Glossary

A Lloyd's managing agent is a firm or company having complied with the requirements of the Council of Lloyd's for managing a syndicate (and that may also be a members' agent).

A Lloyd's members' agent is a firm or company that provides administrative services and advice to Lloyd's members.

Lloyd's of London is an association of independent underwriters operating in the United Kingdom.

Lloyd's syndicates are the risk bearers at Lloyd's that write the insurance.

A Lloyd's underwriter is a person who determines premiums, terms, and conditions for insurance policies underwritten by Lloyd's syndicates.

Loan-backs are loans of assets from a captive to a shareholder or affiliated entity.

Locality Standard is a common law liability doctrine stating that the standard of care to which a physician is held is a function of the locality in which they practice.

Logistics are transportation services that include inbound and outbound transportation management, fleet management, warehousing, materials handling, order fulfillment, logistics network design, inventory management, supply and demand planning, third-party logistics management, and other support services.

London Interbank Offered Rate (LIBOR) is an interest rate that is set each business day morning in London by approximately 18 major banks.

Long-tail liability is the liability for claims that do not proceed to final settlement until a length of time beyond the policy year.