A Lloyd’s corporate member that participates on one or more syndicates managed by a single managing agent (or managing agent group). It enables the corporate member to back the skills of a particular underwriter or managing agent and to participate in a class or classes of business.
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A corporate member that only participates on one or more syndicates that are managed by the same managing agent or group of managing agents. The term is often used interchangeably with the expression aligned member.

an amount which the insured is prepared to, or has to, bear on any one claim

When a partially damaged vessel needs repair, the insurer is entitled to make deductions ‘new for old’ (Marine Insurance Act 1906, s.69). When new material replaces old material, which has depreciated by wear and tear, the shipowner must bear part of the cost of the new material. A deduction of one-third or one-sixth is made from the amount otherwise payable. In practice all Institute Hull clauses provide that an average, whether particular or general, shall be paid without deductions ‘new for old. For non-marine applications see NEW FOR OLD.