In 1878 the firm of Blandy
Brothers & Company were appointed Lloyd's Agents at
Madeira, a similar appointment following in 1896 at Las
Palmas. Blandy's has held the Lloyd's Agency appointment
for over a hundred years and will provide a prompt service
for surveys.
The Society of Lloyd's was incorporated by Lloyd's Act
1871 which provided the business with a sound legal basis
and laid the foundations for today's market.
By the turn of the century the traditional club of marine
underwriters had become an international market for insurance
risks of almost every type.
Lloyd's Network of Agents and their Sub-Agents
The global network comprises over 400 main Lloyd's Agents
and over 500 Lloyd's Sub-Agents. The first Lloyd's Agency
appointments were made in 1811, primarily for the reporting
of shipping movements and although most Agents still carry
out this function their main role today is one of conducting
or arranging surveys on ships and cargoes. About 250 Agents
have also been granted authority to adjust and settle
claims arising under Lloyd's certificates of insurance.
Primary Role of the Agent
Other than providing shipping information, the main function
of Lloyd's Agents is to provide a surveying service and
evidence of this is usually reflected in the wording of
cargo insurance certificates which often use the clausing:
"In the event of loss or damage which may result
in a claim under this insurance immediate notice should
be given to the Lloyd's Agents at the port or place where
the loss or damage is discovered, in order that he may
examine the goods and issue a survey report". It
should be noted however that in carrying out surveys or
other tasks, whether for insurers or other principals,
the company would be employed directly by these parties,
and would not be acting as an Agent of Lloyd's underwriters
unless specifically instructed by them.
Additional Roles
Most Lloyd's Agents are traditionally known for conducting
a variety of marine surveys. With the increased scope
and complexities of insurance some Lloyd's Agents have
widened their activities into other fields including aviation
and non-marine surveys and investigations. Although much
of the routine work of Lloyd's Agents relates to cargo
loss or damage, there is a whole range of other cargo
and/or hull related survey activity carried out by Lloyd's
Agents world-wide. These include: draft surveys, bunker
surveys, ship damage and collision surveys, on-and-off-hire
condition surveys, pre-shipments surveys and cargo out-turn
surveys.
Surveyors
Many Lloyd's Agents employ their own staff surveyors to
carry out day-to-day surveying activities on damaged cargoes
and on occasions when specialist knowledge is required
they will find and appoint the appropriate person to conduct
the survey on behalf of the applicant.
Claims Settlement
In 1866 certain selected Lloyd's Agents were authorised
by Lloyd's to adjust, settle and purchase from underwriters
claims on Lloyd's policies and certificates which made
special provisions for the settlement of claims abroad.
Around 250 Lloyd's Agents currently have authority to
act as claims settling Agents.
If you have any suggestions
or would like any more information, please contact us
at Blandy Shipping Agency, our Lloyd's Agency division
look forward to hearing from you soon.
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