take his seat in the Irish House of Lords until April 1764. He was succeeded in Wycombe by one of his supporters Colonel Isaac Barré who had a distinguished war record after serving with James Wolfe in Canada. Shelburne, who was a descendant of the father of quantitative economics, William Petty , displayed a serious interest in economic reform , and
3420-572: The King, and in 1768 he was dismissed from office. During the Corsican Crisis , sparked by the French invasion of Corsica , Shelburne was the major voice in the cabinet who favoured assisting the Corsican Republic . Although secret aid was given to the Corsicans it was decided not to intervene militarily and provoke a war with France, a decision made easier by the departure of the hard-line Shelburne from
3510-495: The Lansdowne estates near Bath . They had at least one child: Secondly, to Lady Louisa FitzPatrick (1755 – 7 August 1789), daughter of the 1st Earl of Upper Ossory . They had at least two children: Lord Lansdowne's brother, The Hon. Thomas Fitzmaurice (1742–1793) of Cliveden , was also a Member of Parliament . University College London holds over 4000 tracts in its Lansdowne and Halifax tracts collections,
3600-552: The United States. The concession of the vast trans-Appalachian areas was designed to facilitate the growth of the American population and create lucrative markets for British merchants, without any military or administrative costs to Britain. The point was the United States would become a major trading partner. As the French foreign minister Vergennes later put it, "The English buy peace rather than make it". Fox's resignation in 1782 led to
3690-399: The agreement of peace terms that formed the basis of the treaty was the major achievement of Shelburne's time in office. Shelburn's fall was perhaps hastened by his plans for the reform of the public service . He had also in contemplation a Bill to promote free trade between Britain and the United States. When Pitt became Prime Minister in 1784, Shelburne, instead of receiving a place in
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3780-528: The atrium space, and are connected by escalators through the middle of the structure. The higher floors are glassed in and can only be reached via the exterior lifts. The 11th floor houses the Committee Room (also known as the Adam Room), an 18th-century dining room designed for the 2nd Earl of Shelburne by Robert Adam in 1763; it was transferred piece by piece from the previous (1958) Lloyd's building across
3870-468: The backlash of Centre Pompidou. Rogers stated that, "Lloyds said they wanted two things: they wanted a building that would last into the next century – we made that one – and they wanted a building that would meet their changing needs." One of those changing needs relates to the much-vaunted design innovation of having the service pipes, ducts, and stairwells outside the walls led to such costs caused by weathering and maintenance that Lloyds considered vacating
3960-413: The building in 2014. Lloyd's former chief executive Richard Ward stated: "There is a fundamental problem with this building. Everything is exposed to the elements, and that makes it very costly." Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It
4050-500: The cabinet. In June 1768 the General Court incorporated the district of Shelburne, Massachusetts from the area formerly known as "Deerfield Northeast" and in 1786 the district became a town. The town was named in honour of Lord Shelburne, who, in return sent a church bell , which never reached the town. Shelburne went into Opposition where he continued to associate with William Pitt, 1st Earl of Chatham . They were both critical of
4140-446: The demand for marine insurance . In the late 1680s, Edward Lloyd opened a coffee house , which became the meeting place for parties in the shipping industry wishing to insure cargoes and ships, including those willing to underwrite such ventures. These informal beginnings led to the establishment of the insurance market Lloyd's of London and several related shipping and insurance businesses. Life insurance policies were taken out in
4230-499: The downfall of the North ministry , Shelburne agreed to take office under Lord Rockingham on condition that the King would recognise the United States. Following the sudden and unexpected death of Lord Rockingham on 1 July 1782, Shelburne succeeded him as Prime Minister. Shelburne's appointment by the King provoked Charles James Fox and his supporters, including Edmund Burke , to resign their posts on 4 July 1782. Burke scathingly compared Shelburne to his predecessor Rockingham. One of
4320-725: The early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office , founded in London in 1706 by William Talbot and Sir Thomas Allen . Upon the same principle, Edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. It was the world's first mutual insurer and it pioneered age based premiums based on mortality rate laying "the framework for scientific insurance practice and development" and "the basis of modern life assurance upon which all life assurance schemes were subsequently based." In
4410-671: The event of general average. In 1873 the "Association for the Reform and Codification of the Law of Nations", the forerunner of the International Law Association (ILA), was founded in Brussels. It published the first YAR in 1890, before switching to the present title of the "International Law Association" in 1895. By the late 19th century governments began to initiate national insurance programs against sickness and old age. Germany built on
4500-409: The exterior to maximise space in the interior. In 2011, twenty-five years after its completion in 1986 the building received Grade I listing ; at this time it was the youngest structure ever to obtain this status. It is said by Historic England to be "universally recognised as one of the key buildings of the modern epoch". Its innovation of having key service pipes and other components routed outside
4590-443: The family's surname to "Petty" in place of "Fitzmaurice", and was created Viscount Fitzmaurice later in 1751 and Earl of Shelburne in 1753 (after which his elder son John was styled Viscount Fitzmaurice ). His grandfather, Lord Kerry, died when he was four, but Fitzmaurice grew up with other people's grim memories of the old man as a "tyrant", whose family and servants lived in permanent fear of him. Fitzmaurice spent his childhood "in
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#17330847364294680-616: The figures brought in as a replacement was the 23-year-old William Pitt , son of Shelburne's former political ally, who became Chancellor of the Exchequer . That year, Shelburne was appointed to the Order of the Garter as its 599th Knight. Shelburne's government continued negotiations begun in early 1782 under Rockingham for peace in Paris, using Richard Oswald as the chief negotiator. Shelburne entertained
4770-619: The first home secretary in 1782 and then prime minister in 1782–83 during the final months of the American War of Independence . He succeeded in securing peace with America and this feat remains his most notable legacy. Lord Shelburne was born in Dublin and spent his formative years in Ireland. After attending Oxford University , he served in the British Army during the Seven Years' War . As
4860-673: The first contributory system of insurance against illness and unemployment. This system was greatly expanded after the Second World War under the influence of the Beveridge Report , to form the first modern welfare state . In 2008, the International Network of Insurance Associations (INIA), then an informal network, became active and it has been succeeded by the Global Federation of Insurance Associations (GFIA), which
4950-465: The first fire insurance company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth century, London's growth as a centre for trade was increasing due to
5040-419: The float method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards, so a poor economy generally means high insurance-premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the underwriting, or insurance, cycle . Claims and loss handling
5130-447: The happiness of my life, as well as any little consideration I may have enjoyed in it. Ritcheson is dubious on whether the journey with Smith actually happened, but provides no evidence to the contrary. There is proof that Shelburne did consult with Smith on at least one occasion, and Smith was close to Shelburne's father and his brother. Shelburne's new military role close to the King brought him into communication with Lord Bute , who
5220-447: The insurance carrier can generally either "reimburse" or "pay on behalf of", whichever is more beneficial to it and the insured in the claim handling process. An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the "insured" party once risk is assumed by an "insurer", the insuring party, by means of a contract , called an insurance policy . Generally, an insurance contract includes, at
5310-774: The insurance company. Insurance scholars have typically used moral hazard to refer to the increased loss due to unintentional carelessness and insurance fraud to refer to increased risk due to intentional carelessness or indifference. Insurers attempt to address carelessness through inspections, policy provisions requiring certain types of maintenance, and possible discounts for loss mitigation efforts. While in theory insurers could encourage investment in loss reduction, some commentators have argued that in practice insurers had historically not aggressively pursued loss control measures—particularly to prevent disaster losses such as hurricanes—because of concerns over rate reductions and legal battles. However, since about 1996 insurers have begun to take
5400-420: The insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment ). The insurer may hedge its own risk by taking out reinsurance , whereby another insurance company agrees to carry some of the risks, especially if
5490-409: The insurer will use discretion to reject or accept risks through the underwriting process. At the most basic level, initial rate-making involves looking at the frequency and severity of insured perils and the expected average payout resulting from these perils. Thereafter an insurance company will collect historical loss-data, bring the loss data to present value , and compare these prior losses to
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#17330847364295580-526: The investments in the London Stock Exchange . In 2007, U.S. industry profits from float totaled $ 58 billion. In a 2009 letter to investors, Warren Buffett wrote, "we were paid $ 2.8 billion to hold our float in 2008". In the United States , the underwriting loss of property and casualty insurance companies was $ 142.3 billion in the five years ending 2003. But overall profit for the same period
5670-593: The late 19th century "accident insurance" began to become available. The first company to offer accident insurance was the Railway Passengers Assurance Company, formed in 1848 in England to insure against the rising number of fatalities on the nascent railway system. The first international insurance rule was the York Antwerp Rules (YAR) for the distribution of costs between ship and cargo in
5760-443: The loss and out of pocket costs including, with the permission of the insurer, claim expenses. Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language, which enables the insurance carrier to manage and control the claim. Under an "indemnification" policy,
5850-612: The losses that only some insureds may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be an insurable risk , the risk insured against must meet certain characteristics. Insurance as a financial intermediary is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses. Risk which can be insured by private companies typically share seven common characteristics: When
5940-554: The necessary oaths and declarations ". Around 1762, he founded the Boodle's Club , which would later have as members Adam Smith , the Duke of Wellington , Sir Winston Churchill , and Ian Fleming , among others, and is now the second oldest club in the world. Lord Lansdowne was twice married: First to Lady Sophia Carteret (26 August 1745 – 5 January 1771), daughter of John Carteret, 2nd Earl Granville , through whom he obtained
6030-506: The policies of the North government in the years leading up to the outbreak of the American War of Independence in 1775. As the war progressed, Shelburne cooperated with the Rockingham Whigs to attack the government of Lord North. After a British army was compelled to surrender at the Battle of Saratoga in 1777, Shelburne joined other leaders of the Opposition to call for a total withdrawal of British troops. In March 1782, following
6120-414: The policy. When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for
6210-486: The policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship. The insured receives
6300-406: The premium collected in order to assess rate adequacy. Loss ratios and expense loads are also used. Rating for different risk characteristics involves—at the most basic level—comparing the losses with "loss relativities"—a policy with twice as many losses would, therefore, be charged twice as much. More complex multivariate analyses are sometimes used when multiple characteristics are involved and
6390-448: The primary insurer deems the risk too large for it to carry. Methods for transferring or distributing risk were practiced by Chinese and Indian traders as long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel capsizing. Codex Hammurabi Law 238 (c. 1755–1750 BC) stipulated that
6480-404: The reasonable monetary value of the claim), and authorizes payment. Policyholders may hire their own public adjusters to negotiate settlements with the insurance company on their behalf. For policies that are complicated, where claims may be complex, the insured may take out a separate insurance-policy add-on, called loss-recovery insurance, which covers the cost of a public adjuster in the case of
6570-399: The remotest parts of the south of Ireland," and, according to his own account, when he entered Christ Church, Oxford , in 1755, he had "both everything to learn and everything to unlearn". From a tutor whom he describes as "narrow-minded" he received advantageous guidance in his studies, but he attributes his improvement in manners and in knowledge of the world chiefly to the fact that, as
6660-405: The road at 51 Lime Street. The Lloyd's building is 88 metres (289 ft) to the roof, with 14 floors. On top of each service core stand the cleaning cranes, increasing the overall height to 95.10 metres (312 ft). Modular in plan, each floor can be altered by addition or removal of partitions and walls. Prince Charles and others initially criticized the design of Lloyd's Building, similar to
6750-456: The scope of insurance cover. Insurance can have various effects on society through the way that it changes who bears the cost of losses and damage. On one hand it can increase fraud; on the other it can help societies and individuals prepare for catastrophes and mitigate the effects of catastrophes on both households and societies. Insurance can influence the probability of losses through moral hazard , insurance fraud , and preventive steps by
6840-448: The telephone with settlement authority at a mandatory settlement-conference when requested by a judge. William Petty, 2nd Earl of Shelburne William Petty Fitzmaurice, 1st Marquess of Lansdowne , (2 May 1737 – 7 May 1805; known as the Earl of Shelburne between 1761 and 1784, by which title he is generally known to history), was an Anglo-Irish Whig statesman who was
6930-468: The town. The following year he was sent to serve in Germany and distinguished himself at Minden and Kloster-Kampen . For his services he was appointed aide-de-camp to the new King, George III , with the rank of colonel . This brought protests from several members of the cabinet as it meant he was promoted ahead of much more senior officers. In response to the appointment, the Duke of Richmond resigned
7020-558: The unexpected creation of a coalition led by Fox and Lord North , previously bitter rivals, which soon dominated the Opposition. In April 1783 the Opposition forced Shelburne's resignation, and the new coalition government selected The Duke of Portland as Prime Minister until its fall in December that same year. The Treaty of Paris which formally ended the American Revolutionary War was signed during Portland's tenure, but
7110-585: The walls has led to very expensive maintenance costs due to their exposure to the elements. The first Lloyd's building (address 12 Leadenhall Street ) had been built on this site in 1928 to the design of Sir Edwin Cooper . In 1958, due to expansion of the market, a new building was constructed across the road at 51 Lime Street (now the site of the Willis Building ). Lloyd's now occupied the Heysham Building and
7200-452: Was $ 68.4 billion, as the result of float. Some insurance-industry insiders, most notably Hank Greenberg , do not believe that it is possible to sustain a profit from float forever without an underwriting profit as well, but this opinion is not universally held. Reliance on float for profit has led some industry experts to call insurance companies "investment companies that raise the money for their investments by selling insurance". Naturally,
7290-546: Was a proselytizer for free trade . He consulted with numerous English, Scottish, French and American economists and experts. He was on good terms with Benjamin Franklin and David Hume . He met in Paris with leading French economists and intellectuals. By the 1770s Shelburne had become the most prominent British statesman to advocate free trade. Shelburne said his conversion from mercantilism to free trade ultimately derived from long conversations in 1761 with Adam Smith . In 1795 he described this to Dugald Stewart : I owe to
7380-485: Was advanced on a ship or cargo, to be repaid with large interest if the voyage prospers. However, the money would not be repaid at all if the ship were lost, thus making the rate of interest high enough to pay for not only for the use of the capital but also for the risk of losing it (fully described by Demosthenes ). Loans of this character have ever since been common in maritime lands under the name of bottomry and respondentia bonds. The direct insurance of sea-risks for
7470-482: Was demolished to make way for the present one, which was officially opened by Queen Elizabeth II on 18 November 1986. The 1928 building's entrance at 12 Leadenhall Street was preserved and forms a rather incongruous attachment to the 1986 structure. Demolition of the 1958 building commenced in 2004 to make way for the 26-storey Willis Building. The building was previously owned by Dublin based real estate firm Shelbourne Development Group, who purchased it in 2004 from
7560-492: Was formally founded in 2012 to aim to increase insurance industry effectiveness in providing input to international regulatory bodies and to contribute more effectively to the international dialogue on issues of common interest. It consists of its 40 member associations and 1 observer association in 67 countries, which companies account for around 89% of total insurance premiums worldwide. Insurance involves pooling funds from many insured entities (known as exposures) to pay for
7650-435: Was highly influenced by the work of Archigram in the 1950s and 1960s. Rogers selects primarily concrete and some steel for the structure, utilizing materials appropriate to the site's local logistics. Additionally, Rogers emphasizes that contemporary buildings incorporate both current and historical technologies. The building consists of three main towers and three service towers around a central, rectangular space. Its core
7740-418: Was his "fate through life", he fell in "with clever but unpopular connexions". Shortly after leaving the university, he served in 20th Foot regiment commanded by James Wolfe during the Seven Years' War . He became friends with his fellow officer Charles Grey , whose career he later assisted. In 1757 he took part in the amphibious Raid on Rochefort which withdrew without making any serious attempt on
7830-488: Was the King's closest advisor and a senior minister in the government. In 1761 Shelburne was employed by Bute to negotiate for the support of Henry Fox . Fox held the lucrative but unimportant post of Paymaster of the Forces , but commanded large support in the House of Commons and could boost Bute's power base. Shelburne was opposed to Pitt, who had resigned from the government in 1761. Under instructions from Shelburne, Barré made
7920-613: Was the first cause of the war" asserting that security "has been wisely attended to in the negotiations for peace". Led by Fox, the government was able to push the peace treaty through parliament despite opposition led by Pitt. Shortly afterwards, Bute chose to resign as Prime Minister and retire from politics and was replaced by George Grenville . Shelburne joined the Grenville ministry in 1763 as First Lord of Trade . By this stage, Shelburne had changed his opinion of Pitt and become an admirer of him. After failing to secure Pitt's inclusion in
8010-573: Was the management contractor. Like the Pompidou Centre in Paris (designed by Renzo Piano and Rogers), the building was innovative in having its services such as staircases, lifts , ductwork, electrical power conduits and water pipes on the outside, leaving an uncluttered space inside. The 12 glass lifts were the first of their kind in the United Kingdom. Like the Pompidou Centre, the building
8100-506: Was the second surviving son of the 1st Earl of Kerry . Lord Kerry had married Anne Petty, the daughter of Sir William Petty , Surveyor General of Ireland , whose elder son had been created Baron Shelburne in 1688 and (on the elder son's death) whose younger son had been created Baron Shelburne in 1699 and Earl of Shelburne in 1719. On the younger son's death, the Petty estates passed to the aforementioned John Fitzmaurice, who changed his branch of
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