A joint committee of the the IUA and Lloyd’s, to which the IUA provides the Permanent Secretary, concerned with the general wellbeing of the marine hull market. It reviews and updates the Hull Institute Clauses in consultation with the market. It has also set up Education and Marketing, Wordings and Technical, Statistics and Information, Maritime Industry Liaison and Finance sub-committees. It has established monthly market briefings to report on the work of the committee and to inform the market on current technical and safety issues. Administers joint hull understandings.
***
The Joint Hull Committee in London, comprising representative underwriters from Lloyd’s and member companies of the Institute of London Underwriters, is responsible for the structure of the Joint Hull formula, which is a basis recommended for rating for hulls.

A bureau under the auspices of the Joint Hull Committee that handles and approves applications from shipowners for returns of premium, e.g. laid-up returns.
***
A bureau which approves applications by ship owners for returns of premiums as when a ship is laid up.

A hull survey undertaken jointly by a surveyor representing the insurer and another surveyor representing the insured.
***
A survey of a ship carried out jointly by a surveyor on behalf of the insurer and a surveyor on behalf of the insured.

A market agreement to provide a framework for the underwriting of hull business in London. The agreement is administered by the Joint Hull Committee. The aim is to achieve some uniformity of practice by means of recommendations, but the understandings do not provide rates or a basis of rating. The understandings are reviewed annually and set guidelines on the treatment of renewals of business regarded as unsatisfactory.
***
Formula comprising of premium figures and claims in respect of hull fleets for arriving at renewal premium for hull Insurance.

Two or more persons whose interests are insured under the same policy. It appears to be an established principle that, in respect of any particular risk, one insured cannot sue a joint insured under the same policy against the same risk. However, in liability insurance it is customary to add a cross liabilities clause.

Annuity on two or more lives that continues until the death of the last survivor.

Annuity on two or more lives that ceases on first death.

Life insurance policy dependent on two or more lives that becomes payable on the first death. Policies may be whole life, endowment or term. See LAST SURVIVOR INSURANCE.

Fire surveys undertaken by two surveyors. Where a risk is very large and shared by two or more insurers (coinsurance), the lead insurer undertakes the survey but may involve the insurer holding the next largest proportion. One insurer may survey the building and the other surveys the contents. It may also occur where a fire surveyor is accompanied by a specialist surveyor (e.g. sprinkler leakage specialist). In other instances, the company surveyor may be accompanied by the broker’s surveyor.

Formed by the Aviation Insurance Office Association (AIOA) and Lloyd’s Aviation Underwriter’s Association (LAUA). It is mainly concerned with the drafting of wordings and clauses.