Package policy incorporating ‘standard cover’, with optional add-ons, for commercial property investors. The policy takes account of the particular needs of such investors by way of special features, e.g. full cover on vacant premises, subject to security; automatic cover for newly acquired premises and alterations and improvements to existing premises; lock replacement. Employers’ liability and property owners’ liability form part of the standard cover with legionellosis liability as an optional cover.

Covers the legal liability of the owner of property to third parties sustaining injury or property damage.

Public liability exclusion of the insured’s legal liability for damage to ‘that part of any property being worked on where the loss or damage is the direct result of such work. The intention is to exclude defective workmanship and the clause effectively operates as an excluded form of loss and not an cepted risk because any consequential damage will be covered.

UK: any form of reinsurance whereby the reinsurer participates proportionately in the premiums receivable and claims payable by the cedant.
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REINSURANCE,REFERENCE: See: Quota Share, Pro Rata Reinsurance, Surplus Reinsurance.
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UK: The cedant and the reinsurer share the risk in agreed proportions, either fixed (quota share treaty) or variable (surplus treaty) based on the ceding office’s retention and the sum insured. The reinsurer shares proportionally the premiums earned and the claims plus certain expenses incurred by the ceding office. Proportional reinsurances may be arranged facultatively or by treaty and they may include: quota share reinsurances; surplus treaties; facultative/obligatory treaties; reinsurance pools.