Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Lloyd's
See LLOYD'S OF LONDON.
Lloyd's association
See LLOYD'S UNDERWRITERS.
Lloyd's bond
Hist. English law. A corporate bond issued on work done or goods delivered. 0 A bond issued in this manner avoids any restriction on indebtedness existing either in law or in corporate bylaws. The term supposedly derives from an English lawyer named Lloyd, who is credited with devising the method.
Lloyd's insurance
Insurance provided by insurers as individuals, rather than as a corporation. ( The insurers' liability is several but not joint. Most states either prohibit or strictly regulate this type of insurance. See LLOYD'S OF LONDON.
Lloyd's of London
1 A London insurance mart where individual underwriters gather to quote rates and write insurance on a wide variety of risks. 2. A voluntary association of merchants, shipowners, underwriters, and brokers formed not to write policies but instead to issue a notice of an endeavor to members who may individually underwrite a policy by assuming shares of the total risk of insuring a client. 0 The names of the bound underwriters and the attorney-in-fact appear on the policy. -Also termed Lloyd's; London Lloyd's.
Lloyd's underwriters
An unincorporated association of underwriters who, under a common name, engage in the insurance businessthrough an attorney-in-fact having authority to obligate the underwriters severally, within specified limits, on insurance contracts that the attorney makes or issues in the common name. - Also termed Lloyd's association; American Lloyd's.
american lloyd's.
see lloyd's underwriters.