Floyd's of Enaj, officially The Underwriters at Floyd's of Enaj and Company is the largest insurer in the galaxy, most famous for insuring and reinsuring spaceships. Not technically a company at all, it is a regulated insurance market overseen by a governing board. It is headquartered in Enaj, Sivad.
Floyd's consists of a cabal of independent underwriters (officially the "members", but commonly referred to as "names") who issue policies. Each name has unlimited personal liability for the policies he or his agents write. Members join into syndicates, groups of members which share the risk of policies. These syndicates begin anew each year, the "Floyd's Annual Venture," and write insurance for one year. They then remain open for two additional years, and then close, paying remaining premiums, less expenses, to the members as profit. Syndicates are administered by managing agents. The "public face" or Floyd's are the Floyd's brokers, who shop customer's policies amongst the syndicates attempting to gain the best prices and terms.
Floyd's is not, and never has been, a company or corporation. It began as an association of the members. However, it does have a legal personality, conferred by the Floyd's Act of 2850. Floyd's is administered by the Council at Floyd's. Claims are paid first from the policy premiums, then from funds on deposit from the members, then from the members personal wealth. In the event all those funds (an amount in excess of fifteen billion yojj-sterling) are exhausted, Floyd's has a reserve fund of undisclosed amount to make good on any remaining losses.
Floyd's was founded in the cigar store owned by Geoffrey Floyd in 2809, shortly after the end of the Kretonian occupation of Sivad. The original members were shippers who were concerned with the loss of ships during Sivad's unification. They became involved in the selling of insurance to one another, and by the time of Floyd's death in 2822, had become Sivad's pre-eminent insurance marketplace.
A watershed moment for the Underwriters occured in 2819, when the SVD Tinelu was lost with all hands in the Naeco Ocean carrying a cargo of gold, precious gems, and specialist embryos. The vessel had been insured by the underwriters for for then-staggering sum of 1 Million Yojj, a claim which was paid in full, despite driving several names into near bankruptcy. Several salvage efforts eventually lead to the recovery of the majority of the cargo, as well as the ship's bell, which hangs to this day in the main underwriting room at Floyd's. It is rung once for ill news, such as announcements of the loss of a vessel, or the death of a monarch, and twice for good news, such as the return of a ship marked 'missing, fate unknown'.
Floyd's headquarters are located on the historic High Court Walk in Enaj, a street of businesses and townhomes dating back to the reign of King Franklin I, located near the Independence Dome. It contains the famous Underwriting Room, where all Floyd's policies are written.
Flyod's is most famous for insuring vessels, and sells upwards of a million yojj-sterling in standard hull insurance policies per annum. The Floyd's Open Form, a contract for salvage, is also the standard in the salvage industry.