In honor of April Fool’s Day, we at Davis Life & Annuity decided to have a little fun with our blog this week.
Most people probably recognize the name Lloyd’s of London as the off-beat insurance provider that allows Hollywood stars to insure their voices, looks, and limbs; but in truth the firm does a lot more. Lloyd’s of London is an insurance company that ventures boldly into areas of coverage most people might not think about, and offers a valuable service to those with intrepid endeavors. Their willingness to embrace the unusual has helped pave the way for many modern insurance products we take for granted.
Please enjoy this list, provided by Lloyd’s of London AT WWW.LLOYDS.COM, highlighting some of their more avant garde policy decisions through the years:
1904: Using marine vessel underwriting guidelines, Lloyd’s of London issued the world’s first motorcar insurance policy.
1911 Lloyd’s of London began writing aviation insurance. Although Lloyd’s stopped after only a year, their work lead to the development of the British Aviation Insurance Association.
1914 Housholder’s policies at Lloyd’s were amended to cover damage from aeroplanes, airships, and suffragists.
1926 American Gertrude Ederle bought a very specific traveler’s insurance policy for her upcoming adventure. They agreed, and Ederle went on to become the first woman to swim the English Channel, shattering the previous record (held by a man) by more than two hours.
1965 Lloyd’s of London entered the race for space; insuring space satellite Intelsat I. Lloyd’s even launched a space mission, complete with shuttle and a crew, to retrieve and salvage two rogue satellites in 1984.
1969 Richard Burton bought Elizabeth Taylor a 69.42 carat diamond, the largest and most expensive in the world at the time. Stipulations of coverage outlined in the Lloyd’s of London policy included only wearing the ring in public for no more than 30 days per year, and even then under protection by security.
2013 Following in the tradition of Betty Grable, Jimmy Durante, and Bruce Springsteen, TV’s “Ugly Betty” star America Ferrera became insured for $10million. Or rather, her smile became insured as part of her contract with Aquafresh as their spokesperson.
20?? Having a history of insuring satellites give Lloyd’s the competitive edge for one of its next ventures, the firm plans to start issuing space travel insurance for space shuttle tourism.