Stories of Lloyd’s providing peril coverage for purchasers of UNDZ underwear are simply not true, says an official at Lloyd’s Canada.
“The purported insurance cover denoted in the article was not placed through the Lloyd’s market,” wrote Sean Murphy, president of Lloyd’s Canada, attorney in fact in Canada, Lloyd’s Underwriters in Toronto. “I’ve confirmed with both the Lloyd’s cover holder and the Lloyd’s broker there is no cover bound in the Lloyd’s market.”
See
Far Out Friday for the original story.
Bertrand Dore, president of UNDZ, had told Insurance Business that the guaranteed $50,000 payout was done out of necessity to enter the U.S. market.
“We approached our insurer, and we were told there was going to be a huge problem to obtain coverage if we made this offer in the 50 U.S. states,” Dore told Insurance Business. “We were looking at six months or two years before we could obtain the proper coverage – so we decided to push ahead and pay any claim ourselves, then present that to Lloyd’s – with us paying the $2,500 deductible.”
But according to Lloyd’s Canada, there is nothing in the language of Dore’s general liability policy to warrant validating a claim.
“There have been some conversations, but nothing is bound,” Murphy told Insurance Business. “There is no cover.”
UNDZ has since updated its website to reflect that Lloyd’s is not liable for the company’s coverage promotional offer.
The Montreal-based underwear company became an internet sensation late last week, offering an insurance policy for its male customers who purchased three or more pairs of UNDZ underwear through the company website. (continued.)
#pb#
In an interview with the Huffington Post, Dore explained that a qualified UNDZ customer will receive a Lloyd’s of London insurance policy worth $50,000 – to be paid out in the event the purchaser’s penis becomes detached from the body, starting March 15.
According to an UNDZ spokeswoman, 16,000 men suffer an injury to their penis, or have it detached altogether each year.
