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Syndicate
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===The insurance syndicate as distinguished from the corporate insurer=== It is canon to the operation of the insurance syndicate that the liability of the suppliers of surplus is several and not joint. This means that members or subscribers at insurance syndicates obligate themselves to a precise individual separate and several liabilities rather of a joint liability. Insurance syndicates are not "incorporated" and may not be incorporated: the US Supreme Court has held in Roby v Lloyd's<ref name="Roby v Lloyd's 1353, P 97,458">Roby v Lloyd's; 996 F.2d 1353, 61 USLW 2796, Fed. Sec. L. Rep. P 97,458, RICO Bus.Disp.Guide 8307, 1993 U.S. App. LEXIS 13089</ref> that insurance syndicates have no separate existence. Today, insurance syndicates seem present in three forms:
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