LR’s principal marine business is that of a classification society for ships. It sets standards of quality and reliability during design, construction and operation. A ship’s hull and machinery must conform with the standards laid down and are inspected to ensure that they comply. Formerly known as Lloyd’s Register of Shipping, the new name reflects the wide-ranging services supplied to other industrial sectors. (Visit www.lr.org).

A unique daily record of the details and latest worldwide movements of more than 23,000 merchant vessels. The report includes details of ownership changes and casualty histories. The information is pro vided by Lloyd’s Market Intelligence Unit.

There is an annual solvency test for members and one for Lloyd’s as a whole. A member’s agent is responsible for ensuring the ongoing solvency of his member’s business. Direct corporate members are responsible for their own solvency. Lloyd’s must maintain net central assets at a prescribed level (LLD 11.2.1). Central funds must be sufficient to cover (a) any shortfall in the assets of a member when less than the sum of the liabilities and the member’s margin; and (b) any adjustment required when overall assets as a whole are less than liabilities. The solvency of managing and members’ agents is governed by the normal law relating to limited liability companies. See REQUIRED MINIMIMUM MARGIN.

Reference book setting out information of loss or damage caused to a large number of commodities. Authoritative views are expressed as to the principal causes of loss or damage. The book is valuable to firms and professionals in both shipping, including cargo handling, and insurance, and anyone involved in handling cargoes.

Formed in 1909 it is concerned with the underwriting, technical and administrative problems that arise in Lloyd’s marine market. It liaises closely with Lloyd’s Insurance Brokers’ Association, the International Underwriters’ Association and the Liverpool Underwriters’ Association. Now part of the London Market Association.

Protects the interests of underwriting agents and liaises with Lloyd’s. It reports to its members on matters raised by the Council or franchise board. The LUAA has no regulatory power but is represented on both standing and ad hoc committees. Now part of the London Market Association.

Maintains Lloyd’s worldwide trading status. It manages Lloyd’s overseas offices, deals with overseas compliance, accredits Lloyd’s brokers, promotes Lloyd’s and develops its portfolio of licences. It also runs a Business Intelligence Centre with wide-ranging information services. Its electronic and paper-based resources cover insurance markets, companies, news, legal information, etc.

Lloyd’s underwrites five main classes of business: marine, non-marine, motor, aviation and term life.

Registered members of Lloyd’s must adhere to certain standards of conduct of business set out in byelaws and codes. The FSA’s Conduct of Business Sourcebook includes a chapter on Lloyd’s.