A policy issued to local authorities to provide an indemnity in respect of third party claims following errors and omissions in respect of local land charges, etc., and notices issued in connection with them.

Lloyd’s term for an unaccredited broker who accesses the Lloyd’s market through an accredited broker.

A guarantee to a local or public authority required under the Local Government Act 1972, s.114, in respect of loss of money or other property due to the dishonesty of officials employed by the authority.

Cargo insurance clause in open covers limiting cover at any one location during transit when the goods are not on the oversea vessel. Shipments may accumulate at one port and the clause limits the insurer’s liability to an amount for any one loss in any one location.
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A clause in cargo open cover or floating Policy which limits Insurance cover whilst goods are accumulated in one location.

Rarely defined, but usually means the international insurance business written in London. It consists of: 1. Home foreign, namely direct overseas business written in the UK. 2. International reinsurance (large volumes of business generally come from the US). 3. Marine and aviation. 4. US excess and surplus lines business. London market premiums earn a gross income about equal to that derived from UK ‘domestic’ commercial business and UK personal lines business.

Excess of loss reinsurances of Lloyd’s syndicates and London companies that accept business in the subscription market. Reinsurances of Lloyd’s motor and employers’ liability insurances are not part of the subscription market and are not therefore LMX. The concept of LMX originally centred around whether the business included assumed reinsurance or US business.

Optimisation of client service with a more open and efficient operating environment by enhancing the clarity of contracts and payment terms. LMP updates are published periodically. The Principles have been drawn up jointly by Lloyd’s, the International Underwriters’ Association (IUA) and the Lloyd’s Insurance Brokers’ Committee (LIBC). ‘One stop’ processing for the entire London market has been facilitated through Insur-sure Ltd together with electronic trading through WISE.

Premises near Lloyd’s providing underwriting rooms for leading insurance and reinsurance companies. The companies take up leases and some make LUC their main London office. At peak times there are between 3,500 and 4,000 brokervisits a day (normally it is 2,000 to 2,500) to the LUC, which also houses the International Underwriting Association. All tenants benefit from computer-based communications linking to the world market. Full network facilities and other electronic systems are available.

Benefit payable at normal retirement age under the preservation requirements of PSA93 with which short service benefit must be compared.