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Leading underwriter agreement

An agreement that allows for certain changes in conditions to be agreed by the leading Underwriter without the agreement of all subscribing Underwriters. The LUA is being superseded by the General Underwriters Agreement although it remains possible to incorporate the LUA into the new LMP slip. See GENERAL UNDERWRITERS AGREEMENT.

Leading underwriter/insurer

1. Lloyd’s underwriter or company recognised as a specialist or as having the greatest capacity in a particular class of business. They are first to take a portion of the risk and quote a rate of premium. Other underwriters follow by accepting portions of the risk. On large risks it may be necessary to select two/three specialist leaders. 2. The insurance company on a coinsurance policy who has accepted the largest share of the risk and accepts responsibility for the survey and administration of the insurance.

Leakage

1. Marine policies cover leakage caused by maritime perils. Leakage may also be an insured peril but this will not include loss from ordinary leakage occurring in liquids by evaporation, soaking into the container or other natural causes except to the extent that the loss of liquids (e.g. palm olives or molasses shipped in bulk) exceeds a certain amount or percentage. This is known as ullage. 2. Household. Leakage of oil from any fixed heating installation under both buildings and contents insurances is covered.

Leakage and Contamination Add On Peril under Standard Fire and Special Perils Policy

In consideration of additional premium the policy may be extended to cover risks of (a) physical loss of oil/chemicals by leakage from its container by accidental means and all accidental contaminations by contact with foreign matter, subject to exclusions specified or (b) physical loss of oil/chemical by leakage from its container by accidental means subject to exclusions specified. Extension applies to oils and chemicals and not to any other commodity. Cover commences only on or after the receipt of subject matter in lands tanks. In case of loss the basis of adjustment shall be the market value at the time and place of loss. In case of earthquake shock 72 hours clause for calculation of loss by single earthquake shall apply. Each claim for loss or damage shall be adjusted separately subject to an excess of 1% of ach tank with a minimum of Rs. 60,000 for each loss.

Lease

A contract between an owner of real estate and the tenant which states the considerations and conditions upon which the tenant may occupy and use the property, as well as the responsibilities of both owner and tenant. If for a period of over one year, to be legally enforceable, the lease must be in Writing.

Leasehold Interest

Value of rights given by a favorable lease, determined by finding the difference between the rental value of the property at current rates and the rent payable under the terms of the lease. This amount is multiplied times the remaining term of the lease.