The maximum amount of business that can be written by a Lloyd’s syndicate, based on the capacity of all members of the syndicate.

Document that must accompany the regulatory business plan covering business forecasts for the open years and the coming financial year. The forecast has to be in a standard electronic form.

The unique number issued to each syndicate at Lloyd’s and by which it is subsequently identified. When subscribing to a risk an underwriter adds his syndicate number for transfer onto all documentary and computer entries. Each syndicate is allocated a unique three letter pseudonym to add to the syndicate number. The Lloyd’s central accounting facility rejects any entries where the number and the pseudonym are not compatible.

Provides a way for participation in risks underwritten at Lloyd’s from outside the Lloyd’s market. Lloyd’s allows a syndicate to enter into quota share reinsurance with a non-Lloyd’s reinsurer that it has approved. The reinsurance itself: (a) must not exceed 20 per cent of syndicate capacity although higher levels may be specially agreed; and (b) must relate to categories of business representing at least 15 per cent of the syndicate’s capacity.

A document setting out the names of, and share taken by, the members of a Lloyd’s syndicate. It defines the constitution of the syndicate for each of account and must be year registered at Lloyd’s.

A Lloyd’s term referring to a document presented in a nonmarine claims settlement.

System used by an insured to check on the work, honesty and accuracy of persons whose fidelity is insured under a fidelity guarantee insurance. Under a positions policy, individuals are not identified so the system of check on procedures and supervision becomes the key underwriting factor.