Lloyd's is now the biggest International general insurance underwrite in the world. Ship owners and merchants are not legally bound to insure their property against loss or damage nor are they bound to insure against their legal liabilities to third parties but the modern method of financing, trade and shipping leave them with little or no choice whatsoever. The capital exposed to loss in modern ships with gigantic properties is such that few shipping lines could or would consider it desirable to carry the involved risks themselves.