Whirls ..i forgive you as insurance is obviously not your forte
There is absolutely NO similarity at all !! Lloyds was unlimited ....that means you could lose more than you covered ...up to an unlimited amount. Insuring a hull for say 350k means .....in a write off you lose .....350k ( less any excess) This means that if you lose one out of say 50 machines it will cost each member the equivalent of a 2% premium.