14 2 mins 9 yrs

LONDON OLD DAYS

One of the things that I like best about my job is that I deal with folks from all over the US, and that I deal with London all the time. I do a lot of business there.

There are London insurance facilities whose staff only works on US business. When it is a busy ” renewal ” time, such as it is now, I will often get up at five AM so that I’m the first American that they speak to. I want my account worked on first. My word is bond to my guys , their word is bond to me. Through effective bargaining, and absolute trust, we’ve created value for our US and non US clients for over twenty years.

Business styles vary by location. One of the reasons that London and New York people get along great is that we tend to a blunt honesty. If your offer stinks, there will be no flowery language or delay in telling you that. If you unfortunately lost an account, we won’t tell you tomorrow, we’ll tell you right now. By constant, concise, constructive feedback, we do more business every year.

There are no two distant cities more closely linked than London and New York. There is a constant flow of jumbo jets between the cities. The ties of blood, culture and commerce go very deep.

I now expect to be in the great city of London sometime during the week of July 22. The client is Latin American, the underwriters are British and French and I get to be the Jerry Springer who herds these cats. Pray for me.

Any friends and foes who may have interest in a jar, please advise.

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14 thoughts on “London, I’m Calling!

  1. Phantom

    Would love to, but I’m just back from London and next trip is early July, then early October.

  2. So you in the Insurance game too? Reinsurance for a major Lloyds syndicste myself.

  3. Very good.

    Most of what I do is with non Lloyds carriers, but once in a while willl do things with Catlin and Aspen

  4. Insurance is controlled by The Joooooooos though, is it not? I read that on the Internets.

  5. Shurely it is. One here called it a ” scam ” ( really )

    It remains interesting that some British people give blanket condemnations of ” the City ”

    Well, much of the City is Lloyds and other insurance. Which has long been a major source of green, well paid British jobs, and many spinoff jobs / foreign exchange in hotels, restaurants, transport etc.

    Insurance is a pillar of the British economy. A big net contributor to the economy.

  6. Not us Phantom.. Though your thinking in the rigbt area. We’re another Billion pound turnover world class company that most people have no idea exists. HSX.

  7. It is compulsory in the UK and in most other places to have proof of Auto Liability coverage in order to have the privilege of driving on the public road.

    Please explain what is wrong with this requirement.

  8. It is compulsory in the UK for employers to have Employers Liability coverage to protect their workforce, as it is compulsory in the US for employers to have Workers Compensation insurance to protect their employees who are injured on the job.

    What in the world is wrong with this? What recourse would you give to an employee who is badly hurt on the job?

  9. Appealing to numbers (“in most places ..”) isn’t an argument.

    Look at your car insurance. I’ve no idea what the average cover costs in New York. Let’s pull $1000/pa out of thin air. Most peope never claim, so in a decade you’ve handed over $10,000 for nothing. You’ve got nothing back for an outlay of thousands of dollars, and that’s the case for almost all drivers.

    We can’t argue because it’s compulsory. Of course it has nothing to do with being a good idea. Anything which is compulsory is not a good idea otherwise it wouldn’t be compulsory. It’s simply a con designed to make people pay up.

    Add in you life and medical and property and whatever else insurance, and most peole are forking out hundreds of thousands of bucks for nothing.

    Now I have no idea what a car insurance free market would look like. It would evolve in many dynamic and imaginative ways. But let me give you one possible alternative off the top of my head.

    Let’s say you can lay your hands on (say) $50K. You might have it in cash and stocks and 401Ks and whatever else. So why shouldn’t you be able to post a bond in lieu of handing over cash every year for insurance? The bond can be your insurance. You would hold a bond cert instead of one for insurance. It’s proof that you can cover your negligence in the event of an accident, but it hasn’t cost you anything.

    This is the point of insurance afterall – someone (pooled custimers) pay out in the event of accidents. If you have the ability to pay then you have “coverage”, yes? So all you need then is proof of the ability to pay out instead of compulsorily handing over great wads of cash year after year for no return.

    The scam is that even though you have coverage, you are forced to buy it again.

  10. Your example is not a good one. My homeowners insurance is with Allstate, a big company here. I’ve paid premium for more than 20 years, and I’ve never made a claim. Similarly, I have been fortunate to have had good health. This does not mean that my health insurance premium has been wasted, it was always there if I needed it.

    The premium of the many pays for the loss of the few.

    If a motorist runs over a pedestrian lets say, causing serious bodily injury, in the absence of liability insurance, what recourse should the pedestrian have then? We need proof that there will be some assets to pay for a broken leg ir a busted fender.

    BTW it is possible in many US states for individuals or corporations to ” self insure ” their Auto Liability or Workers Comp exposures upon proof of responsibilities, a lot of corporations do this for Comp.

  11. “My homeowners insurance is with Allstate, a big company here. I’ve paid premium for more than 20 years, and I’ve never made a claim.”

    You’ve spent thousands of dollars in case someone nicked your TV? And you give insurance advice to others?!

    “Similarly, I have been fortunate to have had good health. This does not mean that my health insurance premium has been wasted”

    Well clearly it has been wasted. For almost everyone, it’s more cost effective to save the premiums instead.

    “We need proof that there will be some assets to pay for a broken leg ir a busted fender.”

    That’s the bond. There’s your evidence.

  12. No one forces me to buy the homeowners. I don’t care about that ” contents ” coverage, esp since I am fortunate to live in NYC where burglary rates are pretty low.

    I buy it for liability coverage and to ” cover ” the building itself in event of fire or whatever.

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