VATINS4400 - Insurance underwritten at Lloyd바카라 사이트™s of London: syndicates
Syndicates are entities formed solely for the purposes of writing insurance within the Lloyd바카라 사이트™s market. A syndicate is a group of Lloyd바카라 사이트™s members, whether corporate or individual, who have joined together to insure risks. The members share in profits made by the syndicate but have several liability (that is, each member is liable for his own losses but members are not liable for each other바카라 사이트™s).
A syndicate can have as many as hundreds of members or as few as one corporate member. In addition, members can choose to participate in as many, or as few, syndicates as they wish.
Each syndicate is a venture established for a Lloyd바카라 사이트™s year of account which is closed when the syndicate year of account 바카라 사이트˜reinsures to close바카라 사이트™, usually into the following year of account of the same syndicate.
Syndicates are generally known by numbers. For example, Syndicate 2623 managed by Beazley Furlong Ltd is known simply as 바카라 사이트˜Syndicate 2623바카라 사이트™. If it is necessary to distinguish between different years of account of the same syndicate the year of account is put in brackets. Therefore, 바카라 사이트˜Syndicate 2623 (2003)바카라 사이트™means the 2003 year of account of that syndicate.
Syndicates are authorised, but not necessarily restricted, to write insurance business under the following broad headings; Marine; Aviation; Catastrophe; Professional indemnity; and Motor.
Syndicates are registrable for VAT in accordance with VATA 94 S 46(3) to account for the supplies of insurance. They can recover non-attributable input tax in accordance with the provisions of the LVA. Syndicates can only use stagger 1 as can any other VAT registered Lloyd바카라 사이트™s associated entity.
(See also VATINS4810 for information on assurance issues relating to syndicates.)