An owner-controlled insurance programme covering all liability interests in a large construction project. The cover is arranged by the owner (the principal) whose interest is protected as well as those of contractors, sub-contractors, suppliers, architects, etc. The intention is to reduce overall insurance costs. See PRINCIPAL’S COVER.
Tag: RAW
Wrap-Up-Coverage
Insurance program designed for large construction projects. Under such programs, the owner procures Insurance to cover the owner, engineers, contractors and subcontractors of any tier performing job site operations, Insurance coverage under wrap-ups usually include those for the property, liability and worker’s compensation exposures.
Writ
Order issued in writing by a court of law (e.g., subpoena).
Writ of mandamus
Legal order by a court compelling a regulatory officer (insurance commissioner) to perform a specific act.
Write
A term for the act of accepting an application for insurance and insuring the risk.*****
To insure or to sell Insurance.
Write business
To provide the insurance cover.
Write Your Own (WYO) Program
A cooperative undertaking of the insurance industry and the Federal Insurance and Mitigation Administration begun in October 1983. The WYO Program operates within the context of the NFIP and involves private insurance carriers who issue and service National Flood Insurance Program policies.
Write-off
1. Assets or debts that have been determined to be uncollectable and are therefore adjusted off the accounting books as a loss. This does not represent a discount. 2. Difference between the total fee the provider billed for a medical service and the insurance company’s allowed fee for the service.
Write-Your-Own (WYO) Program
A program available under the National Flood Insurance Program (NFIP) that allows participating insurers to issue NFIP flood insurance policies, in contrast to policies issued directly by the NFIP. WYO insurers write the coverage on their own “paper,” but the NFIP reinsures 100 percent of the coverage. Regardless of whether NFIP or a WYO insurer issues the policy, the coverage provided is identical. WYO insurers employ exactly the same policy terms that are included in policies issued directly by NFIP. The majority of flood insurance policies are written via the WYO program.
Written business
Coverage that has not begun yet, but for which an application has already been made.