Lloyd’s

This Institution of worldwide reputation is not, though supposed by many to be, a gigantic Insurance Company. — It is an A ociation of an unlimited number of gentlemen, consisting at present of nearly 700 Members, and upwards of 500 Subscribers, w£o meet daily -in the building, the Royal Exchange, London; and whose busine is to transact Marine Insurances. The A ociation comprises Underwriting and Non-Underwriting Members, all being entitled to vote at the General Meetings. Before admi ion as a Member, enquiries as to the means, antecedents etc. of the party are instituted.. - The Underwriting Members are Insurers, but each of them acts independently, conducting his own busine on his own judgement, and at his own risk; transactions for which neither the Committee, nor other Members are liable. Therefore the difference between..Lloyd’s” and an., Insurance Company is, that the latter would undertake the risk of a large amount say 15000 on a ve el, which would not be taken by one Underwriter, but distributed amongst many; one signing perhaps for £ 200, another for £ 100, a third for £ 50 and so forth, till the gro amount was covered. All Members are entitled to the same privileges, whether Underwriters, Insurance-Brokers etc. '