Americans looking for an incisive understanding of the every day business of Lloyd's may be disappointed by this book. The author doesn't do a good job of explaining technical terms, like "unlimited liability" or "capacity." I found myself re-reading certain chapters three or four times to fully comprehend some of the technical terminology. I don't believe the subject is too technical to undersand- it seems the author simply glossed over significant details and didn't invest the time to lay out his descriptions in an orderly manner (maybe in Britain these things are generally understood). I selected this book in the hope of finding a book with a good historical overview and top notch technical business descriptions (like "Barbarians at the Gate"). This book doesn't come close.
With the above said, the author did do a good job describing the problems of asbestos insurance liability, and CERCLA liability. And, he does an excellent job of outlining the financial ruin heaped on "Names" who didn't have an insider advantage to the Lloyd's market in the '80s and '90s. If you are more interested in these aspects, the book may be for you.
Get more detail about Ultimate Risk: The Inside Story of the Lloyd's Catastrophe.With the above said, the author did do a good job describing the problems of asbestos insurance liability, and CERCLA liability. And, he does an excellent job of outlining the financial ruin heaped on "Names" who didn't have an insider advantage to the Lloyd's market in the '80s and '90s. If you are more interested in these aspects, the book may be for you.
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