A person who acts as an agent for an underwriting member of Lloyd’s (a) as a member’s agent who acts in all respects for the member, other than in managing the underwriting syndicate, and/or (b) as a managing agent, who manages the affairs of the syndicate.

The amount of a risk that an underwriter is willing to accept on behalf of the members of the syndicate or company for which he underwrites. This is commonly expressed as a percentage of the sum insured which is written on the broker’s placing slip. If, on completion of the broking exercise, the written lines exceed 100% then, absent some contrary instruction, they will be signed down by the broker, which is to say they will be reduced proportionately so that they total 100%.

The board established by the Council of Lloyd’s which is responsible for developing and directing the implementation of the franchise policy to create an maintain a commercial environment at Lloyd’s in which the long term return to all capital providers is maximized. The Council delegates certain of its powers to the Board which may operate within limitations set by Council.

s of London 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.

Depending on the context this term may refer to-(a) the society of individual and corporate underwriting members that insure and reinsure risks as members of one or more syndicates. Lloyd’s is not an insurance company; (b) the underwriting room in the Lloyd’s Building in which managing agents underwrite insurance and reinsurance on behalf of their syndicate members. In this sense Lloyd’s should be understood as a market place; or (c) the Corporation of Lloyd’s which regulates and provides support services to the Lloyd’s market.

Group of individuals who together insure risks. The group is organized along the same lines as, though not connected with, an Underwriting syndicate at Lloyd’s of London. Each member of the group is responsible only for the share of each risk that it assumes. Only a limited number of these associations operate in the United States.

A catalogue of ships describing each ship— dimensions, age, place of construction, registry, and ownership. A necessary tool for the ocean marine underwriter. Similar information is published by the American Bureau of Shipping.

A group of underwriters at London Lloyds who entrust the underwriting of their business to one underwriter.