The Savannah morning news., 1902-07-06
lNsURES ANYTHING.
or KINGS LIFE TO A TOOTH
ILOYD's TAKES ALL RISKS.

nr0n
WIS Death Would Involve Thou
.nds MOre-Things Insured In
-,ude Jumbo and Gate Receipts.
From the New York Sun.
vr,sn the fact of King Edwards
&c became known last Monday the
li--- s,,.,yriters at Lloyd's took insurance
his life for six days at the rate
On ner cent. To insure the King S
~. +iu tbe end of July they charged
80 per cent.
of course, no physician acting for
- underwriters had examined the
ring as he lay in bed in Buckingham
n.1oce The underwriters had no
ans of knowing the Kings chances
g survival apart from comparing the
-snaper. reports with such informa-
~ as they could obtain themselves.
- was merely gambling on the King S
rfo-a bet of 100 to 80 on the part of
~. insurers of the Kings lasting over
that period of time.
That is LIoyd's. The underwriters
IN that gigantic agency will insure al
ca long as the premium is large
enough to correspond with the risks.
they had already insured against
,oss many who were financially in
+erested in the coronation and many
r.bo were not. They had insured
etand owners, decorators and florists.
II is estimated they have, lost, on
Conservative basis, at least $l,00O,000
NV the ceremony's postponement over
the davs set for it. If there should
he no coronation at all they stand to
Ioee at least half as much again on
policies covering that risk.
On the other hand, the underwriters
insured the late Queens golden jubi-
lee 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 years before her death and
made money on that risk
And, on the whole, the underwriters,
like bookmakers, usually come out
ahead at the years end.
There is no institution in this coun-
+rv 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
it did become, and the coffee house
feature was gradually elimited.
The coffee house was the scene OF
many raffies and sales of ships and
cargoes. Those were war times, too,
and gradually it became the custom
of the shipoWners to speculate In ships
and cargoes before their arrival.
Those of a speculative habit would
subscribe or underwrite their names to
documents insuring outgoing or incom-
ing ships against the chances of wreck
or capture by the enemy, each sub
scriber appending to his name the
amount he was willing to risk. Thus
In case of accidents the loss was d.
vided among the merchants.
If the vessel made her trip safely
the guarantors received a percentage
of the profit coming to the owner, each
according to the risk he had taken.
And so grew up the business of I'M
derwriting in the shipping trade.
Gradually the underwriting custom
began to be applied to risks other than
marine risks. The underwriters scat
tered and established offices for them>
its other businesses of collecting and
disseminating marine intelligence.
But nearly 100 years after the estab-
Hshment of the old coffee house they
assembled again in rooms over the
Royal Exchange. 1t was handler to
do business where they could be to-
gether, so they formed an association
which, while permitting it's members
each to take chances according to his
xrfAx
the risks he undertook, nevertheless did
Its best to insure, admitting to mem
bership only honest and financially
sound brokers-a sort of stock ex-
change of marine brokerage.
mat is what it is to-day. Parlia-
ment long ago held an inquiry into it's
methods, the association emerged from
1t victorious, and it has since been per-
united to do business as seemed to it
best
Now the assets of the corporation,
which, as has been said, are in no way
pledged by the risks of it's members,
are valued at 100000 900 at least. Its
members insure every year something
IKE 2,000,000,000 worth of property.
Ihey must deposit $25, 900 or $50, 900 as
evidence of their financial responsible
Iy before being allowed to sign poll
cles, and they pay annual dues. But
mere the responsibility of the corpora
ton ends.
1t is curious place, the underwriting
room at Lloyds in the Royal Exchange
IN London. 1t has three rows of desks
OF boxes, at each of which six persons
may sit, and at these on every work.
Gdy the underwriters may be seen sign
Ig policies and discussing and paying
Claims for all sorts of queer things.
lhey keep their hats on, as the origi-
MAI underwriters did in the old coffee
nouSe days, and in consequence most
VI them are bald. But there were only
- subscribers to Lloyds in III. Now
mere are nearly 1000.
Like the old underwriters, they are
Wiling to consider any old risk and to
accept almost any at a price. There is
Sull preserved among the archives of
( we institution policy on the life of
napoleon written at Lloyd's. 1t was for
cent. 90 Pei
IN these days that would be a very
U,,lulhary risk at Iloyd's. Policies on the
ives OF threatened monarchs are al
iioSt as common as policies upon de-
iaSed ships, which are common cough.
90 are policies on the safety of valu-
apie animals. Elephant insurance is
quite usual One of the largest ami
,lIdl policies was on the life of the
great Jumbo when he came to New
GIK on a Monarch Line steamship.
ne mad such a rough voyage that
one time it seemed as if the un-
ooel,"rlter must lose. But he didn't,
IN unfortunately for the Barnum
sncus, Jumbo's owner, he was not
INSURED when later the life was
OfIf 80 Ii 1.