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Special reserve fund

A reserve that is held on behalf of a member and comprising part of his funds at Lloyd’s. The reserve, which is held within the premiums trust fund of the member, may be only built up by setting aside a proportion of past profits and funds can only be withdrawn from it in the event of the payment an overall underwriting loss or on the death or resignation of the member following the closure of all years of account in which he underwrote. It is separate from the personal reserve fund of a member.

Special Risk

A transfer of risk from one individual to another not based on true Insurance principles of reducing the individual risk to the risk of the statistical universe. Underwriters of Lloyd’s lf London are known to insure the eyes of artisans, the fingers of Piano players, voice of singers, and such other special risks.Special Storage Risks Insurance Under marine Insurance policies the cover can be granted to goods during storage at railway yard of carriers’ premises, pending clearance by the consignees on termination of marine cover under open policies or special declaration policies. This cover may be granted in conjunction with an open Policy of a special declaration Policy covering the transit of goods by rail or road. Risks under this Policy shall be similar to those under the open Policy or special declaration Policy except in case of SR & CC risk. The Insurance is linked to cover under the transit Policy as follows:Transit Policy

Special Storage Risk Policy

Basic risks only

Fire and Lightening only

Basic Risks, Non-Delivery of Entire Consignment

Fire, Lightning, Burglary

Basic Risks, Theft, Pilferage and Non Delivery

Fire, Lightning, Burglary, Housebreaking, Theft

Any Cover wider than above or All Risks of Transit

All Risks

SRCC Extension

Riot, Strike, Malicious Damage and Terrorism Risks

Special Termination Clause

A clause found in reinsurance contracts providing that, upon the happening of some specified condition or event, such as the insolvency, merger, loss in credit rating or decline in policyholder surplus of one party, the other party may fully terminate the contract earlier than would otherwise be required, had such condition or event not happened. The clause should state which party may initiate the termination, the notice requirements, the triggering conditions or events necessary, the effective date of termination, and the method of terminating existing business (i.e., whether on a cut-off or run-off basis). Termination by the reinsurer of a contract may be detrimental to the liquidation of a ceding company and may be rejected by regulators.

Special types

Generic term used by motor insurers to describe vehicles or mobile plant designed for special purposes, e.g. bulldozers, diggers, etc. They may be insured under motor (particularly for Road Traffic Act purposes), engineering or public liability policies. ‘Tool of trade’ risk is covered when they are used on site.

Special waiver clause

Professional indemnity clause whereby the insurer agrees not to exercise their right of avoidance where the insured shows that any non-disclosure or misrepresentation of facts or untrue statement at inception or any subsequent renewal was entirely innocent. Where the nondisclosure prejudices any claim, the insurer is able to reduce the amount payable to the sum that would have been payable in the absence of such prejudice.

Specialist physician

Medical doctor who has received training in a specific area of medicine and who treats only certain parts of the body, certain health problems, or certain age groups such as cardiovascular surgeon, dermatologist, and endocrinologist. These doctors are board certified by doing additional advanced residency training followed by several years of practice in the specialty and then passing a specialty board examination. Members of managed care plans usually need approval from their primary care physician to see a specialist.