Tag Archives: num:ScienceMuseum=1950-305/19

Going for broker

Many seventeen-year-olds become very familiar with the world of insurance as they pick up the keys for their first hot hatch…

VW Golf, 1975 (David Rooney)

Few of us think about the system that sits behind our insurance policies, but everything in the transport world plays its part in a network of brokers, underwriters, syndicates and financiers – from passenger jets to fleets of reps, container ships to communication satellites.

Intelsat 6 communication satellite, 1989 (NASA / Science & Society)

Transport pioneers have long needed the services of insurers. One item in our archive is a 1907 insurance policy from Lloyd’s, ‘on the life of Charles C. Turner from the time of leaving earth at Crystal Palace in a balloon’.

Turner made it to Sweden and survived, which must have been a relief back in the Lloyd’s underwriting room at the Royal Exchange, London

Royal Exchange, London, c.1905 (NMeM / RPS / Science & Society)

A few days ago, our space curator Doug Millard organised a staff trip to meet a group of space technology insurers at Lloyd’s. Part of the visit included a tour of the remarkable building itself, designed by Richard Rogers and opened in 1986.

Lloyd's building, 2010 (David Rooney)

The building is amazing! The services hang on the outside, leaving the interior a vast volume uninterrupted by service ducts and lift-shafts.

Lloyd's underwriting room, 2010 (David Rooney)

The building’s scale befits the world of global risk-taking. But the work itself – brokers seeking insurance for their clients, meeting underwriters who’ll back the risk – is carried out face-to-face, as in the seventeenth-century coffee shop of Edward Lloyd, where the business started.

Back in 1907, Charles Turner’s broker sat with a Lloyd’s underwriter at a desk just like these in a building not far away…