VATINS4305 | Insurance underwritten at Lloyd’s of London: Lloyd’s members: general

Members (sometimes called ‘Names’) underwrite insurance policies at Lloyd’s under which they assume several liability (that is, each member is liable to pay his own share but not others’ shares). Members can be individuals, Limited Liability Partnerships, Scottish Limited Partnerships or Limited Liability companies.

Although the members are legally the insurers, as they underwrite the insurance risks (see SOC decision in VATINS4510), for ease of administration, the supply of insurance for VAT purposes can be taken to be made by the syndicate.