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Old 01-18-2017, 08:47 PM   #7
BandB
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City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
Quote:
Originally Posted by Sailor of Fortune View Post
You have LLoyds what? If you answer your insured by LLoyds of
London insurance company your wrong. Lloyds of London is not a company. its a marketplace of insurers who take their own risk and charge accordingly. Saying I'm insured by LLoyds of London is like saying of course I own in The New York stock exchange. No, you own stock in a member of the stock exchange.
I would like to meet the TF member who has hired a Maritime ATTY to review their policy. None that I have heard of. Maritime law is a very specialized and small segment of the legal profession. I bet most of the attorneys on here have never consulted with a maritime atty about their situation.
I never said Lloyd's was our insurer. I'll clarify my statement: My policy was acquired through Lloyd's, which is the service provider and regulator. Various policies through them are placed with any number of insurers or syndicates. You're very correct that they aren't the underwriter. We are insured through their members. Your statement regarding their members and salvors and their open form of salvage and that's what I was discussing us having. I didn't go into all the other.

And, yes, I do use a maritime attorney. The law firm we use for other things in our area also has a maritime department with two attorney's, one of whom is mostly retired so really only one active. We deal with our regular attorney who funnels things to him. Maritime law is a small segment but in Fort Lauderdale it's larger than you might think.

Now, back on target, I highly recommend reading insurance policies carefully and completely, getting explanations of anything you don't understand, and having it read by someone you trust. An oversight or misunderstanding can be very expensive.
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