A group of mutual insurance companies which reinsure Liability policies written on private nuclear energy reactors. Most insurance contracts exclude this coverage, and it can usually only be provided by a pool.
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Refer: “Reinsurance, Atomic Energy Reinsurance Pool (Mutual Atomic Energy Reinsurance Pool.”
Tag: RAW
Attach
In regard to the policy it means its inception, i.e. coming into force. In regard to legal liability, liability attaches when a party is legally responsible for some injury, loss or damage to a third party.
Attachment
See: claim attachment.
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The act of taking in to custody of the law either the person or the property of someone under and by virtue of an order of court.
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The legal process of taking possession of a defendant’s property when the property is in dispute.
Attachment basis
A provision in reinsurance agreements that determines whether, and in what manner, a reinsurance agreement covers a specific loss. See Claims made and Occurrence basis.
Attachment Date
The date on which the insurance cover comes into force.
Attachment date/inception date
The date on which the risk attaches, i.e. begins to run.
Attachment of Risk
The coming into force of insurance
Attachment point
The point at which the liability of an excess layer insurer or reinsurer is triggered. The reinsured may carry losses up to £1m with the reinsurer carrying the excess up to £3 million. £1 million is the attachment point, otherwise called the excess point.
Attachment Slip
A supplementary slip, attached to the original slip, used when it is necessary to obtain an insurer’s agreement, by signature to an amendment or addition.
Attained age
Age of the insured as of the insured’s last birthday.