Maritime Insurance Essay Example | Topics and Well Written Essays - 1500 words

Maritime Insurance - Essay Example Furthermore, there are also few other insurance policies categorised as credit or debt insurances and buying insurance (Financial Consumer Agency of Canada, 2011). The primary objective of the paper is to present a view on the maritime insurance served by Lloyd’s Insurance Broker. This insurance will be served to a manufacturer of domestic electrical appliances and the pertinent aspects of the insurance will be described by a presentation report which includes the overview of the Lloyd’s company and maritime or marine insurance along with including merits for the manufacturing company. Lloyd’s is a United Kingdom based company which serves the customers in insurance and banking sectors. Lloyd’s had planned to start an insurance business after being influenced by the growing population and problems faced by the people. Since then, the idea was formulated and a corporate body was formed in 1688 from its own coffee house. Lloyd’s insurance corporate body was formulated underneath ‘Lloyd’s Act 1871 of the British Parliament’. The business processes of Lloyd’s are run by the members, managing agents, brokers and other members who support the governing body in operating the business. Lloyd’s generally deals with or serves its customer with a financial backup at the time of facing problems. The policies those are issued by Lloyd’s for their customers are related to casualty, energy, reinsurance, property, marine, motor and aviation. The history of Lloyd’s states the fact that they were the first insuran ce company to insure the commercial flight. However, it is also observed that Lloyd’s serves their customers with new and innovative insurance policies from its past till recent times. Lloyd’s fundamentally serves certain polices to protect the customers from certain risks which are unique and complicated. It serves in over 200 countries worldwide. Lloyd’s is one of the best and largest insurance