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Ullage

The loss of liquid, also called trade loss, when shipped in bulk or in casks, and occurring during a voyage as a result of shrinkage or evaporation. Consequently, the insurer pays only for leakage losses in excess of a stated figure. See LEAKAGE.
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The natural loss of liquids in cargo.

Ultimate Net Loss

1) In reinsurance, the measure of loss to which the reinsurance applies, as determined by the reinsurance agreement. 2) In liability insurance, the amount actually paid or payable for the settlement of claims for which the reinsured is liable (including or excluding defense costs) after deductions are made for recoveries and certain specified reinsurance.
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REINSURANCE: The total sum paid by the Ceding Company in settlement of its liabilities, other expenses excluding office expenses and salaries, jess salvage/recoveries and all other Reinsurance recoveries.
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UK: the loss suffered by the insurer for his net account after all reinsurance or other recoveries have been made.
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The sum that the insurer or its representatives are legally required to pay through legal ruling or settlement. This sum can include medical and investigative costs.
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The total sum that the insured or any company as its insurer, or both, become legally obligated to pay either through adjudication or compromise, including among others, legal, medical and investigative costs. Ultra Vires : Beyond the PowersUmbrella : Liability Insurance affording high limits of excess coverage for many liability exposures, including those not covered by underlying Insurance. The term “umbrella” is derived from the fact that it is a separate Policy over and above and other basic liability policies the insured may have.

Ultimate net loss clause

1. The amount that a reinsured can recover under an excess of loss reinsurance. This is usually defined as all payments in respect of the claim, including loss adjustment expenses but excluding the reinsured’s office expenses, less recoveries by way of salvage, other reinsurances or otherwise. The clause allows payment to the reinsured before all recoveries have been made and before the ultimate net loss has been determined. 2. In an umbrella liability policy it is the amount actually paid or payable for which the insured is liable (including or excluding defence costs) after deducting recoveries and reinsurance that inure to the benefit of the contract.

Umbrella arrangement

Permission granted by a Lloyd’s broker to a nonLloyd’s broker who uses the name, pseudonym, etc., of the Lloyd’s broker to place business with or on behalf of The underwriting members. Lloyd’s broker must intend becoming a Lloyd’s registered broker within three years and confine the arrangement to one Lloyd’s broker. The non-Lloyd’s broker must undertake to submit to all Lloyd’s bye-laws and regulations. The Lloyd’s broker is responsible for premiums due to the underwriting members.
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An arrangement between a Lloyd’s broker and a non-Lloyd’s broker whereby business is transacted at Lloyd’s by the non-Lloyd’s broker using the Lloyd’s broker’s slips. Also known colloquially as a piggy-back or flag of convenience arrangement.