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Agreed business plan

A syndicate business plan that has been approved by or on behalf of Lloyd’s Franchise Board. No managing agent may underwrite for a syndicate without an agreed syndicate business plan. Agreed syndicate business plans may be amended with the agreement of the Franchise Board or someone acting on its behalf.

Agreed Medical Evaluator (AME)

Physician who is certified by the Industrial Medical Council (IMC) and conducts medicolegal evaluations of injured workers in workers’ compensation cases for insurance companies or workers’ compensation appeals board. AMEs are agreed on by the employer and a referee (represents the employee) or appeals board at the expense of one of the parties to resolve disputed medical issues. The AME is referred by the parties in a workers’ compensation proceeding. The report of an AME is considered the evidence of both parties. The AME renders an unbiased opinion about the degree of disability of an injured worker. May be referred to as independent medical evaluator (IME) or qualified medical evaluator (QME).

Agreed return

Marine insurer’s clause agreeing to return a certain part of their premium in return for a subsequent improvement in the character of the risk or in respect of a reduction in their potential liability under the policy. For example, cargo may be carried by a safer route than the one initially contemplated.

Agreed value clause

Though rare, some policies cover for a value agreed upon at the time of writing if the property is lost because of an insured peril, the amount stated in the policy will be paid. Fine arts insured under a personal articles floater or homeowners scheduled personal property endorsement are examples.

Agreed value policy

An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without any adjustment for depreciation or appreciation.

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See: VALUED POLICY.

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Policy which undertakes to pay a specified amount in case of total loss. Under this case the Policy does not take into account the current market value.

 

 

Agreed Values (aviation)

Aviation insurers pay total losses on aircraft on an agreed value basis rather than on the basis of the replacement value of the aircraft taking account of its age and condition. The agreed value is also used as the basis of settling partial loss claims. Insurers normally allow an agreed value of 10 per cent more or less than the market value when arranging the cover.