Nautical words

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Liverpool Pantiles. Nickname for ships' biscuit.

Lizard. Rope or wire pendant with a round thimble at unattached end. Used as a fairleader, or for the attachment of a boat's painter.

Lloyd's. An international insurance market and world centre for shipping intelligence which originated in the 17th-century coffee house of Edward Lloyd in London. Incorpoyated by Act of Parliament in 1871, Lloyd's was originally concerned exclusively with marine insurance but nowadays individual underwriters accept almost every type of risk in the huge Underwriting Room in Lloyd's New Building, Lime Street, London, with annual premiums totalling over £360m. Insurances are placed through the 220 firms of Lloyd's brokers. The Corporation of Lloyd's does not itself transact business but provides the premises and many other services. Lloyd's Agents throughout the world, channel information to the Corporation of Lloyd's and these reports are published in many forms, including Lloyd's List (Lloyd's own, and London's oldest daily newspaper) and Lloyd's Shipping Index (a daily publication which lists the move­ments of some 16,000 ocean-going merchant vessels).

Lloyd's Agents. Representatives whose duties are to protect under­writers from fraud, negligence, needless expense, or mismanage­ment in the treatment of insured property that is in peril. They have a wealth of local and technical knowledge which they place at a Master's disposal; but they do not interfere with the Master, or relieve him of his responsibilities.

Lloyd's Bond. Stereotyped form of Average Bond approved and issued by Lloyds.

Lloyd's List.' Daily paper reporting movements of ships, rates of exchange, and other information of value to those interested in shipping matters.

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