The unique number issued to each syndicate at Lloyd’s and by which it is subsequently identified. When subscribing to a risk an underwriter adds his syndicate number for transfer onto all documentary and computer entries. Each syndicate is allocated a unique three letter pseudonym to add to the syndicate number. The Lloyd’s central accounting facility rejects any entries where the number and the pseudonym are not compatible.

Provides a way for participation in risks underwritten at Lloyd’s from outside the Lloyd’s market. Lloyd’s allows a syndicate to enter into quota share reinsurance with a non-Lloyd’s reinsurer that it has approved. The reinsurance itself: (a) must not exceed 20 per cent of syndicate capacity although higher levels may be specially agreed; and (b) must relate to categories of business representing at least 15 per cent of the syndicate’s capacity.

A document setting out the names of, and share taken by, the members of a Lloyd’s syndicate. It defines the constitution of the syndicate for each of account and must be year registered at Lloyd’s.

A Lloyd’s term referring to a document presented in a nonmarine claims settlement.

System used by an insured to check on the work, honesty and accuracy of persons whose fidelity is insured under a fidelity guarantee insurance. Under a positions policy, individuals are not identified so the system of check on procedures and supervision becomes the key underwriting factor.

The list of underwriters showing the percentage, i.e. the signed line, each has accepted on the risk described in the policy. The list is attached to the policy.
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A schedule of underwriters showing their participation in a Lloyd’s Policy.

Table setting out different retentions for various classes of risk, defined by type, quality or other criteria. It is frequently used in surplus treaty reinsurance.
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A table shown in a hull surplus treaty working setting out the retention and limit for each category.

1. A period beyond the expiry of an insurer’s liability policy during which the insurer remains liable for losses that occurred during the policy period. See LONG-TAIL. 2. In the context of claimsmade policies ‘tail’ means an extended reporting period or discovery period.

a factor applied in a link ratio projection, to arrive at a loss estimate where the claims business may deteriorate beyond the point for which there is historic data, for example where the oldest year is, say, 10 years old but it is appropriate to assume that the ultimate loss will be higher than the year 10 loss.