Detailing World  

Go Back   Detailing World > Newbies, Rules & Announcements > The Daily News Zone
DW Home Forum Home Merchandise Store Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

The Daily News Zone Want to keep up with whats happening in the Automotive industry - Check back here daily. Sponsored by GyeonQuartz

Reply
 
Thread Tools Display Modes
Old 31-08-2018, 03:16 PM   #1
WHIZZER
T-Cut King (admin)
 
WHIZZER's Avatar
 
Join Date: Oct 2005
Location: On DW
Posts: 28,187
Thanks: 11,984
Thanked 17,651 Times in 6,487 Posts
Garage
Insurance News - Lloyd’s to allow cannabis insurance

The marketplace has told its underwriters they can insure people who produce, distribute and sell marijuana in Canada where the drug is being legalised.

Underwriters at Lloyd’s of London have been given permission to insure legal cannabis-related activity that takes place in Canada.

According to a report by the Financial Times the marketplace sent a note to underwriters explaining that the legalisation of cannabis-related activity in the country could give rise to “new opportunities for insurers considering writing related risks”.

Canada is set to legalise recreation use of the drug in October this year.
Advice
The report stated that Lloyd’s took legal advice to ensure that offering insurance to cannabis producers, distributors and sellers in Canada would not break laws outlined in the UK Proceeds of Crime Act.


Insurance Age has approached Lloyd’s for a comment.

Lloyd’s most recent set of results showed it had slumped to a £2bn loss for 2017. This was compared to a £2.1bn pre-tax profit in 2016. The 2017 COR also worsened to 114% compared to 97.9% in the previous year.

Current CEO Inga Beale is also set to step down from the organisation next year after five years at the helm.

Supplied via Coversure - http://www.valeters-insurance.co.uk/
__________________
WHIZZER is offline   Reply With Quote
Old 31-08-2018, 03:47 PM   #2
GP Punto
Orbital Oracle
 
GP Punto's Avatar
 
Join Date: May 2007
Location: London and Yorkshire
Posts: 552
Thanks: 24
Thanked 129 Times in 88 Posts
Quote:
Originally Posted by WHIZZER View Post
The report stated that Lloyd’s took legal advice to ensure that offering insurance to cannabis producers, distributors and sellers in Canada would not break laws outlined in the UK Proceeds of Crime Act.


I
Thats a good point, although I presume that the Crime would need to have taken place under a UK law for the Proceeds of Crime to be an issue.

When you think that Lloyds was founded on the insurance of ships hulls including ships used in the slave trade or the transportation of opium from India to China, how respectable has it become!
GP Punto is offline   Reply With Quote
The Following User Says Thank You to GP Punto For This Useful Post:
Shiny (31-08-2018)
Old 31-08-2018, 04:11 PM   #3
Shiny
DW Forum Sponsor
 
Shiny's Avatar
 
Join Date: Apr 2007
Location: Swindon
Posts: 6,029
Thanks: 1,327
Thanked 3,097 Times in 1,933 Posts
Garage
I had the same thoughts on the proceeds of crime as it is criminal in the UK, so quite interesting that it has been approved. They aren't actually involved in any criminal activity if it is legalised in Canada.

For me Lloyds has always been an unusual set up, very archaic in their ways, but also well known to insure pretty much anything!
__________________
Lloyd



Shiny is offline   Reply With Quote
Old 31-08-2018, 04:21 PM   #4
andy__d
Washmitt Meister
 
Join Date: Jun 2018
Posts: 280
Thanks: 310
Thanked 220 Times in 147 Posts
if those bottom feeders can make money off it ,they will
andy__d is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT +1. The time now is 08:32 PM.


Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
DTO Garage vBulletin Plugins by Drive Thru Online, Inc.

vB.Sponsors
Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
DTO Garage vBulletin Plugins by Drive Thru Online, Inc.

vB.Sponsors