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What Is Lloyd’s of London?

Lloyd’s of London is a unique insurance provider that has been in business for more than 300 years. Unlike most other insurers, Lloyd’s does not have a central headquarters or home office. Instead, it is a marketplace where individual underwriters come together to sell insurance policies. This makes Lloyd’s a popular choice for businesses and organizations that need specialized coverage or have complex risk profiles.

Of course, Lloyd’s is not without its faults. Like other insurance providers, it does what is best for the company, which, unfortunately, does not always align with what is best for claimants. Read on to learn more about Lloyd’s of London.

Lloyd's of London is a Widely Used Insurance Provider

Because Lloyd's of London is such a widely utilized choice for businesses and organizations to insure their people, it is common for many people to have a disability insurance policy with them.

However, because Lloyd's of London is such a unique enterprise, it tends to provide insurance policies that are higher in value. This allows Lloyd’s to provide customers with more comprehensive coverage than what they would typically receive from another insurer.

In addition, many large organizations choose Lloyd's of London as their insurer. These include the U.S. Department of State and the U.S. Navy, among others. This is because Lloyd's of London offers products tailored specifically to these types of operations, such as political risks insurance policies, which allow businesses to protect themselves against losses due to political events such as riots or revolutions.

Lloyd's of London Policies Are Different

As you know, unlike traditional insurers, Lloyd's of London policies are underwritten individually by their members. Each underwriter is personally responsible for the risks that they take on and must have a sound understanding of their customer’s needs and the industry in which they operate. This allows them to make sure customers have coverage that meets their individual needs.

As an additional feature, Lloyd's of London offers customers access to global markets through its syndicates. These syndicates allow customers to insure against risks associated with events happening all over the world. This can be invaluable for businesses that need to protect themselves from disasters like natural catastrophes or financial crises occurring in other countries.

Longer Waiting Periods

Due to the unique fashion in which the business operates, insurance claimants tend to experience longer waiting periods than those who have policies with other companies. Lloyd's of London is known for being notoriously difficult to deal with, so claimants should expect delays in any resolution or settlement.

Lump Sum Benefit Payments

In addition to longer waiting periods, those insured by Lloyd's of London may be presented with the option for a one-time lump sum benefit payment. This option is attractive for many customers because it allows them to receive their insurance payout in one lump sum instead of waiting for regular payments over time. This can be beneficial if the customer needs the money quickly or would prefer to have a large sum provided at once.

Permanent Disability Requirement

Amongst the other challenges in dealing with Lloyd's of London, they may also require the finding of a permanent disability in order to pay out a claim. This means that claimants may have to provide evidence of their disability lasting for a minimum duration of time before they can receive any insurance benefits.

How to Handle a Denied Lloyd's of London Disability Insurance Claim

It is not uncommon for Lloyd's of London disability insurance claims to be denied. When this happens, you should seek help from a skilled disability insurance attorney and contact the company to discuss your situation and try to get a better understanding of why your claim was denied. If you still feel your claim is valid, you can explore your legal options, including potentially filling a lawsuit.

While it may be tempting to try and handle the appeal process on your own, this is not necessarily a wise decision. Disability insurance providers know how to manipulate the situation to do what is best for the company, but that is not always what is best for the claimant. The skilled disability insurance attorneys at Dabdoub Law Firm have vast experience in this area of the law. They know how to push through the tactics insurance providers use to undervalue or completely devalue valid claims.

Regardless, it is important to keep in mind that a denied claim is not the end of the road. You still have other options, so do not give up on your case. With a skilled attorney from Dabdoub Law Firm to help you navigate the process, you can increase your chances of getting the disability benefits you need.

Help from a Lawyer with Expertise in Disability Insurance

This law firm was built to be a disability insurance law firm.

That focus means:

  1. All of our lawyers specialize in disability insurance claims;
  2. We have experience with every major disability insurance company;
  3. We have won important long-term disability lawsuits.

Our disability insurance lawyers can help you with the following:

  • Submitting a disability insurance claim;
  • Appealing a long-term disability denial;
  • Negotiating a lump-sum settlement; or
  • Filing a lawsuit against your disability insurance company.
  • Hiring an experienced disability attorney is important. Because federal law applies to most disability insurance claims, our lawyers do not have to be located in your state.

Call for a free consultation with an experienced disability insurance attorney. Pay no fees or costs unless you get paid.

Contact Dabdoub Law Firm today at (800) 969-0488 or fill out the online contact form to speak with an experienced attorney about your case.