UK: An alternative term for an individual underwriting member of Lloyd’s. Names face unlimited liability but are being phased out at Lloyd’s following the introduction of corporate membership.
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An individual member underwriting with unlimited liability. Since 6 March 2003 no person has been admitted as a new member to underwrite on an unlimited liability basis.
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An Underwriting member at Lloyd’s syndicate comprises of a group of names. A name is elected to Lloyd’s if he can show sufficient evidence of wealth and suitability of membership to the committee of Lloyd’s. A name takes no part in the affairs of a syndicate but guarantees his fortune to make good losses encountered by the syndicate on behalf of the name.
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UK: an underwriting member of Lloyd’s; the term is often used to refer to individual rather than corporate members.

A basis upon which motor traders road risks policies can be rated, often suitable for small garages. Cover operates only when vehicles are being driven by one of the drivers named in the policy.

Persons named in a motor insurance policy as being the only drivers permitted to drive under the policy.

A policy covering named or defined perils rather than ‘all risks’ of loss or damage. A loss is admissible only when matched against a named peril. See ADDITIONAL PERILS.

Marine term used when underwriters of an open cover require that cover will only attach if they are advised of, and approve, the specific carrying vessel before each declaration.
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Term used when the underwriters of marine open cover stipulate that the cover will operate only provided they are advised of and approve the carrying vessel before each declaration attaches.