Covers: loss/damage during launching, flight and landing, all subject to an excess; loss/damage while in a picketed hangar or not left unattended in the open at an approved launching site or in transit; third party injury and damage; passenger liability.

Reinsurance insurance covering all, or nearly all, of the reinsured’s business, i.e. ‘globally’ in ‘business spread’ and not ‘geographic’ terms. The ‘global’ pays losses in excess of the aggregate net aggregated losses sustained by the reinsured’s many departments (e.g. motor, aviation, marine, property, etc.) following one major event, such as Hurricane Betsey, that strikes simultaneously at ships, aircraft, property on land etc. Policy wording is similar to an excess of loss catastrophe reinsurance. ‘Globals’ can provide cover for specific risks as well as large risk accumulations.

Worldwide programme enabling a multi-national to establish the same level of cover globally. It could consist of a master policy issued in the home country that results in a totally non-admitted insurance programme, i.e. no local policies. At the other extreme it is a totally admitted programme with all local entities being issued with policies and all premiums and losses being dealt with locally. Normally the programme entails: (a) a master policy arranged in the home country giving uniform cover for the whole group; and (b) local admitted policies reflecting local needs. The master policy tops up local policies to gain consistency across the group. The master policy is subject to a difference in conditions clause and a different in limits clause.

The return completed by Lloyd’s for FSA regulatory purposes, covering the activities of all Lloyd’s syndicates. When the returns are consolidated Lloyd’s publish the Lloyd’s market underwriting results.