Usually means ordinary shares issued by a UK incorporated company, not being an investment trust, and which are quoted in the official list of a recognised stock exchange in the UK or traded on the Alternative Investment Market.

Insurers whose head office is not in the UK must maintain a margin of solvency and a UK margin of solvency. See SOLVENCY MARGINS.

The loss of liquid, also called trade loss, when shipped in bulk or in casks, and occurring during a voyage as a result of shrinkage or evaporation. Consequently, the insurer pays only for leakage losses in excess of a stated figure. See LEAKAGE.
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The natural loss of liquids in cargo.

1. The amount that a reinsured can recover under an excess of loss reinsurance. This is usually defined as all payments in respect of the claim, including loss adjustment expenses but excluding the reinsured’s office expenses, less recoveries by way of salvage, other reinsurances or otherwise. The clause allows payment to the reinsured before all recoveries have been made and before the ultimate net loss has been determined. 2. In an umbrella liability policy it is the amount actually paid or payable for which the insured is liable (including or excluding defence costs) after deducting recoveries and reinsurance that inure to the benefit of the contract.

Beyond the power. An action outside the proper authority of a corporation or a director or officer for which they may be liable.

Permission granted by a Lloyd’s broker to a nonLloyd’s broker who uses the name, pseudonym, etc., of the Lloyd’s broker to place business with or on behalf of The underwriting members. Lloyd’s broker must intend becoming a Lloyd’s registered broker within three years and confine the arrangement to one Lloyd’s broker. The non-Lloyd’s broker must undertake to submit to all Lloyd’s bye-laws and regulations. The Lloyd’s broker is responsible for premiums due to the underwriting members.
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An arrangement between a Lloyd’s broker and a non-Lloyd’s broker whereby business is transacted at Lloyd’s by the non-Lloyd’s broker using the Lloyd’s broker’s slips. Also known colloquially as a piggy-back or flag of convenience arrangement.

A broker operating in the Room at Lloyd’s under an umbrella arrangement.

Liability policy with high limits covering over the top of underlying, primary, liability insurances subject to a self-insured retention. Cover is usually broader than the primary cover and may have a drop down provision.
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A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).

Lloyd’s syndicate member who has no connection with the controller of the managing agent of that syndicate.
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A member that is either (a) not affiliated to the managing agent of a particular syndicate; or (b) not affiliated to any managing agent.