CORPORATION OF LLOYD'S

Corporation of Lloyd's came into being at the end of the 17-th century and got its name after the owner of the coffee­house in London where transaction on marine insurance had been made. Regulations of Lloyd's were approved in 1871 by law of Lloyd's Act.

At the beginning of the 18-th century Lloyd's began to issue ship's list. Later on Lloyd's Register of Shipping had been establishedon its basis. Nowit supervises for the ship­building, confers their class and annually issues merchant ship's register of all countries with the indication of the port of registry.

It was the Lloyd's that established Salvage Association in 1857 for the protection of wrecked ships and damaged appurtenance. Each insurer while contracting marineinsurance con­firms by his signature the insurance sum in the limitsof which he assumes on himself the responsibility according to the cont­ract and therefore is called the "underwriter".

To ensure solvency of Lloyd'smembers each insurer tran­sfers paymenton Lloyd's account which is spent on calculations withthe insurant in case of underwriter's insolvency.

Associations of mutual insurance secure ship owner’srespon­sibility on annual or voyage basis. Their financial resources are made up from payments on account (which is paid on one occasion only or periodically) and also from additional payments obtained on demand.

For payment of especially high claimsso called catastrophical payments are obtained. Associations of mutual insurance (Clubs) have their representatives at the ports of different countries. The largest is the Bermudas Shipping Insurance Association. The total sum tonnage of insured ships is about 200 milliongross register tons.

II. NOTES:

to issue - издавать

Lloyd's Register of shipping - Регистр: судоходства Ллойда

to confer - присваивать

Salvage Association - Ассоциация для защиты коммерческих

инте­ресов в отношении подвергнувшегося

крушению и поврежденного имущества

Assume - принимать на себя

insurer, assuarer - страховщик

underwriter - страховщик

insurant - страхователь

additional payments obtained on demand

insured - застрахованный

assured - застрахованный

Association of Mutual Insurance - Ассоциация взаимного страхования

appurtenance - судовое имущество

III. ANSWER THE FOLLOWING QUESTIONS:

1.When and by whom was the Lloyd's Act approved?

2.What Organisation supervises for the shipbuilding and confers their class?

3.What are the underwriter's obligations?

4. On what basis does the Association of mutual insuarance secu­re ship owner's responsibil ity?

5. Who established the Salvage Association?

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