Talbot Underwriting was part of a syndicate of “hull” insurers—Lloyd’s members who were covering the ship itself, separately from the oil on board. Cargo ships often require several types of insurance at once, to protect against any foreseeable problem. Syndicate 1183, the typically cheerless name given to Talbot’s group, were the “war risks insurers,” meaning they were responsible for compensating the shipowner in the event of a mishap of the man-made variety. War risks policies pay out more often than the name might suggest.
