The total resources of Lloyd’s and its members, it equalled £21.9 billion in 2002. Lloyd’s has paid every valid claim for over 300 years. Lloyd’s is rated A (excellent) by A.M. Best (April 2002) and A (strong) by Standard and Poors (May 2002). All Lloyd’s syndicates benefit from the ratings accorded to Lloyd’s regardless of individual performance.

Standard policy containing schedule setting out: name of insured; subject-matter insured; premium; summary of pertinent clauses (e.g. Institute Cargo Clauses A), endorsements, special conditions and warranties. Importantly the policy states ‘The Attached Clauses and Endorsements Form a Part of this Policy. The International Underwriting Association of London produces a parallel policy, the IUA Marine Policy.

Represents underwriting businesses at Lloyd’s. Brings together five previously separate associations: Lloyd’s Underwriters’ Association (LUA), Lloyd’s Underwriters’ Non-Marine Association, Lloyd’s Underwriting Agents’ Association, and Lloyd’s Market Association (previously the Lloyd’s Corporate Capital Association). Each retains its own identity while using the LMA structure in dealing with Lloyd’s and the regulators. Two-thirds of the LMA budget is used to provide technical support for the marine, non-marine and aviation markets. The LMA’s key partners are the London Insurance Market Brokers’ Committee and the International Underwriting Association. The LMA represents its members on international bodies.

Provides a family of shipping industry products covering: global shipping movements updated daily; casualties as they happen; ownership, and Protection and Indemnity Clubs – changes as they happen; vessel characteristics; new construction; a combination of the above; a maritime consulting business. (Visit www.lloyds.miu.com). LMIU is a division of Informa.

A Lloyd’s member is either a name or a corporate member who supplies the capital to underwrite risks at Lloyd’s. They delegate the underwriting of business to managing agents and members’ agents provide a link with syndicates. New names are no longer admitted and by 2005 remaining names should have converted to limited liability. Each member maintains funds at Lloyd’s. The integrated Lloyd’s vehicle (ILV) is the principal route for new capital. Names now operate mainly through members’ agents pooling arrangements (MAPA). Corporate members include companies, investment institutions and international insurance companies, and Scottish limited partnerships. See MEMBERS’ ANNUAL SOLVENCY TEST.

Association working on behalf of motor syndicates to place motor cars into groups according to the degree of hazard and cost of repair for the purpose of rating motor risks. The ABI’s Motor Committee of the Association carries out the same work.

Corporation of Lloyd’s subsidiary that became the Informa Group on its merger with IBC Ltd in 1995. Informa has continued to collect, process and publish the enormous volume of infor mation received from Lloyd’s agents and other worldwide connections. The best known publication is Lloyd’s List International.

LPSO was created to facilitate the checking and signing of policies prepared by Lloyd’s brokers on behalf of underwriters. It also performs a number of other functions such as central accounting. LPSO’s work has been transferred to the Insur-sure Services Ltd.