A form of joint property ownership in which the owners may have unequal shares and which does not involve a right of survivorship.
Insurance Encyclopedia
Tenants in common (Legal Terminology)
A type of tenancy shared between two or more people. This occurs when the possession and ownership of a piece of real property is shared among more than two people, each of whom is allowed to sell their share of ownership on the property.
Tenants Liability
Cover for damage to rented buildings.
Tenants Policy
Householders policy which is covers Tenants property and other insurance requirements.
Tender bond
See: BID BOND.
Tender clause
International Hull Clause enabling the insurer to take tenders for repair after notification of a loss. The insurer can decide where repairs are carried out and veto a particular place of repair or particular ship-repairing firm. The insurer makes an allowance (30 per cent of insured value) for time lost between invitations to tender and acceptance.
***
A clause in a Marine Hull Policy which provides for immediate notification of accident and gives the insurers various rights in connection with repairs, including one to take tenders for repairs.
Tender Offer Defense Expenses Insurance
Insurance designed to reimburse a publicly held corporation for defense expenses in resisting takeover attempts.
Tenderer
A member that seeks to sell some or all of his underwriting capacity in a capacity auction.
Tenderers
Lloyd’s members wishing to surrender their capacity. They enter a tender bid into the capacity auction, stipulating the minimum amount (the floor limit), in multiples of 0.1p per pound of capacity they are prepared to accept. Subsequently, tender bids are matched against bids submitted by subscribers to ascertain the amount of capacity to be transferred and the price of the transaction. See CAPACITY TRANSFER MARKET.
Term
The length of time for which a policy is valid.
***
The period of time for which an Insurance Policy or a lease is issued.