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Gross value

Defined in the Marine Insurance Act 1906, s.71(4), as the wholesale price or estimated value ruling on the day of sale after freight, landing charges and duty have been paid. ‘Gross proceeds’ is the price obtained at a sale, all charges on sale being paid by the seller (Marine Insurance Act 1906, s.73).
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Gross value means the wholesale price of goods or merchandise or, if there be no such price, the estimated value with, in either case, freight, landing charges, and duty paid beforehand.

Gross Value of Cargo

Gross value has been defined in sub-section (4) of Section 71 of the marine Insurance Act as follows: “Gross value is the wholesale price or the estimated value arrived at taking into account payment of freight, landing charge and the duty. All these charges are payable whether the cargo is sound or damaged.”

Gross Vehicle Weight for Motor

Means in respect of any vehicle, the total weight of the vehicle and load certified and registered by the Registering authority as permissible for the vehicle.
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In respect of any vehicle, the total weight of the vehicle and load certified and registered by the registering authority as permissible for that vehicle.

Gross written premium (GWP)

The total premium (direct and assumed) written by an insurer before deductions for reinsurance and ceding commissions. Includes additional and/or return premiums. Written does not imply collected, but the gross policy premium to be collected as of the issue date of the policy, regardless of the payment plan.
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This is the total premium written by an insurer in the reporting period, before any deductions are made for reinsurance.

Grossing-up Factor

A factor used to adjust a base figure to an ultimate one. For example (01) The ratio between the ultimate cost and the accumulated payments at a prior development period, as used in statistical claims projection methods, such as the chain ladder method. (02) The scaling-up of claims experience to allow for the expectation of the occasional very large claim. This is used in experience rating of individual claims experience that has been stripped of any very large claims. It is also sometimes used in motor rating to make adequate allowance for large bodily injury liability claims, stripped out of a basic analysis.