Harm of a progressive nature from a latent substance within the body even after active exposure has ceased. In asbestosis and similar contexts, it is the period during which the body incurs injury or disease as tissue reacts to the hazardous substance. See LONG-TAIL BUSINESS; MESOTHELIOMA.

A theory that equates the time of ‘occurrence’ of a ‘long-tail’ injury, such as asbestosis, with the time of exposure to the cause of the injury for the purpose of a losses-occurring policy, the cause meaning harmful working conditions and/or exposure to harmful substances. All insurers on risk during this exposure period are deemed to be liable for the resultant liability in proportion to their time on risk. Alternative occurrence theories include the manifestation theory; the injury-in-fact theory; and the triple trigger theory.

Method of rating working cover excess of loss reinsurance treaties for property risks. The cedant’s portfolio is analysed according to sums insured in relation to the treaty deductible. Policies with sums insured below the deductible expose the reinsurer to no risk. A mathematical formula produces a rate of premium commensurate with the degree of exposure.

Conditions expressly stated in the policy. They may be general conditions or particular conditions, i.e. ‘special conditions. The general conditions are printed on the policy and are common to all contracts on that form. They may reinforce implied conditions (e.g. non-disclosure), deal with alterations, claims procedures, etc. Particular conditions apply to matters affecting the individual policy and are applied by endorsement. In life insurance the general conditions include privileges such as loans and surrender values.

UK: A warranty incorporated in the policy requiring the insured to do or not to do something or stating that a certain state of affairs will or not be maintained. The Marine Insurance Act 1906, s.35(1), provides that an express warranty ‘may be in any form of words from which the intention to warrant is to be inferred’. Section 35(2) adds an express warranty must be included in, or written upon, the policy, or must be contained in some document incorporated by reference into the policy. Section 35(3) ‘An express warranty does not exclude an implied war ranty, unless it be inconsistent therewith.’
***
This form of warranty is made overtly by an application with respect to the property insured. For example, an applicant might specifically warrant that the premises would be protected by watchman during the period of time the premises is not open for business. If the condition warranted is not carried out the insurer may be able to void the coverage in the event of loss.
***
Warranty which is explicitly stated.

An insurance against the risk of losing property or rights in property when the property is seized by the government of the country in which the property is located.

A credit insurance where the credit term exceeds 180 days.
***
A form of Export Credit Insurance where credit is being granted in excess of 180 days.

Contracts which extend the manufacturer’s one year guarantee on domestic electrical goods (DEGs) and motor vehicles for between three and five years, but not general household insurance or service arrangements for central heating or alarm systems. The warranties may also cover additional risks during their term and the term of the original guarantee. Motor EWs are FSA regulated while retail sales of DEG EWs are usually exempt. All insurance-backed EWs are FSA regulated. See INSURED WARRANTY.

A clause in a policy that introduces additional cover.

An insurance company whose head office is situated in a country outside the European Community.
***
A Company not having its head office within the Indian territory.