A business insurance for retailers who can acquire a package policy with standard cover or a tailor-made insurance policy covering a range of risks in one document based on sections of cover chosen by the insured.

The quantity of cargo delivered is less than the bill of lading quantity.

An insurance for less than 12 months. The premium charged is higher than pro rata.

Pension benefit which must be kept for an early leaver of a pension scheme in order to meet the preservation requirements of PSA93.

types of general insurance business in which claims are generally reported and settled within a short time after the occurrence (contrast long tail business).

Insurance business where it is known that claims will generally be notified and settled quickly. Contrast with LONG-TAIL.

A building where a significant number of occupants have experienced illness and discomfort attributable to the accumulation of air pollutants and contaminants (e.g. radon, micro-organisms). The problems originate from the circulatory deficiencies of the building’s air conditioning system.

A weekly or monthly benefit available as an add-on to the accident only (personal accident). When the add-on exists, the policy is called a personal accident and sickness policy. The sickness benefit is normally for up to 52 weeks.

UK: same as closed line (see also written line).
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The underwriter’s participation in a risk after the lines have been reduced, as necessary, to total 100% of the actual amount at risk.
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This refers to the amount of a given risk that an underwriter has agreed to accept. It may be the same as the underwriter’s written line or, if there is signing down, a lower amount. The amount of a syndicate’s signed line should be shown in a table in the policy, where one is issued.
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UK: Underwriter’s participation in a risk after the lines have been shortclosed from the written line (on the slip) to 100 per cent of the amount at risk.