Term used in slips to indicate that the general terms and conditions of an expiring treaty will be incorporated on renewal for the following year.

Term used in slips for upper layers of excess of loss treaties to indicate that the general terms and conditions will be as per the lower layers.

Describes a public liability risk where the main hazards stem from the work undertaken by the insured on third party premises. Electricians, plumbers, etc., install, repair or carry out maintenance on the premises of others. Visits to the insured’s premises by customers are not a major feature of the risk.

1. Property item at risk of loss or damage by fire, etc., usually included in the policy schedule. The sum insured is based on the cost of raw materials plus the cost of labour and other resources used in creating the product up to the time of loss. Completed products insured as stock.

A condition or disorder relating to many areas of the body, including muscles, tendons, joints, etc. Areas affected include the neck, shoulders, arms, elbows, hands and fingers. Tenosynovitis and carpal tunnel syndrome are particular sources of employers’ liability claims. WRULDs should be considered as part of the risk assessment carried out under MHSW.

First layer of an excess of loss treaty above the reinsured’s retention. The attachment point is relatively low in order to accommodate relatively frequent claims to protect the reinsured’s normal daily exposure on the basis of any one event or risk. Premiums are generally based on prior years’ loss experience calculated on an automatic scale. Compare with buffer layer and catastrophe layer.

Retention and cover apply to the sum of all losses from the same event; unlike a catastrophe excess of loss there is no two risk warranty and the deductible is low enough to be triggered by a single risk.

Deductible and cover are applied individually for each risk regardless of whether losses are caused by a single event.

Credit insurance protecting a manufacturer who has committed resources to enter into contracts with suppliers against losses due to default by the prospective customer.

A Lloyd’s underwriter principally occupied with the conduct of business at Lloyd’s by working for a Lloyd’s broker or underwriting agent.
***
A member who occupies himself principally with the conduct of business at Lloyd’s by a Lloyd’s broker or underwriting agent, or a member who has retired but who immediately before his retirement occupied himself in this way.