No Such Thing as a Bad Risk – Part 2
I would like to continue with our outline from last week of what makes Lloyd’s of London such a special insurance marketplace. I want to touch further on aspects of what Lloyd’s and Petersen International can find and provide for your disability insurance clientele.
Let’s take a look at more of those specialty risks:
4. “My client cannot get coverage because she skydives and BASE jumps as a pastime.”
The risky hobbies of thrill seekers are becoming more popular and mainstream in recent years, but traditional DI carriers still refrain from covering injuries sustained while participating in high-risk sports and activities. Lloyd’s underwriters are experts in evaluating and pricing disability benefits for those who regularly take part in hazardous avocations.
5. “My client is suffering from a pre-existing condition and cannot get any disability insurance as a result.”
Domestic disability carriers often decline to offer coverage on clients who are plagued with chronic physical or mental illnesses, obesity as well as historic bouts with alcoholism or drug addiction. The liberal lean of the Lloyd’s underwriting model allows for greater flexibility and fewer restrictions for Lloyd’s underwriters. They can provide bespoke solutions for impaired-risk cases when coverage is typically not available from traditional U.S. insurers.
So, why do Lloyd’s and Petersen International have the ability to offer high-limit, excess and supplemental disability coverage for such unique and often hard-to-place insurance cases? The Lloyd’s of London model allows risk to be spread among numerous financial institutions and backers, more so than in traditional disability markets. Our ability to provide solutions for unique business situations and impaired-risk clientele proves that often there is no such thing as a bad risk.