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Institute of London Underwriters


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(ILU)

An association of UK insurance companies that cooperate with each other in providing a market for marine insurance and aviation insurance. Although Lloyd's underwriters are not members of the institute, the two organizations work closely with each other. The ILU appoints agents to settle claims, provides certificates of insurance for cargo shippers insured by members, and is responsible for drawing up its own insurance contracts for the use of members; it also draws up the Institute cargo clauses widely used in many marine and aviation policies.

Subjects: Financial Institutions and Services.


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