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Risk, Definition (European Union/European Economic Area-Definition of a Risk)

A risk is deemed to be located in an European Union or European Economic Area member state if it is: (a) a building (and its contents issued under the same policy) situated in that state; (b) a motor vehicle, ship, yacht or aircraft registered in that state; (c) a travel policy for four months or less taken out in that state. For any other type of insurance (including a life insurance) it is an individual if the policyholder is habitually resident in the member state or a business or an organization if the establishment to which the contract relates is situated in that state. European Economic Area: The member states of the European Union plus Norway, Iceland and Liechtenstein. European Union : The European Union is made up of 27 Member States: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.

Risks

A term used to denote the physical units of property at risk or the object of insurance protection and not Perils or Hazard. Reinsurance by tradition permits each insurance company to frame its own rules for defining units of Risks. The word is also defined as chance of loss or uncertainty of loss.

Risks attaching

Excess of loss reinsurance covering losses on policies issued or renewed during the treaty period until they expire. The attachment point is the key.
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UK: a type of reinsurance; in excess of loss property reinsurance, a risks attaching clause means that cover continues until the expiry of the original risk.