Covers loss or damage to the vessel following governmental action to prevent or mitigate a pollution hazard or damage to the environment or threat thereof. The government’s act must flow directly from damage to the vessel for which the underwriter is liable. (Clause 5 International Hull Clauses).

1. First party insurance indemnifying the insured in respect of expenses incurred in extracting pollutants from land or water on his own site(s) when their release results from an insured loss. Cover may be added to material damage insurance or marketed as pollutant clean up and removal insurance. 2. Pollution liability insurance covers the insured’s legal liability to third parties for bodily injury, property damage or clean up costs on third party sites. Cover may be the result of ‘sudden and accidental pollution’ as per the pollution clause or accidental nuisance, a term in the operative clause of the public liability policy, that usually applies to the accidental escape of pollutants, smells, etc. and includes liability for pure financial loss. Environmental impairment liability provides the widest cover as it applies to gradual pollution cover and may be combined with first party cover. 3. The debris removal clause brings the cost of removing or decontaminating contaminated items within the scope of material damage insurance. Similarly smoke damage following fire is a form of contamination and will be covered under material damage insurance. 4. See 1992 CLC.

Nonflammable liquids formerly used in heat exchangers, electrical condensers, hydraulic and lubricating fluids, and various inks and paints. Most uses of these highly toxic chemicals have been curtailed. Leakage of PCBs in food production led to widespread food poisoning in Japan and leading US authorities have classified PCBs as probable human carcinogens. The chemical is lethal to fish and harmful to wildlife.

Government-inspired mutual company authorised to transact reinsurance for property and business interruption and related classes. By agreements with the government Pool Re provides its members (major insurance companies and Lloyd’s) with reinsurance cover for losses from commercial property damage in Great Britain caused by acts of terrorism. Members offer ‘defined’ terrorism cover where they insure the property against fire and explosion and they reinsure their terrorism portfolio with Pool Re. Pool Re is a party to a retrocession with HM Treasury who will indemnify Pool Re against its reinsurance liabilities to members subject to exceptions and deductions for expenses. In 2003 the market for terrorism became fully competitive, rates previously set by Pool Re having been lifted with wider terrorism cover, i.e. all risks’, also becoming available. See TERRORISM; TERRORISM COVER.

Common form of general average expenditure arising when a ship enters a port of refuge following a casualty or general average damage to the ship. If the entry is due to accidental damage, only the expenses of entry into port and dis charging the cargo, if necessary for the purpose of repairs, are allowed in general average. If entry follows general average damage, the following are also allowed: warehouse rent during repairs; cargo reloading costs; outward port charges.

‘All risks’ cover for vessels laid up in the sheltered location for an extended period or for smaller vessels working only in and around the port.

UK: (1) an identifiable and usually homogeneous group of risks for which an insurer has assumed liability; (2) a parcel of investments associated with such a collection of risks.
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(i) The securities in which the assets of the Company are invested. (ii) The Reinsurance held by an Insurer. (iii) The entire collection of an Insurer’s assets or liabilities.
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MEDICAL,USA: 1. A compilation of items that represents a job applicant’s skills. 2. Insurance company’s total investments in financial securities. 3. All products offered by an insurance company.
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UK: A defined body of: (a) insurance policies in force, a premium portfolio; (b) outstanding losses, loss portfolio; (c) company investments, investment portfolio.
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REINSURANCE: A detailed body of (a) insurance policies in force known as a premium portfolio (b) outstanding losses known as a loss portfolio, or (c) insurer investments (known as an investment portfolio). The reinsurance of all existing insurance as well as new and renewal business is therefore described as a running account reinsurance with portfolio transfer or assumption.)
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REINSURANCE: A reinsurance term that defines a body of: 1) insurance (policies) in force (premium portfolio), 2) outstanding losses (loss portfolio), or 3) company investments (investment portfolio). The reinsurance of all existing insurance, as well as new and renewal business, is therefore described as a running account reinsurance with portfolio transfer or assumption.
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A term which can refer to all the assets in which a company has invested. This term can also refer to all of the policies in effect and losses unsettled.
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All of an insurer’s in-force policies and outstanding losses, respecting described segments of its business.
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REINSURANCE: This refers to unearned premiums and outstanding claims-entry and withdrawal of which made under treaties operating on clean cut basis whereas treaties written on Underwriting year basis in force in business is allowed to run to their normal expiration even on termination.

an additional commission based on the results of business covered by a reinsurance treaty (see contingent commission).

UK: Ceding offices resume the insurance of a portfolio of business from the reinsurer to whom they had previously ceded it.
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REINSURANCE: If the reinsurer is relieved of liability (under a pro rata reinsurance) for losses happening after termination of the treaty or at a later date, the total unearned premium reserve on business left unreinsured (less ceding commissions thereon) is normally returned to the cedent. Also known as a return portfolio or return of unearned premium.
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REINSURANCE: Reassumption by a ceding company of a portfolio which has formerly been reinsured.

UK: Continuing the reinsurance of a portfolio under a cancelled treaty until all premium is earned or all losses settled or both.
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REINSURANCE: Continuing the reinsurance of a portfolio until all ceded premium is earned, or all losses are settled, or both. While a loss runoff is usually unlimited as to time, a premium run-off can be for a specified duration.
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REINSURANCE: The opposite of Return of Portfolio – permitting premiums and losses in respect of in-force business to run to their normal expiration upon termination of a reinsurance treaty.