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.’
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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.
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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.