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Ok, Good luck but something still doesn't jive with the info provided. Is this a stand alone EQ policy? Is there another property policy? A fire insurance policy if you will?
Are you sure Lloyd's isn't retaining the $15,000,000.00 risk which essentially lowers the deductible on your property (fire insurance policy)? I''m thinking you have a $15,000,000.00 EQ deductible on your property policy (15%) and you bought a policy to cover the deductible.
What you are explaining sounds very similar to what we used to write for hurricanes here in NJ on our coastal condominium complexes.
Our carriers would issue property policies (fire insurance) with huge wind/hurricane deductibles 20%, 30%, 40% depending on the age, construction location of the structure. We would then go to Lloyd's and buy an insurance policy on the deductible (a buy back policy). Our insured would "retain" a portion of the deductible 2%, 5% and Lloyd's would pay the balance.
something is missing from the equation.
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