20-1027. Liability of underwriters;
limitation
An underwriter in a Lloyd's association may limit his total liability on all risks
to the amount of his subscription as expressed in his power of attorney and agreement
with the attorney-in-fact, provided that at least half of the subscription of each
underwriter shall be paid or contributed to the guaranty fund in cash or securities
constituting admitted assets. Each underwriter shall be responsible solely for his own
liability as fixed in the contract of insurance and shall not be liable as a partner, and
in no event shall the liability of an underwriter exceed the amount of his total
underwriters agreement executed in favor of his attorney or attorneys-in-fact.
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