Lloyd’s of London News

Lloyd’s of London Sets Aside $1.3B for Ukraine Claims

LONDON –– Lloyd’s of London has set aside 1.1 billion pounds ($1.26 billion) to pay claims related to the war in Ukraine, the commercial insurance market said on Thursday, as it recorded a first-half pre-tax loss of 1.8 billion pounds. …

Jury Awards $48.5M to Baylor Medical College for COVID Business-Interruption Claim

A Texas jury awarded the Baylor College of Medicine in Houston $48,529,961 for damages caused by COVID-19 in what appears to be the first jury verdict in a lawsuit that sought insurance coverage for lost business income and other damages …

Ohio Court Finds $101M Lead Paint Abatement Order Covered by Lloyd’s Policy

A court order that requires Sherwin-Williams Co. to pay $101 million into a lead paint abatement fund amounts to “damages” that are recoverable through a Lloyd’s of London insurance policy, an Ohio appellate court ruled Thursday. The Eighth Appellate District …

Ascot, Marsh Insure Grain Ship from Ukraine’s Black Sea Ports

Broker Marsh and Lloyd’s of London insurer Ascot said on Tuesday they have provided coverage for a vessel carrying grain and food products from Ukraine’s Black Sea ports under its new marine cargo and war insurance facility. Launched last month, …

Lloyd’s Owes $3M in Prejudgment Interest for Late Payment of D&O Claim

Lloyd’s of London underwriters must pay more than $3 million in pre-judgment interest in addition to the $10 million the syndicate has already paid in damages for the wrongful acts of the former directors of a bank that was declared …

Lloyd’s of London’s Ascot, Marsh Provide Insurance for Ukraine Sea Corridor

LONDON — Lloyd’s of London insurer Ascot and broker Marsh MMC.N on Friday launched marine cargo and war insurance for grain and food products moving from Ukrainian Black Sea ports, removing a hurdle to getting shipments underway. Russia and Ukraine …

Lloyd’s Insurers Preparing to Cover Ukraine Grain

LONDON —Lloyd’s of London insurers and brokers are preparing to provide cover for grain shipments from Ukraine and are likely to announce their plans shortly, the commercial insurance market’s chairman said on Wednesday. Russia and Ukraine signed a deal on …

Florida Appeals Court Slashes $600,000 Attorney Fee on $52,000 Claim

Florida may have one of the most generous attorney-fee mechanisms in the country, sometimes resulting in plaintiff’s fees that are several times greater than the amount of damage awards. It’s enough to drive property insurers crazy – or toward the …

Cyber Insurers Face Hefty Ukraine War-Related Claims, Despite Fine Print

LONDON –– Insurers face potential multi-billion dollar claims for cyber attacks related to Russia’s invasion of Ukraine, despite policy wording designed to get them off the hook for war, industry sources say. Following the Feb. 24 attack on Ukraine and …

Lloyd’s of London Sees Major Claims this Year from Ukraine Conflict

Lloyd’s of London faces major claims this year from the conflict in Ukraine, but this will not create solvency difficulties, the commercial insurance market said on Thursday. Lloyd’s is talking to its market partners to understand their exposure related to …