Lloyd's is a renowned insurance market located in London, where various insurance underwriters come together to provide coverage for a wide range of risks. It operates as a marketplace rather than a traditional insurance company, allowing different syndicates to offer policies tailored to specific needs, from marine and aviation insurance to more specialized coverage. Founded in the late 17th century, Lloyd's has a rich history and is known for its unique structure, where members share risks and profits. The organization is governed by the Lloyd's Act, which ensures that it operates under strict regulatory standards, maintaining its reputation as a leader in the global insurance industry.