A phrase used by an underwriter when he feels that the proposer may not accept the terms indicated on the slip. The effect is that the proposer’s confirmation of acceptance is required promptly before the risk can attach.

A phrase against an item or sum insured to indicate that in the event of under-insurance average will apply.
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A Provision in a non-marine property insurance that if at the time of a loss the value of the insured property is greater than the sum insured the insurer’s liability for the loss will be reduced in proportion to the under-insurance.

A phrase to indicate that the insurer’s acceptance of a risk is provisional pending completion of a survey by the office’s fire surveyor.
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Phrase used to signify provisional acceptance of a fire insurance pending inspection by a fire insurance surveyor whose report will be required to determine the rates and provisos to be offered.

This is the object, property or potential liability described in the policy and to which the insured must be so related as to have an insurable interest. For example, the subject-matter of marine insurance is the actual vessel or cargo. Compare with subject-matter of the insurance contract.

This is the insured’s interest in the subject-matter of the insurance. The insurer cannot guarantee to restore the goods or cancel a liability but they can protect the insured’s interest against financial loss.

The agreement by an insurer that he will not pursue his subrogation rights in specified circumstances.
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A waiver by the named insured giving up any right of recovery against another party. Normally an insurance policy requires that subrogation (recovery) rights be preserved. In commercial property insurance, a written waiver of subrogation rights is permitted if it is executed before the loss occurs.

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.
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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.