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A newspaper reporter wrote that ""Lloyd’s of London is an association that provides physical facilities and services to the members for selling insurance. The insurance is underwritten by various syndicates who belong to Lloyd’s."" Describe Lloyd’s of London with respect to each of the following: a. Liability of individual members and corporations b. Types of insurance written c. Financial safeguards to protect insureds

Respuesta :

20010002

Answer:

a. Limited legal liability

b. Individual, Corporations

c. Limited only to a small number of Jurisdictions

Explanation:

a. The individuals and corporations who belong to the Syndicate made up by the Lloyd's of London will all have a limited legal liability. The Corporations who have Limited Liability or they have Limited Legal Liabilities can also join the formed syndicate.

b. The type of insurances written under this syndicate will be type of memberships that will include

      i. Corporations

      ii. Individual Members

      iii. Scottish limited Partnerships

c. The Lloyd;s of London is only licence to underwrite the insurance only in a small number of Jurisdictions in US Members.

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