In light of almost Cdn$3 billion (1.3 billion pounds) in losses from the U.S. terrorist attacks, Lloyd’s of London is making a cash call on members for $1.78 billion (780 million pounds). Money will be used to help pay claims following the attacks, in which Lloyd’s syndicates insured the World Trade Center and both U.S. airlines involved.Individual Lloyd’s members, or “names”, are being asked for $560 million (246 million pounds), while corporate members will provide the remainder. The members would have paid a cash call of some kind to cover losses from 1999, but the amount is substantially higher in light of the September 11 attacks.
After Calgary’s record-breaking storm, do homeowners have proper hail coverage?
This summer’s hailstorm that caused over $2.8 billion in damage across the city of Calgary helps raise the question: do homeowners have sufficient coverage for their risk? “Most home insurance policies cover damage caused by hailstorms, however the extent of the coverage and what the policy covers can vary,” says Steven Harris, licensed insurance broker […]
By Alyssa DiSabatino | September 24, 2024
2 min read
