Comment by polotics
14 hours ago
Definitely no. The "fake" here is about certainty that no insurance payout would occur in case of issue, meaning for example an oil tanker accidently dumping tons of black goo onto some english seaside resort, no compensation would come out of anywhere.
How reliable is liability insurance for that sort of thing, generally speaking?
Quite. The real insurers are large, old, and have long made a name for themselves in this regard. https://en.wikipedia.org/wiki/Lloyd%27s_of_London
So existing legacy monopolies are real and all newcomers are fake. Got it.