Leading Underwriter

The Underwriter whose Syndicate appears before the Syndicate of any other Underwriter on a slip.

Liability Insurance

Insurance to cover the legal liability of the Insured to the extent of such liability but subject to any limitations expressed in the Policy.

Libel & Slander Cover

Provides cover for actions brought against the policyholder for libel, slander or defamation.

Limit

Maximum amount a Policy will pay either overall or under a particular coverage.

Line

The proportion of a Risk accepted by an Underwriter. Also used to refer to the amount which an Underwriter has fixed as his maximum exposure for any one Risk.

Line Slip

An agreement between a group of Underwriters and, as the case may be, insurance companies and a Lloyd’s Broker whereby, in respect of a specific class of insurance business, certain named or otherwise designated Underwriters or insurance companies within the group may accept Risks introduced by that Lloyd’s Broker on behalf of all of the Members of the group in accordance with the terms of the agreement.

Lloyd's Broker

A partnership or corporate body permitted by the Council to broke insurance business at Lloyd's.

Loss

A Claim under a Policy. The financial Loss caused to the Insured by the happening of the event insured against.

Loss of Documents cover

Provides cover to the policyholder for the costs of repairing or replacing documents damaged or destroyed whilst in their possession. This includes in some circumstances where computer documents are lost. These can be the clients own documents or those of a third party.