Stands in the centre of the underwriting room at Lloyd’s into which details of vessels that are, or likely to become, total losses are entered with a quill pen.

UK: A US term most associated with general liability but also embraces such diverse forms as plate glass, crime, boiler and machinery, surety bonds and aviation insurance. The term distinguishes these forms of insurance from those written in the US property insurance sector.
***
Generic term for Insurance that is primarily concerned with (a) legal liability for injury to persons or damage to property of others or (b) U.S. term for non-life insurance other than fire, marine or surety business. (c) property damage caused by a casualty, such as a boiler explosion. Refer: “Casualty.”
***
US: Insurance concerned with the insider’s legal liability for injuries to others or damage to other persons’ property; also encompasses such forms of insurance as plate glass, burglary, robbery and workers’ compensation.
***
Insurance that is primarily concerned with the losses caused by injuries to persons and legal liability imposed on the insured for such injury or for damage to property of others.
***
MEDICAL,USA: Type of insurance that covers loss or liability caused by an accident that includes injury to persons or damage to the property of others. It includes automobile liability insurance, aviation insurance, burglary and theft insurance, employees’ liability insurance, bonding or forgery insurance, personal liability insurance, plate glass insurance, power plant insurance, public liability insurance, and workers’ compensation. Also referred to as property/casualty insurance.

Any ISA that has been awarded the UK Treasury’s CAT mark. See CAT STANDARDS.

Stands for fair Charges, easy Access and decent Terms. Voluntary government-initiated standards to help savers identify straightforward ISAs that offer a reasonable deal. Firms adopting or exceeding these standards market their ISAs as ‘CAT marked’. All three types of ISA components (Cash ISAS, Life Insurance ISAs and Stocks and Shares ISAs) qualify for CAT marking. The cost varies with each type of investment but is controlled.

Corporate bonds issued by a reinsurer/insurer through a special purpose vehicle to capital market investors who supply capital in return for periodic interest payments. The interest payments and/or the return of principal are linked to the occurrence of a defined catastrophe event. The investors sacrifice (or defer) all or part of their principal and/or interest if the catastrophe occurs and a specified claims threshold is breached. The (re)insurer is then able to use the retained funds to pay for claims based on a specific insurance portfolio, a catastrophe loss index or a formula linked to a parametric trigger. Bonds thus transfer insurance risk to the capital market whose investors are attracted by high yields and an investment unrelated to general economic conditions. See SECURITISATION.

Put options that enable incorporated insurers to sell shares (equity) to capital market investors at pre-negotiated prices when catastrophe losses exceed the levels specified in the options. CatEPuts therefore provide insurers with access to additional equity in the wake of catastrophic losses. This is alternative risk financing by way of post-loss funding that obviates the need for the insurer to ‘sit on’ on large amounts of capital waiting for the loss event to occur and thereby improves the insurer’s return on assets. These instruments are also traded on the Chicago Board of Trade and the Bermuda Commodities Exchange.

a form of excess of loss reinsurance under which the ceding insurer is indemnified, subject to a specified retention and an over-riding limit, against an accumulation of losses arising from a catastrophic event (for example, an earthquake or hurricane).