Lloyd’s

An association in the city of London, the members of which underwrite each other's policies. 2 Steph. Com., 11th ed. 138, n. The name is derived from Lloyd's coffee house, the great resort for seafaring men and those doing business with them in the time of William III. and Anne. The affairs of the association are managed by a committee called Lloyd's Committee, who appoint agents in all the principal ports of the world, whose business it is to forward all such maritime news as may be of importance in guiding the judgment of the underwriters. These accounts, which arrive almost hourly from some part of the world, stating the time of a vessel's sailing, is prima facie evidence of what it contains; 11 M. & W. 116; 11 Beav. 288. See Lloyd's Insurance.

An association in the city of London, for the transaction of marine insurance, the members of which underwrite each other's policies. See Durbrow v. Eppens, 65 N. J. Law, 10, 46 Atl. 585.

— Lloyd's bonds. The name of a class of evidences of debt, used in England; being acknowledgments, by a borrowing company made under its seal, of a debt incurred and actually due by the company to a contractor or other person for work done, goods supplied, or otherwise, as the case may be, with a covenant for payment of the principal and interest at a future time. Brown.

An association in London whose members underwrite each other's policies, — so called from Lloyd's coflfee-house, formerly a resort for seafaring men. Lloyd's bonds: admissions of indebtedness, issued under seal of a company, with a covenant for payment. Lloyd's lists: accounts of the arrival and departure of vessels and of maritime losses and casualties.

An association in the city of London, the members of which uniterwrite each other's policies.

An association in London whose members underwrite each other's marine policies. Named from Lloyd's coffee-house, the resort of seafaring men and those who did business with them, in the times of William the Third and Anne — 1690-1700. Lloyd's lists. Accounts of the arrivals, departui-es, casualties, and losses to ships. Lloyd's bonds. Sealed acknowledgments of debt by a borrowing company, with covenants for payment.'

An association in the city of which underwrite each other's policies. missions of indebtedness, issued under with a covenant to pay at some future

An association in the city of London, the members of which underwrite each other's policies. In the times of William the Third and Queen Anne, when coffee-houses in London were the fashionable places of resort, Lloyd's coffee-house, at the corner of Abchurch Lane, Lombard Street, became the wonted resort of seafaring men, and those that did business with them. There, and subsequently in Pope's Head Alley, and ultimately on was successively removed, the underwriters of London congregated, having formed at this centre an association among themselves, and with it a system of agency radiating everywhere. Lloyd's underwriters now meet and carry on their business in subscription rooms over the Royal Exchange, still called Lloyd's. The affairs of the subscribers to these rooms are managed by a committee, chosen from their own number, called Lloyd's committee, and presided over by a chairman. Agents (generally called Lloyd's agents) are appointed by the committee in all the principal ports of the world, whose business it is to forward accounts of all departures from and arrivals at their ports, as well as of losses and other casualties; and, in general, all such information as may be supposed to be of importance in guiding the judgment of the underwriters. These written accounts, which arrive daily, and almost hourly, from some part or other of the world, are posted up as fast as they come in, and are called Lloyd's Written Lists. These written lists are copied into three.books, called Lloyd's Book, and are subsequently printed and filed, and copies are distributed to subscribers. See Arn. Mar. Ins. (4th ed.) 135. Lloyd's bonds. The name of a class of evidences of debt, used in England; being acknowledgments, by a borrowing company made under its seal, of a debt incurred and actually due by the company to a contractor or other person for work done, goods supplied, or otherwise, as the case may be, with a covenant for payment of the principal and interest at a future time. These are valid securities, if issued bona fide, and within the company's powers of borrowing; but, when found to be a mere device for evading provisions restricting the corporate power to borrow, they have been disallowed.