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Simple English definitions for legal terms
London Lloyd's
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A quick definition of London Lloyd's:
London Lloyd's: This is another name for Lloyd's of London. It is a famous insurance market located in London, England. People and businesses can buy insurance policies from different insurance companies at Lloyd's. It is known for insuring unusual and high-risk items like celebrities' body parts, space rockets, and even haunted houses.
A more thorough explanation:
Definition: London Lloyd's is another name for Lloyd's of London, which is a well-known insurance market located in London, England. It is a place where insurance underwriters and brokers come together to provide insurance coverage for a wide range of risks.
Example: A company that wants to insure its new product against potential defects can go to London Lloyd's to find an underwriter who will provide coverage for that risk.
Explanation: London Lloyd's is a marketplace where insurance professionals can connect and provide coverage for various risks. The example illustrates how a company can use London Lloyd's to find an underwriter who will provide insurance coverage for a specific risk, in this case, potential defects in a new product.