A contract covering a type of excess reinsurance (per risk) in which loss frequency is anticipated as opposed to loss severity. Thus a working cover would usually have a low indemnity and would attach above a relatively low retention.
Insurance Encyclopedia
Working excess of loss per event
Retention and cover apply to the sum of all losses from the same event; unlike a catastrophe excess of loss there is no two risk warranty and the deductible is low enough to be triggered by a single risk.
Working excess of loss per risk
Deductible and cover are applied individually for each risk regardless of whether losses are caused by a single event.
Working in progress cover
Credit insurance protecting a manufacturer who has committed resources to enter into contracts with suppliers against losses due to default by the prospective customer.
Working Layer
The first layer above the cedant’s retention wherein moderate to heavy loss activity is expected by the cedant and reinsurer. Working layer reinsurance agreements often include adjustable features to reflect actual underwriting results.
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UK: See: WORKING COVER.
Working member
A Lloyd’s underwriter principally occupied with the conduct of business at Lloyd’s by working for a Lloyd’s broker or underwriting agent.
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A member who occupies himself principally with the conduct of business at Lloyd’s by a Lloyd’s broker or underwriting agent, or a member who has retired but who immediately before his retirement occupied himself in this way.
Working partners
See: injury to working partners clause.
Workmen’s Compensation Insurance or Employers’ liability Insurance
The Policy protects the employers against their legal liability to their employees for payment of compensation arising as a result of death or disablement of the employees arising out of and in the course of employment. This liability may arise under the Workmen’s Compensation Act, 1923; the Fatal Accidents Act, 1855 or at Common Law. (1) The Workmen’s Compensation (Amendment) Act, 2009 is now renamed as The Employee’s Compensation (Amendment) Act, 2009 and wherever “workman” or “workmen” is mentioned in the entire Act the same needs to be read as “Employee”…(2) The compensation payable on death from the injury, is (i) minimum of Rs.80000 is increased to Rs.120000 or (ii) 50% of the monthly wages of deceased multiplied by the relevant factor. (3) The compensation payable on Permanent Total Disablement from the injury, is (i) minimum of Rs.90000 is increased to Rs.140000 or (ii) 60% of the monthly wages of deceased multiplied by the relevant factor.
Workplace (Health, Safety and Welfare) Regulations 1992
Regulations, imposing duties on employers and those in control of workplaces (mining and construction sites excepted), aimed at: (a) health and safety in the workplace covering the environment in which employees are expected to work (ventilation, temperatures etc.); (b) design and maintenance of the premises (condition of floors, traffic routes, etc.); and (c) welfare facilities. The Regulations apply to all parts of the workplace including outdoor workspace. A breach of the Regulations is criminal and also provides the basis for a civil action.
Works Damage Insurance
An engineering insurance relevant to businesses producing manufactured goods with installed plant and machinery which may, along with the manufactured goods, suffer accidental damage in the factory. The property is insured against damage following accidental external impact, including falling, toppling, overturning or dropping at the location. The policy usually extends to cover customers’ property undergoing repair or renovation and, in certain circumstances, loading and transit cover in respect of new products may be included. The policy carries an excess and exclusions relate to fire and additional perils, theft, faulty workmanship, electrical and mechanical breakdown, loading for despatch, the initial installation or final removal (these are insured as transit risks).