The unique features of the Lloyd’s Corporation and Market and their governing rules are complex and are often difficult to navigate even for the most seasoned practitioner. This book provides the reader with a definitive and detailed guide, and is essential for any practitioner dealing with Lloyd’s Insurance.
After a brief historical account, the book provides a thorough legal description and analysis of Lloyd’s, which includes topics ranging from the constitution and membership requirements of Lloyd’s, UK and overseas regulation, the processes for placing and underwriting business and handling claims, chain of security, enforcement and disciplinary matters, compensation and the reconstruction and the renewal of the Lloyd’s market between 1990 and 1996.
The book will be an invaluable reference tool for insurance practitioners and professionals dealing with Lloyd’s.
Julian Burling is a barrister at Serle Court, and has been involved in advising on and implementing nearly all significant legal developments at Lloyd’s in the last 25 years.
"This is an excellent new book which deserves praise of the highest order: in its specialist field it makes a material contribution to the broadening of knowledge and understanding. It is a book which will serve the needs of many with an interest in the Lloyd's market and it may be said of any insurance library that does not have this book on its shelves that it is to that extent incomplete and deficient." - Journal of International Maritime Law (2013) 19
"The author’s approach to the subject is comprehensive detailed and thorough. Yet the book is set out and composed in a clear, logical, readble and readily understandable style. It has already become an essential tool for practitioners dealing with Lloyd’s transactions." - Jonathan Goodliffe, solicitor for the British Insurance Law Association Journal (issue 127, 2014)
Chapter 1. An Overview of the Current Lloyd's Market Chapter 2. A Brief History of the Lloyd's Market Chapter 3. Lloyd's- A Statutory Body Chapter 4. Members and Membership of Lloyd's Chapter 5. Regulation of Lloyd's Market under FSMA Chapter 6. Syndicates (1): Structure and Participation Chapter 7. Syndicates (2) Standard Agency Agreements Chapter 8. Managing Agents Chapter 9. Members' Agents Chapter 10. Lloyd's Brokers and other Agents of the Assured Chapter 11. Placing and Accepting Insurance at Lloyd's: Open Markets Chapter 12. Delegating Underwriting Chapter 13. Claims Process at Lloyd's Chapter 14. Accounts and Payment of Premiums and Claims Chapter 15. Supervision of Underwriting at Lloyd's Chapter 16. Capital Requirements Chapter 17. Financial Resources at Lloyd's (1): Syndicate Level Chapter 18. Financial Resources at Lloyd's (2): Member Level- "Funds at Lloyd's" Chapter 19. Financial Resources at Lloyd's (3): The Central Fund and Other Central Assets Chapter 20. Solvency Test Chapter 21. Accounts and Reporting Chapter 22. Taxation of Members Chapter 23. FSMA Part VII: Insurance Business Transfers to or from Members of Lloyd's Chapter 24. Enforcement Chapter 25. Dispute Resolution Chapter 26. Regulation of Members of Lloyd’s Overseas Chapter 27. Agency Department Chapter 28. Insolvency Procedures Chapter 29. The "Lloyd's Litigation"
This series deals with specialist subjects such as Lloyd’s and conflict of laws, as well as including more broad-ranging commentary on insurance legislation and litigation. Titles are written by premier legal minds, pre-eminent barristers, leading academics and Supreme Court Judges, which makes them an invaluable aid to all practitioners involved in insurance.