Legal Dictionary of Pakistan

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.