A claim or loss that is so large as to effect materially the Underwriting averages.
***
A loss of such significance that the insurer or underwriting company is affected.
***
Name given to any large loss that impacts an otherwise profitable book of business.

A multi-peril Policy for shopkeepers. Covering (i) Fire and allied perils on building as well as contents (ii) burglary, housebreaking and allied perils on contents (iii) cash in transit, cash in safe/cupboards/box, cash in till/counter (iv) pedal cycles (v) plate glass (vi) neon sign and glow sign (vii) baggage (viii) personal accident of owner, partner/s and/or employees (ix) fidelity guarantee (x-a) public liability (x-b) workmen’s compensation and (xi) simple loss of profit. Sec. I (b) and II i.e., Fire on contents and burglary are compulsory and out of remaining 09 sections any two or more is to be opted i.e., minimum 04 section has to be taken.

Also called a buyer’s guide. A guide to the type of coverage offered, intended to assist the public in deciding on a type of coverage and what policy is best.

Closing a risk for less than the amount placed.
*****
UK: The practice by a broker overplacing the risk, i.e. securing acceptances that exceed the available cover so that, on closing, the line written by each underwriter is reduced proportionately.

The part of the subject matter of a marine insurance that has never been at risk, e.g., the extent to which declarations under a floating policy fall short of the sum insured.

Percentage of annual premiums charged for short period policies.