Burgesses moves Aids/HIV policy out of Lloyd’s
INSURANCE TIMES - 18TH JUNE 2002
Controversial underwriting agency Burgesses is moving its revolutionary Aids/HIV policy for gays out of Lloyd’s after being challenged to name the leading underwriter.
Burgesses ‘Pride Without Prejudice’ products offer non-discriminatory mortgage payment protection insurance and income payment protection insurance cover for gay men and women.
The policies are described as being ABI compliant and ‘fully underwritten at Lloyd’s.’
But the Lloyd’s business conduct review department, regulatory division, wants Burgesses to “verify that the scheme is placed at Lloyd’s” by giving the name of the leading underwriter.
Burgesses managing director, Simon Burgess, believes Lloyd’s is action outrageously and questions whether it is taking a hard line because the policy is written for gays.
Burgess is cancelling the cover at Lloyd’s ‘ab initio’.
He adds: “The policy is now, instead, underwritten by a consortium of European insurers with capital in excess of £10bn.”
He stresses that he will not give Lloyd’s any information “on point of principle” and will consider “my position about the further placement of business.”
A Lloyd’s spokesman, however, insists the inquiry by the regulatory department is standard procedure if it is asked to verify whether cover has been placed in the market.
And he rejects Burgess’s claim that it is because the products are written for the gay community.
