From Boston Tea Party to Big Dig, Lloyd’s is Part of New England History

Dec. 16, 1773, was a sad day for Lloyd’s of London. On that day, angry colonists threw 340 crates into Boston harbor in the revolutionary Boston Tea Party. Turns out, Lloyd’s insured those crates of tea.

Appearing in Cambridge, Mass., in mid-January, Lloyd’s of London Chairman Lord Levene made an “appeal” for the return of one of the crates. Citing reports that one of the original crates had been salvaged from the ocean floor recently, he suggested that maybe some locals would help Lloyd’s get back the historic crate. While friendlier to the Lloyd’s executive than Bostonians would have been back in 1773, nobody volunteered assistance.

The Boston Tea Party is just one of the ties between Lloyd’s and the New England region where it currently underwrites about $150 million of surplus lines business. Among the Boston area risks underwritten by Lloyd’s: the Big Dig road and tunnel project and local sports teams.

Lloyd’s led on the $500 million airport contractors’ liability policy and assumed a major share of the excess liability coverage for the Big Dig. “Like you, we perhaps did not appreciate quite how long the policy period would finally be, but we are nonetheless proud to have played our part in such an historic project,” Levene commented.

Lloyd’s is accustomed to long term when it comes to insuring Boston projects. “Of course, we realize that even if things take a little longer than expected, Boston will always get there in the end. I’m thinking of the Boston Red Sox finally reclaiming the World Series trophy and I am sure you will not be surprised to hear that a number of their players are or have been insured and reinsured by the Lloyd’s market, too,” Levene noted.

Levene added that Lloyd’s has been a risk sharing partner for all of the local professional sports teams over the years, covering the players, the games and the promotions.

Topics Excess Surplus Lloyd's