Agents of the Corporation of Lloyd’s whose primary duty is to keep Lloyd’s informed of shipping movements, casualties and other matters of interest to Insurers and the commercial community. It has become customary for Underwriters and Insurance Companies to utilise the services of Lloyd’s Agents in connection with surveys of damaged vessels and cargo.
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DEDUCTIBLE
The portion of a loss that you are required to pay before your insurance coverage will respond. Also known as a SIR: Self-Insured Retention. Deductibles can be used to reduce your physical damage premiums. For example, if you owned a policy with a $200 deductible and you suffered a covered loss totaling $1,000, you would pay the first $200 and the Insurance Company would pay the remaining $800. If the loss were only $200, you would pay the entire amount and the Insurance Company would pay nothing.