First layer of an excess of loss treaty above the reinsured’s retention. The attachment point is relatively low in order to accommodate relatively frequent claims to protect the reinsured’s normal daily exposure on the basis of any one event or risk. Premiums are generally based on prior years’ loss experience calculated on an automatic scale. Compare with buffer layer and catastrophe layer.

Retention and cover apply to the sum of all losses from the same event; unlike a catastrophe excess of loss there is no two risk warranty and the deductible is low enough to be triggered by a single risk.

Deductible and cover are applied individually for each risk regardless of whether losses are caused by a single event.

Credit insurance protecting a manufacturer who has committed resources to enter into contracts with suppliers against losses due to default by the prospective customer.

A Lloyd’s underwriter principally occupied with the conduct of business at Lloyd’s by working for a Lloyd’s broker or underwriting agent.
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A member who occupies himself principally with the conduct of business at Lloyd’s by a Lloyd’s broker or underwriting agent, or a member who has retired but who immediately before his retirement occupied himself in this way.