London
question: Where was Lloyd's located?, context: Excess of loss contracts, like those commonly used for umbrella and general liability insurance, or to insure against property losses, will typically have a low ratio  of premium paid to maximum loss recoverable.   This ratio (expressed as a percentage), commonly called the "rate on line" for historical reasons related to underwriting practices at Lloyd's of London, will typically be low for contracts that contain reasonably self-evident risk transfer.  As the ratio increases to approximate the present value of the limit of coverage, self-evidence decreases and disappears.
Where was Lloyd's located?
  This ratio (expressed as a percentage), commonly called the "rate on line" for historical reasons related to underwriting practices at Lloyd's of London , will typically be low for contracts that contain reasonably self-evident risk transfer.
Excess of loss contracts, like those commonly used for umbrella and general liability insurance, or to insure against property losses, will typically have a low ratio  of premium paid to maximum loss recoverable.   This ratio (expressed as a percentage), commonly called the "rate on line" for historical reasons related to underwriting practices at Lloyd's of London, will typically be low for contracts that contain reasonably self-evident risk transfer.  As the ratio increases to approximate the present value of the limit of coverage, self-evidence decreases and disappears.
 This ratio (expressed as a percentage), commonly called the "rate on line" for historical reasons related to underwriting practices at Lloyd's of <hl> London <hl> , will typically be low for contracts that contain reasonably self-evident risk transfer.
Excess of loss contracts, like those commonly used for umbrella and general liability insurance, or to insure against property losses, will typically have a low ratio of premium paid to maximum loss recoverable. This ratio (expressed as a percentage), commonly called the "rate on line" for historical reasons related to underwriting practices at Lloyd's of <hl> London <hl>, will typically be low for contracts that contain reasonably self-evident risk transfer. As the ratio increases to approximate the present value of the limit of coverage, self-evidence decreases and disappears.
Excess of loss contracts, like those commonly used for umbrella and general liability insurance, or to insure against property losses, will typically have a low ratio of premium paid to maximum loss recoverable. <hl> This ratio (expressed as a percentage), commonly called the "rate on line" for historical reasons related to underwriting practices at Lloyd's of London , will typically be low for contracts that contain reasonably self-evident risk transfer. <hl> As the ratio increases to approximate the present value of the limit of coverage, self-evidence decreases and disappears.