Lloyd’s of London offers insurance for lost time

insurance for lost time

Lloyd’s of London, the world’s leading insurance market, has announced a new product that will allow customers to insure themselves against lost time. The innovative policy, called “Time is Money”, will cover the policyholders for any time they waste or miss out on due to unforeseen circumstances, such as traffic jams, power cuts, bad weather, or even boredom.

According to Lloyd’s, the policy is designed to help people who value their time and want to make the most of it. The policy will pay out a fixed amount per hour of lost time, depending on the level of cover chosen by the customer. The policy will also include a bonus feature, which will allow the policyholders to claim extra money if they can prove that they spent their lost time doing something productive or enjoyable, such as reading, meditating, or learning a new skill.

Lloyd’s claims that the policy is based on scientific research, which shows that time is a scarce and precious resource, and that people often underestimate how much they lose or waste it. Lloyd’s also says that the policy will help customers to cope with the stress and frustration of losing time, and to appreciate the value of every moment.

The policy is expected to be popular among busy professionals, entrepreneurs, and celebrities, who often have tight schedules and high expectations. However, some critics have questioned the feasibility and ethics of the policy, arguing that it is impossible to measure and quantify time, and that it may encourage people to sue or blame others for their lost time. They also worry that the policy may create a culture of impatience and intolerance, where people will not tolerate any delays or interruptions, and will demand compensation for every minute they lose.

Lloyd’s says that it is aware of the potential challenges and risks of the policy, and that it will apply strict terms and conditions to ensure that the policy is used responsibly and fairly. In addition, the company states that it will monitor the feedback and performance of the policy, and that it will make adjustments and improvements as needed.

The policy will be available from April 1, 2024, and will cost £100 per month for the basic cover, which will pay out £10 per hour of lost time. Customers can choose to upgrade their cover to £20, £50, or £100 per hour, depending on their needs and preferences.