The method of transferring premium portfolios and loss portfolio from one year to another in a manner that simplifies the preparation reinsurance treaty accounts when a treaty is cancelled or transferred. See LOSS PORTFOLIO TRANSFER.

Financial loss due to pollution. Costs may include: cleaning up land, water courses, buildings, machinery, etc., and generally removing the effects of pollution. The insured may cover his liability for third party cleanup costs incurred by a third party and for the cost of cleaning up his own property under a first party policy. It is possible to extend existing liability policies but one approach is to arrange a separate environmental impairment policy that also covers cleaning up one’s own site.
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Generally, those costs associated with the clean-up of pollution.

Accumulated trade waste and rubbish is a fire hazard indicative of lax management and poor moral hazard. Greasy waste is liable to spontaneous heating. In some cases a warranty may require the insured to keep waste/scraps in metals bins and remove them from the building at the end of each day.