Lloyd’s members who seek access to syndicates where capacity is available. They submit bids to the capacity auctions stipulating, in multiples of 0.1p per pound of capacity, the price they are willing to pay. Subsequently, bids are matched against tenders to determine the capacity to be transferred and the price of the transaction.

A market, such as Lloyd’s, where Underwriters accept shares of an insurance (or reinsurance) coverage on a co-insurance (or co-reinsurance) basis in contrast to markets where a single insurance carrier will accept the whole of the offer.
***
A market where a number of underwriters are available to consider and accept insurances offered for subscription by brokers.

They are: any substance that has by law to be labelled as ‘very toxic’, ‘toxic’, ‘harmful’, ‘irritant’ or ‘corrosive’; substances for which a maximum exposure limit (MEL) has been set or an occupational standard has been set. They include harmful micro-organisms, substantial quantities of airborne dust or other substances that create comparable health hazards, including: dusts, fumes/gases, solvents, resins, pesticides, acids, alkalis, mineral oil and contaminants such as arsenic and phenols. See CONTROL OF SUBSTANCES HAZARDOUS TO HEALTH REGULATIONS.

Expenses incurred to prevent or reduce a loss for which the marine insurer would have been liable. The expenses may not qualify as general average expenditure but they can substitute for expenses that do qualify. If the substitution shows a saving, the substituted expenses are allowed in general average.

It refers to a fire of volcanic origin but would embrace a fire in a coalfield or oil well. The risk, and earthquake, are excluded from the standard fire policy but are insurable in the UK as an additional (special) peril.
***
The Fire caused beneath the surface of the earth.

The widest form of material damage cover under engineering insurance policies. It includes breakdown risks, including electrical and mechanical breakdown, and accidental damage. In short the damage can be from internal or external causes.

Reinsurance treaty clause requiring or permitting termination of the contract in the event of a change in control of the ceding office, the insolvency of either party and certain other defined events.
***
A clause which automatically terminates the Reinsurance contract if either party becomes insolvent.

Expenses voluntarily incurred by the insured for the preservation of property; this would include payments under pre-arranged salvage contracts. Sue and labour are distinguished from salvage charges leading to awards to salvors acting independently of any contract. See SUE AND LABOUR CLAUSE.

Clause in the Institute Cargo Clauses and in the International Hull Clauses reminding the insured to act at all times as though uninsured. The clause makes sue and labour charges recoverable from the marine insurer in addition to any admissible claim even a total loss claim as it is deemed by the Marine Insurance Act, s.78(1), to be a supplementary contract.
***
A provision in marine insurance obligating the assured to do things necessary after a loss to prevent further loss and to act in the best interests of the insurer.