The term proprietary insurer may seem like a tongue twister and also a mind twister in itself as it seems to be a double noun. It kinda is. But what is a proprietary insurer? A proprietary insurer is what an insurance company is named if it specializes in insuring high-risk items or unusual, get ready, body parts.
Lloyd’s is a proprietary insurer that consists of London and American Lloyd’s organizations. It is run by stockholders and the company has one direction only. Lloyd’s invested in particular specialties in order to be able to ensure the uncommon.
Proprietary means a person owning or holding rights over something. Specifically, something that is yours and can not be someone else's, something that is unique.
For example, an opera singer may get her voice insured and thus, in case of loss of voice, the proprietary insurer will cover the loss.
Another example would be the famous case of Betty Grable, the famous American actress who appeared in 42 films during the 1930s and 1940s. Also a pin-up girl, dancer, model and singer. Lloyd’s insured her legs.