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1. Warranty. A warranty is defined by the Act. "It is an undertaking by the assured that some particular thing shall or shall not be done or that some conditions shall be fulfilled, or where by he affirms or negates the existence of a particular state of facts. Warranty is an important condition which must be complied with strictly. The policy may be declared void for non compliance with any of them. Warranty may be expressed or implied.
2. Lloyd's Association. (Lloyd's) Lloyd's association was organized at Lloyd's Coffee House in London in the late 17th century. This place was situated near the River Thames where exporters, underwriters and the brokers frequently met each other.
It is the association of over 6000 underwriters who provide facilities for transacting insurance in their individual capacity. They do not deal with the public directly.Marine insurance with them must be placed through a broker who is a very responsible person. It is his duty to approach an underwriter in "The Room".
If underwriter agrees the term with brokers, he initials the slip to show the extent of his acceptance. The ship is the document from which the broker prepares the policy. This is done in the broker's office but all policies are checked and signed by the clerks of each underwriter. This policy is named as Lloyd's policy which is finally forwarded to client.
2. Lloyd's Association. (Lloyd's) Lloyd's association was organized at Lloyd's Coffee House in London in the late 17th century. This place was situated near the River Thames where exporters, underwriters and the brokers frequently met each other.
It is the association of over 6000 underwriters who provide facilities for transacting insurance in their individual capacity. They do not deal with the public directly.Marine insurance with them must be placed through a broker who is a very responsible person. It is his duty to approach an underwriter in "The Room".
If underwriter agrees the term with brokers, he initials the slip to show the extent of his acceptance. The ship is the document from which the broker prepares the policy. This is done in the broker's office but all policies are checked and signed by the clerks of each underwriter. This policy is named as Lloyd's policy which is finally forwarded to client.
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