Marine insurance term in reference to a situation where certain goods are not discharged at the destination port but are ‘overcarried’ and dis charged on the homeward voyage. This amounts to deviation and the risk ceases when the vessel sails on from the port of destination still carrying the goods.

The acceptance by an underwriter of a larger amount than originally agreed with the broker.

A slip that is oversubscribed. The acceptances obtained by the broker exceed the amount of business available. It may be done intentionally by a broker seeking access to a wider market in the future. When it occurs the line written by each underwriter is reduced proportionately (short-closing).

An overdue ship. When a ship is overdue, the underwriter on risk may seek a reinsurance with other marine syndicates at a cost. Both the insurer and the reinsurer have access to the latest shipping intelligence provided by Lloyd’s.

Pension scheme with assets exceeding those required to meet liabilities. See ACTUARIAL SURPLUS.

Excessive heating. If a boiler or self-fired pressure vessel accidentally suffers a general deficiency of water while working, severe damage may be caused to the boiler shell, firebox, etc. The risk is insurable as a whole or, in the case of a multi-tubular boiler, limited if desired to the overheating of the tubes only. The cover is for ‘self damage’ only and is put into effect as an extension of the boiler and pressure plant policy.

The parallel payments that occur when, following the pensioner’s death within the guaranteed pensions period, the payment of the pension runs concurrently for a time with a dependant’s pension.

A rule of construction to the effect that where there is a contradiction between express and implied terms the express words will prevail.

Deposits required under local legislation to be made by insurers in overseas countries for the protection of locally based policyholders.