Process by which organic matter and soluble pollutants is washed out of a layer of soil, or dumped material, by percolating rainwater. Causes pollutants to enter the ground and groundwater. It causes gradual pollution (insurable only under environmental impairment liability cover). The material washed out is called leachate.
Insurance Encyclopedia
Lead Reinsurer
The reinsurer who negotiates the terms, conditions and premium rates and first signs on to the slip. Reinsurers who subsequently sign on the slip under those terms and conditions are considered following reinsurers.
Leader Location
A location which attracts customers to the insured’s business. One of the four types of dependent properties for which business income coverage may be written.
Leader location (Property Insurance)
Under business income insurance, one of the four kinds of dependent properties covered. A site that attracts customers to the insured’s business.
Leader Property
Merchant or other organization in a shopping mall or district which attracts customers into that district and, therefore, adds to the business volume of other stores or organizations in that are. When a particular district has a ‘leader’ property, every organization in that district may have a contingent business interruption loss exposure if that ‘leader’ property should shut down temporarily. (See ‘Contingent business interruption’)
Leading Case
A legal case setting a precedent which has been widely followed.
Leading Insurer or Underwriter
The Insurer (or Underwriter) who takes the lead in settling premium rates and agreeing policy conditions under a system of co-insurance. A lead underwriter may, or may not, be the lead claims handler depending on market practice and agreements for the class of business.
Leading Insurers or Underwriters Agreement
An agreement in the London marine insurance market whereby when there are alterations to a risk that do not materially affect it, they may be accepted by certain underwriters only whose acceptance will bind the others.
Leading Producers Round Table (LPRT)
An organization of agents who qualify for membership annually or on a lifetime basis by producing certain high levels of Health Insurance Premium Volume in a year. It is sponsored by the International Association of Health Underwriters.
Leading underwriter
in the Lloyd’s market, one of the experts in a particular type of business; a broker seeing cover presents the slip in the first place to a leading underwriter who sets the premium and signifies the extent of participation in the risk by syndicates on whose behalf he/she is authorised to accept risks; other underwriters are obliged to follow the lead as regards the rate of premium.
***
The underwriter of a syndicate or insurance company who is responsible for setting the terms of an insurance or reinsurance contract that is subscribed by more than one syndicate or insurance company and who generally has primary responsibility for handling any claims arising under such a contract. Where an insurance or reinsurance contract that is underwritten by more than one syndicate Xchanging Claims Services normally acts as the representative of the following underwriters as regards the agreement of claims under the contract. In certain situations a managing agent of a following syndicate will be appointed together with Xchanging Claims Services to represent the following underwriters. However some matters require to be referred to all the following underwriters on risk and an insured may always insist that its claim is shown to each following underwriter.