What is Lloyd's of London?

Lloyd's of London is an insurance market, not a company, where members come together to insure risks. It operates as a marketplace where various syndicates provide coverage for various types of insurance. Established in 1688, Lloyd’s is known for insuring unconventional and high-risk ventures.

Can farmers get coverage for lost revenue due to weather-related crop loss?

Revenue protection policies compensate farmers for income losses caused by weather-related crop damage, ensuring financial stability even if market prices fluctuate due to reduced production.

Will uninsured motorist coverage cover passengers in my car?

Yes, UM coverage typically extends to passengers in your vehicle if they are injured in an accident caused by an uninsured driver.

What is subrogation in insurance?

Subrogation is the insurer’s legal right to pursue a third party that caused an insurance loss to the policyholder. After paying the insured’s claim, the insurance company can seek reimbursement from the at-fault party or their insurer. This process helps prevent the insured from collecting twice and helps insurers recover losses.

What risks are generally excluded from homeowners insurance coverage?

Homeowners insurance usually excludes coverage for floods, earthquakes, intentional damage, wear and tear, and damage from lack of maintenance. Additional coverage or a separate policy may be needed for these risks.

Can AI replace human intelligence?

AI mimics human intelligence in specific tasks but lacks emotions, ethical reasoning, and creativity, making it a complement rather than a replacement for humans.

What is moral hazard in insurance?

Moral hazard occurs when an insured party changes their behavior after obtaining insurance, leading to a higher likelihood of claims. This happens because they no longer bear the full financial consequences of risky actions, increasing costs for the insurer.

Is business interruption insurance included in standard business policies?

Business interruption coverage is usually an add-on to a commercial property policy rather than being included automatically in general business insurance.