What is Insurance?
About Insurance
Insurance is shelter from risk, and risk is the probability of a future outcome. Thus, insurance is a form of risk management, wherein a person or company trades a small but certain loss at a predetermined time (payment of the insurance premium) with someone ready, willing, and able to reimburse a potentially large, potentially devestating, but uncertain loss in the future (payment, up to the policy limit, of a claim on the insured asset in the event of loss).
To better understand and quantify risk, and to enable them to set pricing for insurance on risks they assume, insurance companies employ actuaries, who study statistics and probability, financial instruments and markets, and perform R & D. The Insurance Information Institute has helpful information for those wanting to learn more about types of insurance. Wikipedia also has a page on insurance.
History of Insurance
The concept of risk management begins with human society, long before money economies developed. It began as people helping people. In early societies, if one person's shelter were destroyed, others would help rebuild it – or receive no help if their own shelters were destroyed.
In an early money based economy, about 3,000 B.C., Chinese merchants would distribute their goods on many vessels crossing dangerous rivers. If one vessel capsized, all goods would not be lost on a single vessel. That was perhaps the earliest form of informal marine–risk self-insurance; today we call this field marine insurance. You are welcome to learn more about marine insurance.
The Beginning of Modern Insurance
Late in the 1680's, Edward Lloyd opened a coffee house in London, then becoming a center of marine commerce. His coffee house became the popular hangout for ship captains, ship owners, and merchants, and therefore the best source for news of the day on marine commerce. Growing commerce brought those willing to insure against risk, and these people collectively formed what remains today as the world's pre-eminent marine insurance market, the
Society of Lloyd's,also known as,Lloyd's of London.
Wikipedia describes the structure of Lloyd's, which is atypical in the insurance business, as it is a market, and not a company.
Our United States affiliate, Mariners General Insurance, has a direct appointment with Lloyd's. They insure vessels registered outside of Mexico. We insure yachts registered in Mexico.
Types of Mexican Insurance We Offer
We are a Mexican insurance brokerage offering quality coverage from financially stable Mexican insurance companies, primarily for Americans and Canadians living in Mexico. We offer both personal and commercial lines of insurance.
Personal Lines
The personal insurance products we offer for individuals include car insurance for Mexico tourists and Mexico residents; home insurance, and condo insurance; hull insurance and liability insurance for boats and yachts; and health insurance for Mexico residents.
Commercial Lines
The commercial insurance products (types listed) we offer for business include commercial property insurance, new construction insurance, and marine cargo insurance.
Financially Stable Insurance Companies
We are committed to working with only finanically stable insurance companies in Mexico. You are welcome to review the list of our underwriters; you will find links to their websites as well as a list of the product lines on which we work with them. On the claims page, we list our underwriters' claims contact information.
Making a Claim
We hope you never have to make a claim on your policy. But in the event you need to do so, we will be happy to help you through the process. We have chosen top quality insurance companies to work with in Mexico so your claims experience will be timely and professional. Contact us whenever we can provide information or help.
