The benefits of having your park home insurance policy underwritten by Lloyd’s of London

You may be interested to know what the benefits are of having your park home insurance policy underwritten by Lloyd’s of London. Policies taken out with us at Park Home Assist are underwritten by Canopius Managing Agents who are a Lloyd’s underwriter formed in 2003.

You may be reassured already by the historic reputation that Lloyd’s of London has, or you may want to know more. This article delves a little deeper into why having an insurance policy underwritten by Lloyd’s really does matter for your peace of mind.

The first thing you might be interested to know about Lloyd’s is that it is not actually an insurance company but a marketplace for insurers and reinsurers that is overseen and regulated by a company that is called Lloyd’s.

One of the ways that this long-established market works to your benefit is to share or spread the risk of underwriting insurance cover. This means that even in the unlikely, but still possible, event that the broker or the underwriting company (Canopius Management Agency in our case) suffers financial difficulty, or even goes out of business, the cover is taken up by the rest of the market and claims can still be settled.

Lloyd’s specialises in:

  • Risks that require specialised underwriting expertise
  • Risk in other geographies that require global access
  • Unique risk that requires customed coverage
  • Sizable risk that requires financial strength and risk sharing

This approach has meant that Lloyd’s companies can underwrite a great many risks; from the unusual, (like Mariah Carey’s legs), to the very large, (like The Titanic – the insurance for which was famously paid within 30 days); to the specialist and the ordinary, like your park home, motor home, static caravan, car and boat that are covered by policies provided through us at Park Home Assist.

Regulation

You may be reassured to know too, that companies operating on the Lloyd’s market are regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. It is supported by an AA- (Very Strong) Insurer Financial Strength rating from the rating agency Fitch, A+ (Strong) from Standard & Poor’s and an A (Excellent) rating from A.M. Best, so provides excellent security to policyholders.

You may also find it reassuring to know that not only do the corporations, companies and individual ‘names’ that are members of the Lloyd’s of London market provide capital to back up the insurance policies offered through Lloyd’s, it also has its own fund specially structured to be protected from potential catastrophe.

Lloyd’s London office

If you visit its London office, now at 1 Lime St, you will probably notice first its famed ‘inside out’ architecture, with the plumbing and cable conduits on the outside of the building. Inside, you will find this global specialist insurance and reinsurance hub abuzz with activity as brokers and underwriters negotiate coverage.

You will witness a modern, technologically advanced market operating at full tilt. However, part of Lloyd’s strength, in which your policy with us shares, is the expertise and solid financial footing built up over many centuries of trading.

Lloyd’s started in the late seventeenth century in Edward Lloyd’s Coffee House on Tower Street, London, and was frequented by, among others, merchants, businessmen, shipowners and sailors. It soon built a reputation as the place to visit for the best information and news about shipping. By the early 1700s, it became the go-to place for marine insurance. Major losses are still recorded, written in ink with a feathered quill, in the fabled Lloyd’s Loss Book, as they have been for centuries.

To benefit from a Lloyd’s underwritten policy from us you could still take up the pen and ink and write to us at Park Home Assist Insurance Services, Royal House, Queenswood,

Newport Pagnell Road West, Northampton NN4 7JJ. Alternatively, you may prefer to phone us on 01604 946 796 or complete our online form.

Whichever way you choose, you can rest assured that your policy comes with the peace of mind provided by the talented experts of the historic, Lloyd’s of London.

This is a marketing article from multi-award-winning Park Home Assist.

Please note that all insurance cover is subject to acceptance of terms and conditions.

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Published – 22/03/24