Lloyd’s of London

Insurance. 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.

— Also termed Lloyd’s; London Lloyd’s. [Cases: Insurance 1220. C.J.S. Insurance § 1709.]

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