This coverage is optional, and the need can arise if the professional organization is acquired or goes out of business, or a decision is made not to purchase insurance. The terms and pricing for tail coverage vary greatly and are usually defined in the policy. Lloyds of London Lloyd's of London is a unique specialty lines insurance provider. It is not an individual insurance company, but a brokered market in which over 130 underwriting syndicates both compete and co-operate. This combination enables Lloyd's to offer a wealth of choice, knowledge, experience and expertise under one roof.
Underwriters are the insurance professionals upon whose expertise and judgement the market depends.
Lloyd's underwriters cover many specialty areas of risk, including marine, aviation, catastrophe cover and professional indemnity. Only accredited Lloyd s brokers can place risks in the Lloyd s market. Lloyd's began in Edward Lloyd's Thames-side coffee house in Tower Street in the City of London. Although the exact date of its establishment is unknown, evidence exists that Lloyd's coffee house was well-known in London business circles by 1688. Lloyd himself was not involved in insurance but provided premises, reliable shipping news and a variety of services to enable his clientele of ships' captains, merchants and rich men to carry on their business of insuring ships and their cargoes.