Editing Lloyd's of London (section)

===Financial security===
Lloyd's capital structure, often referred to as the "chain of security", provides financial security to policyholders and capital efficiency to members. The Corporation is responsible for setting both member and central capital levels to achieve a level of capitalisation that is robust and allows members the potential to earn superior returns.

There are three "links" in the chain: the funds in the first and second links are held in trust, primarily for the benefit of insureds whose policies are underwritten by the relevant member. Members underwrite for their own account and are not liable for other members' losses (i.e. liabilities are several, not joint).

The third link consists largely of the Lloyd's Central Fund, which contains mutual assets held by the Corporation which are available, subject to Council approval as required, to meet any member's liabilities. As well as the Central Fund, the third link contains Corporation assets, subordinated debt, and a "callable layer" which can be invoked should the final link require topping up.<ref name=lloydspub/>