LLOYDS OF LONDON

[kopend]

HOW MUCH DOES IS COST (APPX) TO INSURE AN OIL TANKER

AND DO THE INDIVIDUAL SHARE HOLDER PUT THERE OWN MONEY IN FOR EVERY JOURNEY - IF THATS MAKES SENSE? AND DO THEY STILL RING A BELL WHEN IT ARRIVES SAFELY???

LASTLY IS IT JUST OIL TANKERS OR ANY BIG SHIPMENTS

[squarebear]

I thought they rang a bell when one sank?

[kopend]

i new there was a bell involved somwhere

makes more sense tho' (when one sinks)

otherwise it would be ringing all the time

[Hazel104]

As the bell is cracked, so it is only rung when a member of the royal family dies or to mark events such as 7/7

[DTCwordfan]

I know that this sounds facetious but what sized tanker are you talking about - they go as small as 500t (and barges can go lower) and up to 500kt......

Not sure what the rates are but I will have a look to see if there are some public sources as I used to be responsible for the supply team for a major in the East......

[kopend]

when did it last ring for a boat sinking

and what do they do these days if a boat sinks??

i.e is there a newer bell

[DTCwordfan]

ok - it looks like the following - something like 0.001 to 0.0005% of the market value of the vessel and itrs cargo in a 'normal' area of the world - in war zones this can rocket.... for example- a $100 million vessel at port in Somalia for 20 days, a ship charter would be forced to pay six million dollars in additional war risk premiums.

Whether the shipper or the oil co pays (or for container business) depends upon the shipping contract - e.g. CIF = Cost insurance and Freight - C and F is minus insurance and the buyer takes the risk or offsets the insurance...... If you are interested in this area of international commercial 'law', google incoterms.

Lloyds covers all shipping business and major insurance 'investments' - like planes, buildings etc etc. The bell is known as the Lutine Bell.

[Hazel104]

Late 70's I think.
No new bell as far as I know.

[DTCwordfan]

Lloyds cover all marine vessels...(and the rest)

I quote from their fact sheet

The Lutine Bell, weighing 106 pounds and measuring 18 inches in diameter, is
synonymous with the name of Lloyd’s. Traditionally it has been rung to herald
important announcements – one stroke for bad news and two for good.
The bell was carried on board the French frigate La Lutine (the sprite) which
surrendered to the British at Toulon in 1793. Six years later as HMS Lutine and
carrying a cargo of gold and silver bullion, she sank off the Dutch coast. The
cargo, valued then at around £1 million, was insured by Lloyd’s underwriters
who paid the claim in full.
There were numerous salvage attempts and in 1859 the wreck yielded its most
important treasure - the ship’s bell. It was hung in Lloyd’s Underwriting Room
at the Royal Exchange and was rung when news of overdue ships arrived.
Whenever a vessel became overdue, underwriters would ask a specialist
broker to reinsure some of their liability based on the possibility of the ship
becoming a total loss. When reliable information became available the ringing
of the bell ensured that everyone with an interest in the risk became aware of
the news simultaneously.
The bell has hung in four successive Underwriting Rooms. In the Royal
Exchange 1890s-1928, Leadenhall Street 1928-1958, Lime Street 1958-1986;
and in the present Lloyd’s building since 1986.
The bell is no longer rung as the result of a vessel becoming “overdue”. Today,
the ringing of the Lutine bell is generally limited to ceremonial occasions,
although in rare instances exceptions are made. For example, the bell was rung
following the terrorist attacks on September 11 2001.