That part of overall premium limit of a member that is allotted to a particular syndicate for a given year of account. It represents the amount of premium that the Member may accept in respect of that syndicate for that year of account.
Insurance Encyclopedia
Lloyd’s Members’ Agent’s Agreement
A standard form of contract between a member and his member’s agent, which sets out the services, duties, powers and remuneration of the member’s agent and obligations of the member. The terms of the contract with the exception of the amount of the members’ agent’s remuneration are set by the Council of Lloyd’s. A copy of the current versions of the members’ agent’s agreement is annexed to the Agency Agreements Byelaw.
Lloyd’s Nameco
A company that is a corporate member whose members consist of a single individual or a group of connected individuals or their nominees. Many Namecos were formed by Names who wished to cease underwriting on an unlimited liability basis.
Lloyd’s of London
US: An association of independent underwriters operating in England. It is not an insurance company; rather, it operates as a marketplace for large and/or unusual insurance exposures where brokers representing insurance applicants are able to contract with underwriters offering coverage.
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An association of individuals, called names, or groups of individuals who write insurance for their own accounts. Lloyd’s had its beginning in 17th century London in Edward Lloyd’s coffeehouse.
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Lloyd’s of London is a facility under which separate insurers can accept or reject to insure the risks presented to them by a broker. Many important precedents for the insurance industry are set by Lloyd’s.
Lloyd’s One Outlet Rule
A rule at Lloyd’s that a Broker must not be unduly dependent on one insurer in placing his business.
Lloyd’s One Source Rule
A rule at Lloyd’s that a Broker must not be unduly dependent on one predominant source of business.
Lloyd’s Policy Signing Office Ltd
Lloyd’s Policy Signing Office used to be part of the Corporation of Lloyd’s. Following its incorporation it is now part of the Xchanging group of companies.
Lloyd’s Register of Shipping
It is an organization independent of the corporation of Lloyd’s and publishes ‘Register of Ships’ together with other ancillary publications. The Register of shipping’ published annually contains particulars of all known ocean-going merchant ships of 100 tons gross and upwards. the Register is kept up-to-date by means of cumulative monthly supplements containing changes of name, ownership, flag, tonnage, etc., for all ships together with a cumulative list of new ships not recorded in the Register itself.
Lloyd’s Regulatory Board
The committee of the Council of Lloyd’s that was formerly responsible for the regulation of the Lloyd’s market. It was abolished in 2002 in anticipation of the transfer of its responsibilities to Lloyd’s Franchise Board.
Lloyd’s Slip
There are two types of underwriting slip: a placing slip and a signing slip. A placing slip is a document created by a broker that contains a summary of the terms of a proposed insurance or reinsurance contract which is then presented by the broker to selected underwriters for their consideration. Underwriters may delete, amend or add terms on a slip as they consider appropriate for the purpose of providing an indication or a quotation. A signing slip is a document that is created by a Lloyd’s broker after a quotation has been accepted for the purpose of processing premiums under the contract that is evidenced by the placing slip. It is a cleaned up version of the final placing slip and shows underwriters’ stamps, signed lines and underwriting references, these details being inserted by each underwriter at the request of the broker. Provided that it shows the underwriters’ stamps, signed lines and underwriting references a placing slip may be used as a signing slip.