Funds of an approved form that are lodged and held in trust at Lloyd’s as security for a member’s underwriting activities. They comprise the members deposit, personal reserve fund and special reserve fund and may be drawn down in the event that the member’s syndicate level premium trust funds are insufficient to cover his liabilities. The amount of the deposit is related to the member’s premium income limit and also the nature of the underwriting account. (See risk based capital).

Assets that would normally be paid over to a reinsurer but are withheld by the cedant to permit statutory credit for non-admitted reinsurance, to reduce a potential credit risk or to retain control over investments. (See: Rating)

Interchangeable such as a certain type and grade of wheat stored in a public elevator. Thus a claim may be settled by tendering the same amount, type and grade but not necessarily the original material.

Usually an all risk form which applies to the furs and jewellery scheduled in the policy whatever their location country-wide or world-wide.

Insurance that covers jewelry and furs against all risks, regardless of where they are located.

A violent bursting with noise of the Fire box of a furnace. This type of happening is covered by the Fire Insurance explosion policies, while an explosion of the boiler would come under a Boiler Explosion Policy.

This coverage is similar to a Jewelers Block policy but is designed for fur dealers and fur storage facilities. (See Bailee Coverage; Care, Custody, and Control Exclusion; Jewelers Block).

An Inland Marine purchases by a furrier to protect furs in storage belonging to customers.
***
US: See: Bailees floater.