Twelve rules set out in the Schedule to the Marine Insurance Act 1906 for the purpose of interpreting the marine insurance policy. The rules relate to such phrases as ‘lost or not lost’; at and from; from; from the loading thereof; safely landed; touch and stay; perils of the sea; pirates; thieves; restraint of princes; barratry; all other perils; average unless general; stranded; ship; freight; and goods.

A year of account of a Lloyd’s syndicate which has been left open after the date at which that account would normally have been closed by reinsurance. See OPEN YEAR.
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A year of account which has not been closed as at the date at which it would normally have been closed and which remains open.

A reinsurance provision under which the reinsurer, despite cancellation of the treaty, remains liable under policies still current at the date of cancellation.

The potential liability of a losses-occurring liability insurer in respect of occurrences that occurred while they were on risk being reported as claims after the expiry of their policy. Contrast with claims-made policy where the run-off risk attaches to the insured who may be faced with a claim after the policy has terminated. See LONG-TAIL.

Granted by Lloyd’s to certain run-off companies and managing agents to conduct the run-offs of Lloyd’s syndicates. These run-offs arise from open years not closed by reinsurance to close.

a Lloyd’s syndicate which has been unable to close in the normal way by paying a reinsurance to close premium.
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A syndicate with one or more run-off years of account.

An International Hull Clause, officially called 3/4ths Collision Liability. It extends the policy to cover threefourths of the shipowner’s legal liability to damage to other vessels, freight and their cargo, and general average where the insured vessel has collided with another vessel. Up to 3/4ths of legal costs are also payable. Settlements are on a cross-liability basis. The remaining part and other risks (e.g. loss of life) are insured in Protection and Indemnity Clubs.

For the purposes of particular average each series is to be made up of packages landed consecutively. See TAIL SERIES.

A situation where an insurer is no longer underwriting new business but continues to meet its liabilities under existing contracts that are running off.