Northern Wisconsin advertiser. [volume] (Wabeno, Wis.) 1898-1925, 1902-07-17
FROM KINGS LIFE TO A TOOTH
LLoYo's TAKES ALL RISKS.
THE CORONATION DELAY
TITS Costly But Edwards Death Would
involve Thousands More - The
Many Things Insured Include Jum-
DO and the Gate Receipts for crick-
ct and Football Games.

the underwriters at Lloyd's took in
surance on his life for six days at the
rate of 30 per cent. To insure the
charged so per cent.
OF course, no physician acting for
the underwriters had examined the
king as he lay in bed in Buckingham
palace. The underwriters had no
means of knowing the kings chances
of survival apart from comparing the
newspaper reports with such informa-
ton as they could obtain themselves.
1t was merely gambling on the kings
Iife-a bet of 100 to 80 on the part of
the insurers of the kings lasting over
that period of time.
That is Lloyd's. The underwriters
in that gigantic agency will insure
almost anything, will take any
chances, so long as the premium is
large enough to correspond with the
risks
They had already insured against loss
many who where financially interested
I'm the coronation and many who were
not. They had insured stand owners,
decorators and florists. 1t is estimated
they have lost, OIL a conservative basis,
at least 100000 by the ceremony's
pos.ponement over the days set for 1t.
If there should be no coronation at all
they stand to lose at least half as
much again on policies covering that
risk.
On the other hand, the underwriters
insured the late queens golden jubilee
and her diamond jubilee, and, as both
took place according to schedule, they
made money on the outcome. They
insured the queens life, too, for long
money on that risk.
And, on the whole, the underwriters,
like bookmakers, usually come out
anead at the years end.
There is no institution in this coun-
try which does this kind of thing
Lloyd's started its career early In the
seventeenth century, when one Ed
ward Lloyd opened a coffee house in
Tower street. His place was largely
patronized by sea captains and ship
owners, and became gradually the
Headquarters at which news of the
sea could be obtained. That is what
il did become and the coffee-house feat
ure was gradually eliminated
The coffee house was the scene of
many saffles and sales OF ships and
cargoes. Those were war times. too.
and gradually IL became the custom of
the shipowners to speculate in ships
and cargoes before their arrival.
Those of a speculative habit would
subscribe their names to documents
insuring outgoing or incoming ships
against the chances of wreck or cap
,ture by the enemy each subscriber APP
pending to his name the amount he
was willing to risk. Thus In case of
accidents the loss was divided among
the merchants.
II the vessel made her trip safely
the guarantors received percentage
of the profit coming to the owner. each
according to the risk he had taken
And so grew up the business of under
writing in the shipping trade.
Gradually the underwriting custom
began to be applied to risks othel
than marine risks. The underwater.
scattered and established offices fo
themselves. and meantime Lloyd,
pushed its other business of collectin.
and disseminating marine intelligence
But nearly 100 years after the estah
lishment of the old coffee house the,
assembled again in rooms over III
Royal Exchange 1t was handler L
do business where they could be to
gether. so they formed an association
which, while permitting it's member
each to take chances according to hi
own views. assuming no liability TO
the risk he undertook nevertheless
did its best to insure. admitting (
membership only honest and fnanc
ally sound brokers--a sort of stock e.
change of marine brokerage
That is what it is today. Parliamel
long ago held an inquest into Il
methods, the association emerged fro
IL victorious. and 1t has since bee
permitted to do business as seemed .
IL best
Now the assets of the corporate
which. as has been said. are in
way niSuStu bl TIE AlShS Nl It's me-
bers. are valued at $50. 600. 900 at lea
Its members insure every year son
thing like $4,000 900 900 worth
property They must deposit $3.50
or $4,000 as evidence of their finS
cia1 responsibility before being allow
TO sign policies. and they pay amt
dues But there the responsibility
the corporation ends
1t Is a curious place. the underwl
ing room at Lloyd's in the Royal
change in London 1t has three TO
of desks or boxes. at each of viii
six persons may sit. and at these
every workday the underwriters III
be seen signing policies and discussi
and paying claims for all sorts Of qu'
things.
They keep their hats on. as
original underwriters did in the
coffee-house days, and in consoauer
most of them are bald. But there W,
only 70 subscribers to Lloyd's in II