Lloyd's of London is famous for insuring items that most insurance companies refuse to insure, and its ability to take risks benefits policyholders with nonstandard claims, according to PSA Insurance & Financial Services. Lloyd's is financially stable due to its unique capitalization structure, which relies on the investment of individuals and businesses. Lloyd's provides insurance on a global scale and remains relevant after 300 years in operation.
One of the biggest benefits of holding a Lloyd's of London insurance policy is the comfort in knowing that the company has the money to cover claims made by its policyholders. Lloyd's has covered property damages due to major catastrophes in America and abroad, reports the company. In the United States, Lloyd's was the largest insurance company covering losses at the World Trade Center on Sept. 11, 2001. The company also covered Hurricane Katrina losses due to extensive flooding.
Lloyd's of London is noted for insuring celebrity body parts and high-risk ventures such as the Virgin Galactic, the private spaceship backed by Richard Branson, notes PSA Insurance & Financial Services. In addition to high-profile policies, Lloyd's insures special occasion events such as weddings and oddball things such as the potential capture of the Loch Ness Monster.