Question

what was the first Lloyd's act

Answer 1

Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurancemarket located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliamentand operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".


The business underwritten at Lloyd's is predominantly general insurance and reinsurance, although a small number of syndicates write term life assurance. The market has its roots in marine insurance and was founded by Edward Lloyd at his coffee house on Tower Street in c. 1686. Today, it has a dedicated building on Lime Street within which business is transacted at each syndicate's "box" in the underwriting "Room", with the insurance policy documentation being known traditionally as a "slip".[1]

The market's motto is Fidentia, Latin for "confidence",[2] and it is closely associated with the Latin phrase uberrima fides, or "utmost good faith", representing the relationship between underwriters and brokers.[1]