Abbreviation for the Lloyd’s Sourcebook performing a similar function for Lloyd’s as IPRU (INS) does for insurance companies.
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the FSA’s Lloyd’s manual, setting out rules for Lloyd’s and members of Lloyd’s.

London-based major insurance marketplace that originated from Edward Lloyd’s coffee house after the Great Fire of London in 1666. It became a meeting place for persons interested in shipping and marine insurance. Lloyd’s became incorporated by statute in 1871 and is now controlled by the Lloyd’s Act 1982 with oversight from the FSA. Lloyd’s provides facitities for its members who underwrite risks by participating with others in syndicates. The Society of Lloyd’s is directed by the Council of Lloyd’s with operational responsibility in the hands of the Lloyd’s Franchise Board. Business is transacted through accredited Lloyd’s brokers.

Chain underpinning the ability of Lloyd’s to pays its claims. The first link is the premiums trust funds; the second is Funds at Lloyd’s; the third is members’ means; the fourth is the Lloyd’s Central Financial Fund. This is all supported by Lloyd’s long-term financial security. The FSA has proposed that the Services Compensation Scheme would act as a last resort if the Lloyd’s Central Fund could not finance a claim following the insolvency of a Lloyd’s syndicate.

Outcome of the Fisher Report on the effectiveness of Lloyd’s powers of self-regulation. Led to the formation of the Council of Lloyd’s to assume the rule-making and disciplinary functions previously vested in Lloyd’s membership as a whole. The Act incorporates the proposal that Lloyd’s brokers should divest themselves of their interests in underwriting agencies. The Council now exercise its powers subject to FSA oversight.

Advise corporate members of Lloyd’s. They recommend their members to particular syndicates. Dedicated vehicles do not use Lloyd’s advisers. The Lloyd’ Advisers Bye-law governs registration and regulation of Lloyd’s advisers. Advisers must show that they have sufficient skill, competence and experience to advise on syndicate participation and must satisfy Lloyd’s on their approach to syndicate analysis. The Council of Lloyd’s has discretion to determine whether an existing or prospective Lloyd’s adviser is ‘fit and proper’.

A worldwide network of agents who supply the shipping intelligence for pu ication in Lloyd’s List and Lloyd’s Shipping Index. They also arrange for inspections and reports on reported losses. Many are authorised to settle claims and get involved with non-marine insurances, notably aviation and travel claims. There are over 400 agents and 500 sub-agents. A Lloyd’s agent is not a ‘legal agent’, he acts on his own account and is not authorised to receive notice of abandonment.

Trust fund maintained in the US by Lloyd’s underwriters since 1939. All premiums received in respect of policies issued by the underwriters in US dollars are vested in Citibank as trustee for the benefit of the holders of such policies.

Publication covering aviation loss, surveying and adjusting. It also provides operational and maintenance studies and aircraft valuations for both operators and the financial services industry. See BLUE BOOK.