Bookmaking Labelled Insurance.: The New Gaming Industry of "Lloyds of London." Which Is Now in Vogue., Daily Racing Form, 1908-08-13


view raw text

BOOKMAKING LABELLED INSURANCE The New Gamine Industry of Lloyds of London Which Is Now in VOKUO New style betting Lloyd system Is now a factor In politics only It is not called wagering but just Insurance Instead of the person who wishes to lay odds as to the result of the election hunting up another man who wants to bet and shaking hands and saying Youre on and all that kind of thing or having to find a stakeholder he proceeds In solemn state to an insurance broker and asks for a P P L or in other words a policy InterestThis with proof of Interest This branch of taking risks is only Incidental to the business of the Lloyds which is in reality ti great marine Insurance company which wagers with fate on any vessel as long as the craft Is supposed to be atloat and pays losses with the greatest cheer ¬ fulness The Lloyds are an association of marine underwriters eacli one of whom pays an initiation fee of 25000 The risk on ships is the only form of insurance which concerns the Lloyds as an or ¬ ganization but the individual underwriters will take chances on anything under the sun sunThey They will agree to pay losses if it rains or if it doesnt rain They will Insure a thoroughbred against getting his leg broken on Derby Day or they will guarantee the life of the king for the benefit of the shopkeepers of London For a con ¬ sideration they will assure a sum to the heirs of any man who fears that he may be blown up by a bomb bombWithin Within the Lloyds are many Individuals who travel in groups and are in the habit of undertaking cer ¬ tain hazards in common This was the style when tho organization was formed more than 1200 years ago and named after the genial person who kept the coffee house where the projectors of the enter ¬ prise meetMr were accustomed to meet Mr Lloyd insured nothing but that the Java would be good and that there should be an abundance of church warden pipes and Hollands The original members were sedate persons wlio talked of pledg ¬ ing their fortunes against the perils of the sea and they were themselves interested in argosies of their own besides those belonging to other ipersons The modern Lloyds has many bold and adventurous spirits who would as soon as not take chances on an American election electionNo No small sums are wagered however and It would be impossible for any person with a 5 bill to LloydsAs get any consideration at the hands of the Lloyds As all the risks must be accented or rejected by cable the process of insurance is a formal and lengthy one The policies are supposed to run no into the hundreds of thousands of dollars and hedging is not permitted if the gentlemen at Lloyds know It

Persistent Link:
Local Identifier: drf1908081301_2_4
Library of Congress Record: