Term denoting that transit insurance on paintings runs from the moment it is removed from the wall on which it is fastened to the time it is rehung in its new location.
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Term used in transit insurance on paintings to denote that the cover operates from the time the object insured is removed from the wall-fastening for transit until it is fastened to the wall at its specified destination.
Tag: RAW
Nail-sick roofs
Loss adjusters’ term to describe a situation where the nails holding down roof slates or tiles have rusted causing the slates or tiles to slip in high winds.
Name
UK: An alternative term for an individual underwriting member of Lloyd’s. Names face unlimited liability but are being phased out at Lloyd’s following the introduction of corporate membership.
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An individual member underwriting with unlimited liability. Since 6 March 2003 no person has been admitted as a new member to underwrite on an unlimited liability basis.
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An Underwriting member at Lloyd’s syndicate comprises of a group of names. A name is elected to Lloyd’s if he can show sufficient evidence of wealth and suitability of membership to the committee of Lloyd’s. A name takes no part in the affairs of a syndicate but guarantees his fortune to make good losses encountered by the syndicate on behalf of the name.
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UK: an underwriting member of Lloyd’s; the term is often used to refer to individual rather than corporate members.
Name Fidelity Bond
This type of bond names the person to be covered. For example, if a firm wanted to bond its bookkeeper and the bookkeeper’s name was John Smith, the firm could buy a fidelity bond that covers any dishonest acts by John Smith that cause a loss to the firm.
Name Limit
The maximum amount that a fire insurer is prepared to retain on insurances of a single insured in respect of goods at a particular location such as a warehouse or furniture depository, the balance being reinsurable under a surplus treaty.
Name Position Bond
A type of Fidelity Guarantee Insurance which covers losses caused by the dishonesty of only those employees holding positions specifically named in the Bond.
Name position bond (Criminal)
A fidelity bond that covers the insured in the event of a loss caused by fraud on the part of an employee working in a position listed in the bond.
Name Schedule Bond
A type of Fidelity Guarantee Insurance which covers losses caused by the dishonesty of only those employees specifically named in the bond.
Name schedule bond (Criminal)
A fidelity bond similar to the name position bond. The insured is covered in the event of a loss caused by dishonesty of an employee specifically named in the bond.
Name schedule bonds
A type of public official or fidelity bond that lists the specific names and amounts of each named individual bonded. Name schedule bonds use one bond but attach a schedule of individual names of the bonded public officials. Each name will list a specific dollar amount for which that individual is being bonded. These may be used to bond a panel of city council members or similar body of officials.