LLoyd's of London - Explained
What is Lloyd's of London?
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Back To: INSURANCE & RISK MANAGEMENT
What is Lloyd's Of London?
Lloyds of London is a market for insurance and reinsurance in London, United Kingdom. Its a world leader in insurance markets and provides specialist insurance assistance to firms in more than 200 territories and countries.
What Does Lloyd's of London Do?
Lloyds is a corporate body, not an insurance company, that is regulated by Lloyds Act 1871 and following acts of Parliament. Edward Lloyd owned Lloyds Coffee House on Tower Street in London, which is where the market began around 1686. Lloyds of London is a market of members. Lloyds is the oldest insurance marketplace that has been continuously active in the world. It has held onto unusual practices and structures that are not like other providers. The Council of Lloyds has six nominated members, six external and six working members. The Governor of the Bank of England is responsible for appointing the nominated members, which includes the chief executive officer. The external and working members are chosen by Lloyds members. The chairman and deputy chairpersons get elected annually by the working members of the Council. Regulating bodies approve all members. At Lloyds, there are two divisions of firms and people active. The first class of people is the members or capital providers. Next, there are the agents, brokers, and others who support the members, represent outside customers and underwrite the risks. There are managing agents who manage and sponsor syndicates. A major source of business for Lloyds is the coverholders. In 2015, there were 4,008 coverholders who generated a lucrative share of the overall premium income for the market. A network of brokers is how Lloyds business remains balanced and distributed globally. Financial security is vital. Policyholders have peace of mind and the capital providers gain confidence. Lloyd has a special capital structure, known as the Chain of Security that involves central assets, funds of members at Lloyds and syndicate level assets. All of these provide exceptional financial security to policyholders and give members capital efficiency.
- What is insurance?
- Captive Agent
- Independent Agent
- Captive Insurance Company
- Combined Ratio
- Claims Adjuster
- Capital at Risk
- Assigned Risk
- Incurred But Not Reported
- Qualified Actuary
- Cession (Re-Insurance)
- Burning Cost Ratio
- What is an insurance contract?
- Accidental Means
- Anti-stacking Provisions
- What is an insurable interest?
- What are the common categorizations of insurance?
- National Association of Insurance Commissioners
- Insurance Regulatory Information System
- American Academy of Actuaries Definition
- American Association of Insurance Services Definition
- American Council of Life Insurance Definition
- American Insurance Association Definition
- American Risk and Insurance Association Definition
- LLoyd's of London
- Associate in Insurance Services (AIS) Definition
- Associate in Loss Control Management Definition
- Associate in Marine Insurance Management Definition
- Associate in Personal Insurance Definition
- Associate in Reinsurance (ARe) Definition
- Associate in Risk Management Definition
- Associate in Commercial Underwriting Definition
- Associate in Insurance Accounting and Finance Definition
- Associate in Surplus Lines Insurance Definition
- Chartered Insurance Professional Definition
- Chartered Life Underwriter Definition
- Chartered Property Casualty Underwriter Definition
- Vehicle insurancePrivate Passenger Auto Insurance Risk Profile
- Underinsured Motorist Coverage
- Uninsured Motorist Coverage
- Omnibus Clause
- Health Maintenance Organization
- Capitated Contract
- Point of Service Plan
- Children's Health Insurance Program
- Disability Insurance?
- Credit Disability Insurance
- Life Insurance?
- Cash Surrender Value
- Absolute Beneficiary
- Acceleration Life Insurance
- Accelerated Benefit
- Accelerated Option
- Accelerative Endowment
- Charitable Gift Life Insurance
- Incontestability Clause
- Waterfall Concept
- Assumed Interest Rate
- Clean Sheeting
- Hazard Insurance
- Homeowners, Renters, and Fire Insurance?
- Participating Community (Flood Insurance)
- Insurance Considerations for Business
- Business Liability Insurance
- Commercial General Liability
- Liability Risk Retention Act
- Excess Insurance and Umbrella Insurance Policy
- Business Interruption Insurance
- Key Person Insurance Definition
- Own-Occupation Policy
- Self-Funded Health Insurance Plan
- Basket Retention Policy
- Commercial Blanket Bond
- Alternative Risk Transfer Market Definition
- Commercial Property Casualty Market Index Survey
- What are the primary obligations of the insurer?
- Earned Premium
- Reservation of Rights Letter
- Collateral Source Rule
- What are the primary obligations of the insured?
- Insurance Premium
- Affidavit of Loss
- What is the general structure of an insurance contract?
- Ambiguity Principle
- Accommodation Line
- What are the common disputed provisions in an insurance contract?
- Absolute Exclusion
- All Risks Clause
- What is required for the termination of an insurance contract?
- Risk Management
- Professional Risk Manager
- Associate in Management (AIM)
- Financial Risk Manager
- Forecasting (Business)
- Objective Probability
- Unconditional Probability
- Enterprise Risk Management (ERM)
- Operational Risk
- Business Recovery Risk
- Political Risk
- Asset Protection
- Performance Bond
- Barra Risk Factor Analysis Definition
- Above Ground Risk (Mining Industry)
- Bumbershoot Policy (Maritime)
- Abandonment Clause (Boat or Vessel)
- Bobtail Liability Insurance (Trucking Industry)
- Anti-Indemnity Statute (Construction)