Companies with limited or unlimited liability admitted to membership at Lloyd’s. They engage managing agents but are not obliged to use a member’s agent. Corporate members originally participated across a spread of syndicates but regulatory changes enable them to dedicate their total capacity to a single syndicate. The corporate member and its managing agent may both be owned by an integrated Lloyd’s vehicle. Other corporate structures are spread vehicles and dedicated vehicles.

This policy varies from the standard fire policy in that fire caused by explosion is covered.

Known as Lloyd’s Open Form (LOF), administered by Lloyd’s Salvage Arbitration Branch, it is a contract between the salvor (‘the contractor’) and the shipowner. It is impracticable for the agreement to be signed by the numerous cargo owners normally involved. The Agreement operates on a ‘no cure – no pay’ basis and provides for the appointment by Lloyd’s of an arbitrator to decide on the amount to be paid. The Agreement also permits a maritime lien to the salvor.

Lloyd’s Franchise Board, acting through executive directors, is franchisor, contracting with managing agents. The franchisor provides agreed service standards and the franchisee must promote and protect the Lloyd’s brand, security and licences and prepare an annual business plan. Lloyd’s assists with business plans and ways to improve results but can impose constraints on syndicates and ultimately remove a franchisee from Lloyd’s. The franchisee contributes to the Lloyd’s central fund. See LLOYD’S FRANCHISE BOARD.

The Board, acting as franchisor, is accountable to the Council of Lloyd’s. It sets the franchise strategy, profitability targets and high standard risk management It provides guidelines for all syndicates and operates a business planning and monitoring process. The Board is also responsible for supervision and solvency of the Lloyd’s franchise; operating through key sub-committees, it replaces the Lloyd’s Market Board and Regulatory Board.

Each managing agent is a franchisee running an independent specialist insurance or reinsurance business within the framework set by the Lloyd’s Franchise Board.

An examination introduced at Lloyd’s by Bye-law No. 8 of 1985. Each new entrant to the Room must take the test soon after starting at Lloyd’s.

Maritime and insurance cases heard in the English courts but include important Scottish, Commonwealth and US decisions. The reports are an important source of commercial law information as about 80 per cent of the reports are not published in other law reports.

Licences that permit Lloyd’s to undertake insurance business in other countries (60 in 2003). The licences and eligibility relate to direct insurance, but reinsurance can be undertaken in many other territories. In some instances (e.g. Argentina, Ecuador, Mexico in 2003) the licences relate only to reinsurance.

A separate company established in 1971 by Lloyd’s underwriters to offer life insurance schemes through insurance brokers.