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.

Daily publication of news regarding shipping and aviation matters (shipping movements, marine and aviation casualties, fires) read worldwide by management from transport and associated industries. It also reports on ships sales, purchases, launchings, chartering, offshore industry and the tanker and dry cargo markets. The List is now published by Informa.

Provides exporters and freight forwarders with a valuable guide to cargo-carrying services available from UK and European ports. It is now compiled by Informa.

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.