Lloyd's Coffee House
Lloyd's Coffee House
In 1688, in Tower Street in London, Edward Lloyd opened his first coffee house. One corner of the coffee shop was reserved for ships’ captains where they could compare notes. Wealthy individuals who frequented Lloyd’s coffee house would each take a share of the risk of insuring the ships and their cargoes, signing their names one beneath the other on the policy, thereby being known as “underwriters”. Lloyd moved his coffee shop to Lombard Street, London in 1691. Edward Lloyd himself was not involved in insurance but after his death in 1713 his coffee shop remained the center for marine insurance. In 1769, the coffee shop moved to Popes Head Alley as New Lloyds Coffee House. In 1771, seventy-nine underwriters who did business at Lloyd’s coffee shop subscribed £100 each and Lloyd’s Coffee House became The Society of Lloyd’s of London. It was incorporated in 1871. You’ll now find them at 1 Lime Street, London in the Inside-Out Building. The idiom “A-1? – an expression of something that is the best – comes from a term used in Lloyd’s Register of Shipping. It is used to describe a ship that is in topnotch condition. The key of the register indicates that the A stands for a new ship or a ship that was restored or renewed
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