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First excess

The first layer of excess of loss cover. Example: the first £300,000 in excess of the reinsured retention of £100,000. The term has also been used in the LMX market to refer to the first excess (i.e. additional deductible) that the reinsured retains for its own account before the excess of loss reinsurer becomes liable.

First Loss

A form of insurance cover in which the sum insured is less than the full value of the insured property, so that the policyholder has to bear any loss in excess of the sum insured. It is appropriate in circumstances where the policyholder considers that a loss in excess of the sum insured is extremely unlikely or the item is effectively priceless. It is commonly used in fire and Burglary insurances. Also, in credit insurance, an excess.

First loss insurance

The first policy that claims are submitted to for a loss, before any other policy that covers the same peril. This term can also mean a policy written for an amount that covers the anticipated loss during the policy term.
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Property insurance where the sum insured is accepted to be less than the value of the property but the insurer undertakes to pay claims up to the sum insured.

First loss policies

A property insurance for an amount known to be less than the value of risk. It is used when it is inconceivable that all property would be lost in a single claim, e.g. theft of total stock of heavy steel. The insurer pays all losses up to the agreed sum insured unless the insured has understated the value at risk in which case a form of average will be applied.

First named insured

The first person listed on a commercial insurance policy.
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An insurance policy may have more than one party named as insured. In such cases, the first named insured attends to policy housekeeping, that is, pays premiums, initiates (or receives notice of) cancellation, or calls for interim changes in the contract. This is spelled out in commercial policies in the common policy conditions.