The cover provided under a lift policy is applicable to items such as: electric or hydraulic passenger and goods lifts, manual goods lifts and service lifts, paternosters, motor vehicles lifting tables, and builders’, coal, coke, cupola hoists.

An insured peril added to a standard fire policy to cover damage by lightning. It is independent of the fire peril. No ignition is necessary.

The maximum sum an insured may collect, or for which an insured is protected, under the policy. It is a ‘sum insured’ under property insurances but a ‘limit of indemnity’ under liability policies. The liability limit may be: per policy, per event, per occurrence, per year, per ‘originating cause’ or, by way of sub-limit, per specified type of loss. See COSTS INCLUSIVE INDEMNITY; COMBINED SINGLE LIMIT.

Specifies the maximum periods from the accrual of the cause of action for which claims will be heard before becoming statutebarred. The main periods are: six years for simple contracts and claims for personal property; 12 years for contracts by deed or concerning real property and land; and three years for personal injury (but the court can extend this period (s.11)). If the claimant is unable to take action at the time of accrual because of a disability (e.g. mental incapacity), the time runs from when the disability ends. By s.11 the time runs from the cause of action or when the claimant first had significant knowledge of his right of claim and the identity of the defendant. The Latent Damages Act 1986 deals with latent damage cases.

A binding authority that does not permit the coverholder to underwrite risks on behalf of a Lloyd’s syndicate without prior agreement or confirmation by the syndicate.

Reinsurance where the cover provided is more limited than cover under the primary policy. Example: a hull is insured ‘named perils’ including partial loss under the primary policy but reinsured ‘total loss only’. LCR safeguards the reinsured’s treaty programme from a major loss by redirecting the total loss claim to LCR, normally arranged facultatively.

A life policy under which the premium is payable for a limited period only and not the full duration of the policy term; e.g., a whole life policy may be written with premiums terminating at age 65 while the policy remains in force.

Means the London Insurance Market Network, a computerised network. It merged under WISE (World Insurance E-Commerce) with two other leading electronic networks in 1999.

UK: (1) individual class or type of insurance business; (2) in reinsurance, an amount equal to the ceding company’s retention (a proportional treaty may have a total capacity expressed as X lines of which a reinsurer’s share may be Y lines).
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UK: 1.The proportion of risk accepted by a (re)insurer. In reinsurance the cedant’s retention is a ‘line’ and the capacity of a surplus treaty is a multiple of the ‘line’. A £50,000 retention and a ten-line surplus treaty creates reinsurance capacity of £500,000 enabling a risk of £550,000 to be accepted. 2. The amount accepted by an underwriter when signing a slip is called the ‘written line. 3. Term describing a category of insurance as in ‘personal lines’, i.e. insurances by individuals in their private capacity (e.g. household, private car, etc.).
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A general term that can be used in various ways. This term can be used to refer to a specific kind of insurance; for example, the property insurance line. This term can also be used to group all the policies written for the same insured. Lastly, this can also mean the amount of coverage written for a certain property; for example, a $50,000 line of property insurance.
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A term used to describe a type or class or kind of insurance in relation to the line of insurance appearing in the annual statement (e.g., inland marine, auto liability, fidelity).
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REINSURANCE: Either the limit of insurance to be written which an insurer has set for itself on a class of risk (line limit), or the actual amount which it has accepted on a single risk or other unit. A class of type of insurance (fire, marine or casualty, among others), also known as Line of Business.
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The proportion of an insurance or reinsurance risk that is accepted by an underwriter or which an underwriter is willing to accept. When it refers to a line that is entered on a slip it is commonly expressed as a percentage of the limit of indemnity.