<description>&lt;p&gt;Edward Lloyd opened a coffee shop near the River Thames in the 1680s - it became a place where ship owners and money men rubbed shoulders and a trade in marine insurance sprang up.&amp;nbsp;&lt;/p&gt; &lt;p&gt;The coffee-drinking insurers eventually decided to form an association and agree on a set of rules - and so Lloyd's of London was born. It became a key factor in keeping the global sea trade going, but soon branched out into insuring against burglaries, hurricanes and even earthquakes.&amp;nbsp; &amp;nbsp;&lt;/p&gt; &lt;p&gt;Lloyds developed a principle that seems odd today. It ignored the small print and said: "Pay all our policy holders in full, irrespective of the terms of their policies.&amp;rdquo;&lt;/p&gt; &lt;p&gt;Write to us at &lt;a href="mailto:businesshistory@pushkin.fm"&gt;businesshistory@pushkin.fm&lt;/a&gt;&lt;/p&gt;&lt;p&gt;See &lt;a href="https://omnystudio.com/listener"&gt;omnystudio.com/listener&lt;/a&gt; for privacy information.&lt;/p&gt;</description>

Business History

Pushkin Industries

The Insurers Who ALWAYS Paid Out: The Lloyds of London Story Part I

APR 8, 202632 MIN
Business History

The Insurers Who ALWAYS Paid Out: The Lloyds of London Story Part I

APR 8, 202632 MIN

Description

Edward Lloyd opened a coffee shop near the River Thames in the 1680s - it became a place where ship owners and money men rubbed shoulders and a trade in marine insurance sprang up.  The coffee-drinking insurers eventually decided to form an association and agree on a set of rules - and so Lloyd's of London was born. It became a key factor in keeping the global sea trade going, but soon branched out into insuring against burglaries, hurricanes and even earthquakes.    Lloyds developed a principle that seems odd today. It ignored the small print and said: "Pay all our policy holders in full, irrespective of the terms of their policies.” Write to us at [email protected] omnystudio.com/listener for privacy information.