Show Yankees s T Take Takey ak y Lloyds Lloyds' U U. U us S. S Business f. f By RICHARD WALDO and And GABRIEL I NEW YORK YORK British British Insurance pep Je are unhappy again at the speed of the Yankee trader once he be ge gets geL the IKe hang of o a new piece of business Six months after the first ship sinking put a new face facen on on n maritime underwriting a syndicate syndicate syn syn- syndicate of U. U S. S companies has shouldered Lloyds of London out of the domestic picture It is a story of teamwork I i among I competitors unequaled in in any op other er war Industry Under the forI former for for- former I mer mer up set a shipping line would approach ch an insurer and ask for forI foras foras I as much coverage as the under under- i writer wrier dared issue In Jn order to re reI retain re- re I tam tain tin the client clent the underwriter would insure inure beyond his hi capac capacities capacities capaci capaci- ties tie and d then r reinsure inure with Ll Lloyds for the amount amount of the he extra ex cx- e- e etra tra commitment The result was that leading com corn companies panics pane alt all al made use ue of Lloyds LIoyd to toI fight I h each other When the he first t dozen sent hundreds of clamoring for Insurance insurance ance Lloyds Lloyd stood to get a cut cutout cutout out of f every policy issued r The he remedy Was vas so simple t that a the newly ne created American system system tem tern probably will wi be retained after the war U. U S. S underwriters formed fored an association prepared to issue American coverage American J coverage up to two and one half millions on one any single ship If I enough companies do not volunteer volunteer vol vol- vol to th t provide the coverage desired by a shipper the gap is i taken up by the association and then distributed to the firms frs by quota quota In this t way no demand g goes e begging no single company can cart appeal to Lloyds Lloyd and the whole underwriting industry is i on z th the T oai asis of buy American f. f Copyright McClure Syndicate |