Container/Break bulk vessel – this type of ship accommodates both container and break-bulk cargo. It can be either self-sustaining or non-self-sustaining.
Tag: RAW
Combined Claim
A claim under an environmental impairment liability insurance which relates partly to insured and partly to excluded losses.
Combined Code on Corporate Governance
Re-published in 2003 following the Higgs Report and the Smith Guidance on Audit Committees. The Code raises corporate governance standards for listed companies, and incorporates the Turnbull report on internal control, the Smith guidance and good practice guidance from Higgs. Directors should at least annually conduct a review of the effectiveness of all internal controls including financial, operational, compliance and risk management. The FSA’s Listing Rules underpin the Code by obliging companies to state in their annual reports how they have applied the principles of the Code (www.frc.org.uk).
Combined Company Policy
A Policy issued on behalf a number of insurance companies, each insuring a portion of the risk.
Combined liability policy
Policy combining two or more types of liability insurance in one document, e.g. public liability, products liability and employers’ liability.
***
A policy combining employers liability and public liability cover.
Combined Quota Share & Surplus Treaty
Refer: “Reinsurance, Surplus Treaty and Quota Share Combined.”
Combined ratio
An expense ratio combined with a loss ratio. In underwriting, a loss occurs if the combined ratio is under 100 percent and a profit occurs if the combined ratio is over 100 percent.
***
US: Basically, a measure of the relationship between dollars spent for claims and expenses and premium dollars taken in; more specifically, the sum of the ratio of losses incurred to premiums earned and the ratio of commissions and expenses incurred to premiums written. A ratio above 100 means that for every premium dollar taken in, more than a dollar went for losses, expenses, and
***
“The combined ratio is a measure of an insurance company’s profitability from operations and is a combination of the claims ratio and the expense ratio. The claims ratio is the claims owed as a percentage of premiums paid. The expense ratio is the operating costs as a percentage of paid premiums. The combined ratio, then,Combined Ratio = Claims owed + Operating Costs/ PremiumsA combined ratio of less than 100% indicates an underwriting profit and a ratio above 100% means the company is paying more in claims than it is receiving in
premiums.”
***
US: The sum of two ratios, one calculated by dividing incurred losses plus loss adjustment expense (LAE) by earned premiums (the calendar year loss ratio), and the other calculated by dividing all other expenses by either written or earned premiums (i.e., trade basis or statutory basis expense ratio). When applied to a company’s overall results, the combined ratio is also referred to as the composite, or statutory, ratio. Used in both insurance and reinsurance, a combined ratio below 100 percent is indicative of an underwriting profit.
***
UK: The sum of two ratios: (a) incurred loss ratio (the ratio of losses incurred as a percentage of the net earned premium); and (b) the expense ratio (ratio of expenses incurred as a percentage of the net earned premium). If below 100 per cent it means an underwriting profit without taking account of investment income.
***
Total of an Insurer’s Underwriting ratio (usually defined as incurred losses divided by earned premiums) and expenses ratio (usually defined as operating expenses incurred divided by net premiums written). An Insurer’s percentage of Underwriting profit (or loss) can be measured by the number of percentage points is combined ratio is less (or more) than 1.00.
Combined ratio (COR)
A measure of the profitability of an insurer’s day-to-day underwriting activity. It is the ratio of claim-related losses (net of reinsurance) and expenses to earned premiums (net of reinsurance).
Combined single limit
A single limit of protection on a liability policy for all sections of cover, i.e. bodily injury, property damage and passenger liability, in contrast to a policy with split limits, i.e. specific limits for each section. This approach applies in aviation insurance where one overall limit applies to three separate sections.
***
Total liability due to bodily injury and property damage combined, as one single sum of coverage.
Combined single limit (CSL)
Liability policies commonly offer separate limits that apply to bodily injury claims and to claims for property damage. 50/100/25 is shorthand under such a policy for $50,000 per person/$100,000 per accident for bodily injury claims and $25,000 for property damage. A combined single limits policy might cover for $100,000 per covered occurrence whether bodily injury or property damage, one person or many.
***
Single limit of liability coverage for both bodily injury and/or property damage, contrasted with split limits, where specific limits apply to bodily injury and property damage separately.