Lloyd’s of LondonInsurance. 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.
? The names of the bound underwriters and the attorney-in-fact appear on the policy.
¡ª Also termed Lloyd’s; London Lloyd’s. [Cases: Insurance 1220. C.J.S. Insurance ¡ì 1709.]