Grave matter
Sir: I often admire articles written by Christopher Fildes and his recent commen- tary in The Spectator contained his cus- tomary balance (City and Suburban, 1 June).
However, there is good news for those of us who are both mortal and members of Lloyd's, of which perhaps Mr Fildes is unaware. He makes reference to the fact that Lloyd's underwriting liabilities may fall upon the heirs and executors of one's estate, but I would point out that the vast majority of Lloyd's Members participate in a scheme known as the Estate Protection Plan.
In a nutshell, in the event of a member's death the Plan assumes the liabilities of a deceased Name, thereby reinsuring the unlimited exposure, paying all futher losses and enabling the prompt release of Lloyd's means and deposits.
My firm invented this form of protection for underwriting members and, since its availability in 1982, nearly 2,000 estates have been protected in this way and, currently, over 85 per cent of the Mem- bership and enrolled under the plan.
Michael J. Wade
Chairman Homan Wade, 12 Camomile Street, London EC3
Previous page
