an underwriting member of Lloyd’s that is not an individual member; under Lloyd’s rules a corporate member may be a company, a Scottish limited partnership or a limited liability partnership.
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Company admitted to membership of Lloyd’s.

Lloyd’s syndicate with a single corporate member.

HSE enforceable regulations to protect workers from substances hazardous to health. Substance means any solid, gas, fume, dust or vapour and any micro-organism. The employer must, inter alia, assess, monitor and control each work situation to ensure that workers are not exposed to possibly harmful amounts of any substance connected with the work. COSHH sets out limits for a large number of hazardous substances based on maximum exposure limits and occupational exposure standards. The employee has a duty to cooperate with the employer regarding monitoring and health surveillance.

Same as Cost, Insurance and Freight except that the cost of insurance is borne by the overseas buyer.

A form of sale contract whereby the seller’s `price includes the cost of goods and insurance and freight charges through to the agreed destination. Consequently the seller must effect marine insurance for the entire transit.

A limit of indemnity under a liability policy that applies to the insured’s own costs as well as damages and claimant’s costs. Defence costs are commonly a part of the overall limit of indemnity applicable to directors’ and officers’ liability policies. See INDEMNITY LIMITS.

Guarantee or indemnity obtained by a surety from a bonded party. If the insurer as surety pays out under say a performance bond, redress will be sought from the bonded party or any other party providing a guarantee on his behalf. The counter guarantee is obtained even though the surety has a common law right of redress against the bonded party.

The risk that a counterparty to a transaction will not pay when the triggering event occurs. The risk in the case of catastrophe bonds is low. The proceeds of the bond are invested in safe securities such as US Treasury Bonds and held in trust by the bankruptcy-remote SPV or a special trust. If the triggering event occurs the insurer is permitted to withdraw funds from the trust. In return the investors receive the one-year Treasury bill rate plus a premium rate.

Damage to baled or bagged cargo (e.g. cotton, coffee) caused by dirt, mud, excessive moisture from damp ground or weather, etc., occurring before the goods are actually shipped.
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Cotton in bales (fully pressed) may be damaged by sand, grit, mud, oils, rain etc. When these bales are rolled from place to place in course of normal handling such damage may also arise from exposure to weather when baled cotton is stacked in the open awaiting shipment. This type of damage is known as country damage.