Refers to excess of loss treaty protecting the whole of the reinsured’s written business or the whole of a category, such as the liability account rather than arranging separate protections for public liability, employers’ liability, third party motor, etc. Whole account cover has many layers, is often on a co-insurance basis and may take care of disasters and clashes.

assurance under which benefit is payable on death whenever it occurs; may be with- or without-profits.

Rule of construction meaning that the whole of the policy must be looked at and not merely a particular clause. Where a proposal is expressly incorporated in a policy by the terms of the policy, the two should be read together.

A credit insurance whereby the insured insures the whole of his sales ledger rather than insure selectively on the basis of named accounts.

A broker who places risks with Lloyd’s or with insurance companies on behalf of other brokers, i.e. subbrokers who are customer-facing and therefore, unlike the wholesaler, subject to ICOB rules. Wholesale brokers normally attract business as they are able to secure better policy terms and conditions than the sub-brokers. Wholesale brokers who are Lloyds-accredited provide a route to the Lloyd’s market for other brokers and may operate under binding authorities.
***
A type of insurance broker who acts as an intermediary between a retail broker and an insurer, while having no contact with the insured. Wholesale agents place business brought to them by retail agents. Unlike a retail broker, wholesale brokers have direct contact with the insurer, whereas the retail agent who produced the business does not. The same broker can function as a retailer or wholesaler, depending on the specific situation. Wholesale brokers often possess specialized expertise in a particular line of coverage or in a line of coverage that is unusual and/or have greater access to or influence with certain insurance markets, which is especially valuable when dealing with a difficult-to-place risk. There are two types of wholesale brokers managing general agents and surplus lines brokers. The latter work with the retail agent and the insurer to obtain coverage for the insured but unlike a managing general agent, a surplus lines broker does not have binding authority from the insurer.