VATINS4110 - Insurance underwritten at Lloyd바카라 사이트™s of London: history and current arrangements: current working arrangements
Members, whether individuals or corporate, group together to form syndicates in order to accept insurance risk.
Risks at Lloyd바카라 사이트™s are placed through brokers who shop around for insurance on behalf of their clients, and the types of insurance that can be purchased have widened out from just marine insurance to virtually all types of general insurance and reinsurance and some life insurance.
Under Lloyd바카라 사이트™s Act and byelaws, members of Lloyd바카라 사이트™s form themselves into syndicates to underwrite insurance. Each member, whether a company or person, underwrites on a several basis and is responsible for their own share of any profits or losses. Members may choose to participate in a number of different syndicates. Each syndicate comprises one or more members and is managed by a Managing Agent.
Each syndicate has a 바카라 사이트˜Managing Agent바카라 사이트™, who is appointed to manage its affairs. Employees of the Managing Agent undertake administration functions in relation to the insurance risks. Managing agent employs professional underwriters to underwrite risks on behalf of the syndicates.
Individual members including Scottish Limited Partnerships (SLPs), have to appoint a 바카라 사이트˜Members바카라 사이트™ Agent바카라 사이트™. Corporate members can appoint a Lloyd바카라 사이트™s Advisor. All Lloyd바카라 사이트™s members agents qualify as Lloyd바카라 사이트™s Advisors.
The Corporation of Lloyd바카라 사이트™s carries out the functions of advancing and protecting the interests of Lloyd바카라 사이트™s members in connection with their Lloyd바카라 사이트™s business.