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Simple English definitions for legal terms
Lloyd's underwriters
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A quick definition of Lloyd's underwriters:
Term: LLOYD'S UNDERWRITERS
Definition: Lloyd's underwriters are a group of people who work together to provide insurance. They use a common name and have someone who is authorized to make insurance contracts on their behalf. This person can only make contracts within certain limits. They are also known as Lloyd's association or American Lloyd's.
A more thorough explanation:
Definition: Lloyd's underwriters are a group of insurance underwriters who operate under a common name. They are not incorporated and work through an attorney-in-fact who has the authority to obligate the underwriters individually, within specific limits, on insurance contracts that the attorney issues in the common name.
Examples: For example, if a person wants to insure their home, they can approach a Lloyd's underwriter who will issue a policy in the name of Lloyd's. The underwriters who are part of the association will then share the risk and liability of the policy. Another example is if a business wants to insure their assets, they can approach a Lloyd's underwriter who will issue a policy in the name of Lloyd's, and the underwriters will share the risk and liability of the policy.
Explanation: Lloyd's underwriters are a group of insurance underwriters who work together under a common name to share the risk and liability of insurance policies. They are not incorporated and work through an attorney-in-fact who has the authority to obligate the underwriters individually, within specific limits, on insurance contracts that the attorney issues in the common name. This means that the underwriters share the risk and liability of the policies issued by the attorney-in-fact.