A logical or physical discontinuity in a computer network to prevent unauthorised access to data or resources. The secure trusted network is said to be ‘inside’ the wall, the insecure ‘untrusted’ network is ‘outside. See FIRE WALL.

Title under which a company or partnership transacts business. Where the ‘firm’ is insured as in the case of professional indemnity insurance, the firm continues to be insured although the partners may change. Usually the policy indemnifies predecessors in business. Former partners are able to purchase ‘run off’ cover.

1.When provided by the insured for the benefit of his employees, these services are stated to be a part of the ‘Business’ See ANCILLARY ACTIVITIES. 2. The Health and Safety (First Aid) Regulations 1981 oblige employers to provide adequate and appropriate equipment and facilities to facilitate first aid treatment for employees and provide an ‘appointed person’ to take charge.

The first layer of excess of loss cover. Example: the first £300,000 in excess of the reinsured retention of £100,000. The term has also been used in the LMX market to refer to the first excess (i.e. additional deductible) that the reinsured retains for its own account before the excess of loss reinsurer becomes liable.

A property insurance for an amount known to be less than the value of risk. It is used when it is inconceivable that all property would be lost in a single claim, e.g. theft of total stock of heavy steel. The insurer pays all losses up to the agreed sum insured unless the insured has understated the value at risk in which case a form of average will be applied.