Glossary

Litigation is the process of investigating and adjudicating the facts and law in a particular case or dispute. In general usage, it refers to the bringing or defense of a lawsuit.

A litigation hold may be issued to preserve all documentation related to a lawsuit or potential lawsuit in an effort to avoid spoliation of evidence. This includes electronic records and product complaints, whether they are paper-based documents or electronically stored information (ESI). A litigation hold may be issued by the manufacturing/service company's attorney or by the manufacturing/service company internally and requires the data in question to be protected so that it is accessible for the discovery process during litigation. If the company loses or destroys key documents—tangible or electronic—courts may rule that there is an automatic inference that the materials would have been unfavorable to the defendant. Furthermore, a company may have to pay penalties, including monetary fines and reimbursement of the opposing party's litigation costs, if it does not comply with a litigation hold. Also called "preservation order" or "hold order."

Litigation management is the application of management principles to the litigation process and to an organization's use of outside lawyers. Includes components of planning, controlling, organizing, implementing, and monitoring in the context of legal services and costs.

Little Miller Acts are state versions of the federal Miller Act. These laws require contractors working on state projects to furnish bonds or some other security for the protection of subcontractors and suppliers. State statutes vary widely in the degree of resemblance to the federal Act.

Livestock collision is a homeowners endorsement intended for "gentlemen farmers" with an incidental exposure to the death of farm animals. Payment is made for the death of livestock when caused by (1) collision or overturn of a vehicle on which the livestock is being transported or (2) livestock running into or being struck by a vehicle while the livestock is crossing, moving along, or standing in a public road.

Livestock coverage form is an inland marine policy that pays for a covered loss or damages to "livestock" on a named perils basis. "Livestock" is defined as cattle, sheep, swine, goats, horses, mules, and donkeys, and a "loss" is defined as the death or destruction of the livestock. This form, available on a stand-alone basis, is a good option for a tenant farmer who has no agricultural real property such as farmhouses and barns.

Living benefits are an option under some life insurance policies by which the insurer provides discounted policy proceeds (face amount, cash value, and dividends, if any) to a terminally ill insured. This permits the insured to meet extraordinary living, medical, or hospice expenses.

A Lloyd's broker is a client representative sanctioned by the Council of Lloyd's to contact underwriters at Lloyd's and negotiate insurance with the underwriters on behalf of the representative's clients. The client is the insured except in the case of US insureds when the client is normally the US broker or agent.

Lloyd's Central Fund is a fund to protect policyholders in case any underwriting member should be unable to meet their liabilities out of Syndicate Trust Funds, funds deposited at Lloyd's, reserves, and personal assets outside of Lloyd's. Every Lloyd's member makes an annual contribution to this fund.

A Lloyd's managing agent is a firm or company having complied with the requirements of the Council of Lloyd's for managing a syndicate (and that may also be a members' agent). Managing agents employ the underwriters.