Apex Insurance Wiki
A reference of 938 terms across UK general and specialty insurance — dated, reviewed, and written by named Apex staff. Use the search above or browse by first letter below.
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A (45 entries)
ACPR (France) — insurance regulation
The Autorité de contrôle prudentiel et de résolution (ACPR) is the prudential supervisory authority of France for banks and insurers, an administrative authority attached
Acquisition cost ratio
The acquisition cost ratio is the proportion of earned (or written) premium spent on acquiring business — primarily commission to brokers and MGAs, plus…
Active member
An active member of a group risk scheme is an employee who is currently insured under the policy — employed by the participating employer, satisfying the eligibility cate
Active underwriter
The active underwriter of a Lloyd's syndicate is the senior individual responsible for the syndicate's overall underwriting policy, individual binding authority and under
Actuary
An actuary is a professional applying mathematical, statistical and financial techniques to the analysis and management of risk — most prominently in…
Advance payment bond
An advance payment bond guarantees repayment to the employer of advance payments made to a contractor at the start of a contract, with the bond reducing as work proceeds.
Affinity insurance
Affinity insurance: insurance distributed via membership organisations, alumni schemes and charities, ICOBS 4 disclosure, demands and needs and Consumer Duty fair value.
Aggregate cover
Aggregate cover is reinsurance that responds to the cumulative annual experience of the cedant rather than to individual events or risks — typically aggregate excess of l
Aggregate excess of loss
Aggregate excess of loss reinsurance responds to the total of all losses on a portfolio over an annual aggregate retention, irrespective of individual loss size.
Aggregate limit
Encyclopedic UK guide to the aggregate limit in liability insurance, how it interacts with per-claim limits, aggregation and reinstatement clauses.
Aggregate limit in PI insurance: what it means and how it works
Aggregate limit PI insurance means one total cap across all claims in the policy year. How it differs from each-and-every, what UK firms should check, and worked examples
Aggregation clause
Encyclopedic UK guide to the aggregation clause in liability and professional indemnity policies, with citation to AIG v Woodman and Lloyds TSB v Lloyds Bank Group.
Aggregation of Claims in PI Insurance — How the Wording Decides One Claim or Many
Aggregation in PI insurance decides whether multiple claims count as one or many for limit and excess. Here is how UK wordings handle it in 2026.
Aggregator insurance
Aggregator insurance describes general insurance distributed via online comparison websites such as Compare The Market, MoneySuperMarket, Confused.com and GoCompare in th
AI broker assistant
AI broker assistants in UK insurance: internal copilots for placement intelligence and market retrieval; Lloyd's Blueprint Two; FCA governance expectations.
AI customer service insurance
AI customer service in UK insurance: voice and chat agents in claims and renewals; the Consumer Duty cross-cutting rules and FCA board reports.
AI ethics insurance
AI ethics in UK insurance: fairness under the Equality Act 2010, proxy discrimination, data minimisation; the AI White Paper five principles and EIOPA.
AI fraud detection
AI fraud detection in UK insurance: supervised and unsupervised models, IFB / CIFAS / MIAFTR data, UK GDPR lawful basis and the FCA Financial Crime Guide.
AI in claims processing
AI in UK insurance claims processing: automated triage, settlement and fraud scoring under ICOBS 8, the Consumer Duty and FOS expectations.
AI underwriting
AI underwriting is the application of machine learning, large language models and other AI techniques to insurance underwriting decisions. It is subject to FCA / PRA expe
AI underwriting (batch 12 expansion)
Expanded AI underwriting entry covering DP5/22, FS2/23, AIPPF, EIOPA principles and the practical state of AI-augmented Lloyd's underwriting in the UK.
AIR catastrophe model
AIR Worldwide, now branded Verisk Extreme Event Solutions, is the other major commercial cat model vendor alongside RMS. Founded in Boston in 1987, it…
Air operator certificate insurance
AOC insurance describes the insurance arrangements required of a holder of an Air Operator Certificate by the CAA, including minimum hull, liability and war risk cover.
Algorithmic broker
An algorithmic broker is an FCA-authorised insurance intermediary that uses automated rules or machine-learning models to place risks with insurers, often without a manua
Algorithmic underwriting
Algorithmic underwriting is underwriting decisions made by an automated rule-based or statistical system rather than by a human underwriter. It underpins both online comp
Allegation insurance D&O
Allegation insurance D&O covers the cost of responding to allegations against directors before a formal claim or investigation crystallises in the UK market.
Any occupation group IP
An any occupation definition under a group IP policy treats an employee as incapacitated only if illness or injury prevents them from carrying out the duties of any occup
API marketplace insurance
API marketplace insurance is the distribution model in which insurers and intermediaries make products available through APIs to many distribution partners through a sing
API-led insurance
API-led insurance is the design of insurance services around documented APIs so quoting, binding and claims can be consumed by other applications.
APRA (Australian Prudential Regulation Authority)
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of Australian banks, general insurers, life insurers and superannuation funds, operating
April renewals
The 1 April renewal is the second major reinsurance renewal date, dominated by Japanese reinsurance, Indian reinsurance and certain specialty classes.
ARIAS Arbitration Insurance and Reinsurance Society
ARIAS, the Arbitration Insurance and Reinsurance Society: history, AIDA roots, network of national chapters, role in (re)insurance arbitration explained.
ARIAS UK
ARIAS UK: history, ARIAS UK Arbitration Rules 2022, membership grades, panel of arbitrators and role in London market insurance and reinsurance arbitration.
Asbestos exclusion
A clause excluding cover for loss, damage, cost or liability caused by, contributed to by, or arising from asbestos in any form or any product containing asbestos, reflec
Assigned Risks Pool (ARP) Solicitors PI — What It Was and What Replaced It
The Assigned Risks Pool was the safety net for solicitors PI cover. Here is what the ARP did, how it changed, and what replaced it in the UK.
Auto facultative
Auto facultative (facultative obligatory) is a hybrid reinsurance arrangement where the cedant may choose to cede individual risks but the reinsurer is obliged to accept
Auto-enrolment
Auto-enrolment is the statutory requirement on UK employers under the Pensions Act 2008 to enrol eligible jobholders automatically into a qualifying workplace pension sch
Autonomous vehicle insurance
Autonomous vehicle insurance is the UK statutory motor cover for automated vehicles under the Automated and Electric Vehicles Act 2018 and the Automated Vehicles Act 2024
Average (marine)
Average in marine insurance is the framework for partial loss adjustments, divided into particular average (single interest) and general average (shared).
Aviation hull insurance
Aviation hull insurance covers physical loss of or damage to an aircraft, normally on an agreed-value 'all risks' basis with separate war and allied perils cover.
Aviation insurance
Aviation insurance is the specialty class covering aircraft hull, passenger and third-party liability, war risks, products and operations across commercial, general and b
Aviation loss adjuster
An aviation loss adjuster investigates and quantifies hull, liability, war risk and product claims under aviation insurance policies, often in the London and internationa
Aviation passenger liability
Aviation passenger liability cover responds to the air carrier's legal liability for death or injury to passengers and damage to baggage and cargo under Warsaw and Montre
Aviation product liability
Aviation product liability insurance covers manufacturers and overhaul organisations for legal liability arising from defects in aircraft, engines, components or maintena
Aviation third party liability
Aviation third party liability cover responds to legal liability of an aircraft operator for personal injury and property damage to persons and property on the ground.
B (43 entries)
B3i Blockchain Insurance Industry Initiative
B3i Blockchain Insurance Industry Initiative: 2016 industry consortium of leading reinsurers, Property Cat XL pilot, products launched and the July 2022 wind-down.
Bad debt provision (reinsurance)
A bad debt provision (or counterparty default adjustment) reduces the reinsurance recoverable to reflect the expected loss from non-payment by reinsurer counterparties.
Baden-Baden reinsurance meeting
The Baden-Baden reinsurance meeting is the annual October gathering of European reinsurance industry participants, complementing Monte Carlo and providing a second milest
BaFin (Germany) — insurance regulation
BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) is the integrated financial services regulator of Germany, including responsibility for insurance supervision unde
Bank of England climate stress test
Bank of England climate stress test (CBES): the 2021-22 Climate Biennial Exploratory Scenario covering UK banks and insurers, with results published 24 May 2022.
Banker's blanket bond
A banker's blanket bond (BBB) is the comprehensive crime insurance policy for banks and other financial institutions, covering employee dishonesty, theft, fraud and compu
Basis risk parametric
Basis risk is the mismatch between parametric payout and actual loss. It is the principal commercial issue with parametric insurance and the focus of EIOPA's 2023 paper.
Battery storage insurance
Battery storage insurance covers grid-scale battery energy storage systems with property, business interruption and liability cover, with thermal runaway as the principal
Bermuda insurance market
The Bermuda insurance market is the world's third-largest insurance jurisdiction by gross written premium and a leading specialty insurance, reinsurance, captive, and ins
Bermuda reinsurance market
The Bermuda reinsurance market is the world's largest property catastrophe reinsurance market and a major specialty reinsurance centre, supervised by the Bermuda Monetary
Bermudian sidecar
A Bermudian sidecar is a special purpose insurer established to take a quota share of a sponsor reinsurer's book of business, collateralised and capitalised on a single-p
Bicycle insurance
Bicycle insurance is a UK consumer general insurance product covering specified bicycles against theft, accidental damage, third-party liability and personal accident.
Black box car insurance
Black box car insurance: the UK colloquial term for fitted-device telematics motor cover, its young-driver market, FCA Consumer Duty and ICO data protection obligations.
Black box insurance
Black box insurance is the form of UK telematics motor insurance in which a small device is permanently installed in the insured vehicle to record driving data and inform
Blockchain insurance
Blockchain insurance: how distributed ledger technology is used by insurers and brokers for parametric settlement, reinsurance accounting and KYC, with UK regulatory cont
Bloomberg ESG
Bloomberg ESG provides disclosure-based ESG scores and proprietary ESG Scores covering more than 15,000 companies, widely used by UK insurance investment and underwriting
Blue carbon insurance
Blue carbon insurance covers mangrove, salt marsh and seagrass restoration projects and the carbon credits they issue, against storm surge, disease, encroachment and reve
BNPL insurance embedded
BNPL insurance embedded: purchase protection and instalment cover at Buy Now Pay Later checkout, UK Treasury 2024 BNPL consultation and consumer detriment risk under Cons
Boat insurance personal
Personal boat insurance is a UK marine insurance contract covering a privately owned pleasure craft against marine perils, third-party liability and personal effects.
Boiler and pressure vessel inspection
Boiler and pressure vessel inspection under PSSR 2000 is the statutory periodic examination by a competent person, typically provided alongside insurance against sudden a
Bolam test
The Bolam test is the UK standard for professional negligence: conduct in accordance with a responsible body of opinion in the relevant profession is not negligent.
Bolitho test
The Bolitho test qualifies the Bolam standard: a responsible body of professional opinion must withstand logical analysis to defeat a UK negligence claim.
Bonds and surety
Bonds and surety in construction provide financial guarantees from a surety to an employer that the contractor will perform contractual obligations or repay advance payme
Bornhuetter-Ferguson method
The Bornhuetter-Ferguson (BF) method is a reserving technique that blends a prior estimate of ultimate losses (typically from pricing or expected loss…
Bowtie analysis
Bowtie analysis is a visual risk assessment technique that links the causes of a hazard, through a central "top event", to its consequences and the…
Box at Lloyd's
The box at Lloyd's is the designated underwriting desk on the Lloyd's underwriting floor at which an underwriter or team meets placing brokers to discuss and bind busines
Boycott risk insurance
Boycott risk insurance covers loss of revenue and crisis response costs arising from organised consumer boycotts, activist campaigns and reputational events.
Breach of confidentiality
Breach of confidentiality cover within UK professional indemnity insurance responds to liability for unauthorised disclosure of confidential information or personal data.
Breach of Contract Cover in PI Insurance — Where the Line Is Drawn
Breach of contract cover in PI insurance addresses liability for contractual breaches that go beyond ordinary professional negligence — here is how the UK wording works.
Breach of duty of care
Breach of duty of care is the central element of negligence in UK law, formed by failing to meet the standard of a reasonably competent professional in the relevant field
Breach of duty of care in PI: what it means and how cover responds
Breach of duty of care PI explained: what professional negligence means, the Bolam/Bolitho test, how PI policies respond and the difference from breach of contract.
BREEAM-rated building insurance
BREEAM-rated building insurance for UK developers and owners — how Pass, Good, Very Good, Excellent and Outstanding ratings affect property, PI and warranty cover.
Bronek Masojada (Hiscox)
Bronek Masojada was Chief Executive Officer of Hiscox plc from 2000 to 2021, building the firm from a Lloyd's syndicate into a FTSE 250 international specialty insurer, a
Buffer layer
The buffer layer of an excess of loss reinsurance programme sits between the working layer and the capacity layer, with moderate expected loss frequency.
Building Safety Act 2022 carbon implications
Building Safety Act 2022 carbon implications for UK property insurance — how the BSA regime intersects with embodied carbon, retrofit, MMC and net zero design.
Bureau leader
The bureau leader is the leading carrier on a London market placement responsible for representing the subscribing market in central bureau interactions — premium process
Burning cost
The burning cost is a simple ratio used in commercial insurance and reinsurance pricing: the historical losses to a layer or programme expressed as a…
Burning cost (reinsurance)
Burning cost in reinsurance is the application of the burning cost technique to determine the loss cost for a specific layer of a non-proportional…
Burning cost rating
Burning cost rating is the application of the burning cost approach (historical losses to a layer divided by historical exposure base) to determine the…
Business class 1
Business class 1 is the first business tier of UK motor insurance class of use: cover for occupational use of the vehicle by the policyholder and named spouse, excluding
Business class 2
Business class 2 is the second business tier of UK motor insurance class of use: business use cover for the policyholder, named spouse and additional named drivers in the
Business interruption insurance
Business interruption insurance covers the loss of gross profit and increased cost of working a UK business suffers after an insured property damage event.
By Miles
By Miles is a UK pay-per-mile motor insurance intermediary founded in 2017, offering UK motorists usage-based insurance charged by miles driven through a connected dongle
C (110 entries)
Calendar year reinsurance
Calendar year reinsurance allocates premium and claims by reference to the calendar year in which they are earned or incurred, irrespective of the underwriting year of th
California Department of Insurance
The California Department of Insurance (CDI), headed by the elected Insurance Commissioner, is the largest US state insurance regulator by premium volume and is notable f
Capacity layer
The capacity layer of an excess of loss reinsurance programme is the upper layer providing peak loss protection at the lowest rate on line, with low expected frequency.
Caparo v Dickman
Caparo Industries plc v Dickman [1990] 2 AC 605 sets the UK tripartite test for the duty of care in negligence: foreseeability, proximity, and fairness, justice and reaso
Cape Cod method
The Cape Cod method (also Stanard-Bühlmann method) is a reserving technique that estimates the expected loss ratio (ELR) directly from the data rather…
Captive claims handler
A captive claims handler manages claims for a captive insurance company — typically a single-parent or group captive owned by a corporate group to retain its own risk.
Captive domicile selection
Captive domicile selection is the structured analytical process by which a corporate group selects the jurisdiction in which to establish its captive insurance company, b
Captive feasibility study
A captive feasibility study is the structured analysis undertaken to determine whether the establishment of a captive insurance company is economically and operationally
Captive insurance company
A captive insurance company is an insurance company established and owned by a non-insurance parent group, primarily to insure or reinsure the risks of that group. The ca
Captive reinsurance
Captive reinsurance is the reinsurance protection purchased by a captive insurance company from the commercial reinsurance market, providing excess loss protection for th
CAR insurance
CAR insurance is the standard abbreviation for Contractors All Risks insurance, the project-specific cover for construction works during the construction period.
Car rental insurance embedded
Embedded car rental insurance: CDW, SLI and excess waiver products at the rental counter, FCA TR15/1 add-on findings and stand-alone excess as a UK consumer alternative.
Caravan insurance
Caravan insurance is a UK general insurance product covering touring or static caravans against accidental damage, fire, theft, storm and third-party liability.
Carbon credit insurance
Carbon credit insurance protects buyers and holders of carbon credits against invalidation, non-delivery, reversal and registry failure across compliance and voluntary ma
Carbon delivery risk insurance
Carbon delivery risk insurance protects buyers of forward carbon credit contracts against the seller's failure to issue and deliver the contracted volume of credits on ti
Carbon neutral insurance
Carbon neutral insurance supports carbon-neutrality claims with cover for offset invalidation, reversal and political risk, alongside management liability for greenwashin
Carbon offset insurance
Carbon offset insurance protects buyers and retirees of carbon offsets against invalidation, reversal and integrity-related loss, supporting credible net zero and carbon
Cargo insurance
Cargo insurance covers loss of or damage to goods while in transit by sea, air, road or rail, including international supply chain movements.
Cargo insurance (marine)
Marine cargo insurance covers goods in international transit on Institute Cargo Clauses, with cover responding by Incoterm, route and commodity type.
Case reserve
A case reserve is the amount set aside by an insurer in respect of a specific reported open claim, representing the estimated ultimate cost of settling…
Casualty loss adjuster
A casualty loss adjuster investigates and quantifies liability claims under UK employers', public, products and professional indemnity insurance policies.
Cat XL
Cat XL is the standard abbreviation for catastrophe excess of loss reinsurance — non-proportional reinsurance responding to single-event accumulation losses above the ced
Catastrophe bond
A catastrophe bond is an insurance-linked security under which an investor's principal is at risk to defined catastrophic events, providing fully collateralised retrocess
Catastrophe excess of loss
Catastrophe excess of loss reinsurance responds to losses from a single catastrophic event aggregating across the cedant's portfolio, above an event retention up to an ev
Catastrophe model
A catastrophe model (or "cat model") is a computational framework that estimates the probability distribution of losses to insured exposures from natura
Cayman captive insurance market
The Cayman Islands captive insurance market is the second-largest captive domicile in the world by premium, with particular strength in US healthcare and group captive st
Cayman ILS (Insurance-Linked Securities)
The Cayman Islands is the world's leading domicile for insurance-linked securities (ILS), including catastrophe bonds, collateralised reinsurance vehicles, and sidecars.
CDP Carbon Disclosure Project
CDP: the Carbon Disclosure Project, founded 2000, rebranded as CDP in 2013, runs the world's largest environmental disclosure system for companies, cities and supply chai
Cedant
The cedant is the insurer (or reinsurer) that transfers risk to a reinsurer under a reinsurance contract, in exchange for payment of a ceded premium.
Ceded premium
Ceded premium is the premium paid by a cedant to a reinsurer in consideration of the reinsurance cover provided under a treaty or facultative contract.
Cell captive
A cell captive is a captive arrangement within a Protected Cell Company (PCC), in which a corporate user takes a legally ring-fenced cell within a hosted PCC vehicle, sha
Chain ladder method
The chain ladder method is the most widely used deterministic loss-development technique. Given a loss triangle, it estimates ultimate losses by…
Chartered Institute of Loss Adjusters (CILA)
The Chartered Institute of Loss Adjusters (CILA) is the UK professional body for loss adjusters, granted a Royal Charter in 1961 and setting standards for the profession.
Chartered Loss Adjuster
Chartered Loss Adjuster is the highest professional designation awarded by CILA under its Royal Charter, recognising senior practitioners of the loss adjusting profession
Charterers liability insurance
Charterers liability insurance covers a charterer's third-party and contractual liabilities arising under voyage, time or bareboat charterparties, including damage to hul
ChatGPT insurance use cases
ChatGPT in UK insurance: broker drafting, sanctions and AML review, customer chatbots; regulatory caution under the Consumer Duty and ICO generative AI guidance.
Chicago Convention
The Chicago Convention 1944 is the foundational international treaty on civil aviation, establishing ICAO and the framework of sovereignty, air services and standards tha
China Banking and Insurance Regulatory Commission
The China Banking and Insurance Regulatory Commission (CBIRC), formed in 2018 by merger of the CBRC and CIRC, regulated banks and insurers in China. CBIRC was reorganised
Circumstance Notification in PI Insurance — What It Means and How to Use It
A circumstance notification in PI insurance is a formal notice to your insurer of facts that may give rise to a claim. Here is how it works in the UK.
Civil liability
Civil liability wordings are the broadest professional indemnity insuring clause in UK practice, responding to any legal obligation to pay damages, subject to exclusions.
Civil liability extension on a PI policy: what it covers
A civil liability extension broadens PI cover beyond negligence to any civil claim arising from professional work. What it covers under UK PI in 2026.
Claim file
A claim file is the complete record of an insurance claim — documents, communications, decisions, valuations and reserves — held by the insurer for regulatory and evident
Claim form
A claim form is the structured document by which a policyholder formally submits the details of a claim to their insurer, capturing data required to assess and pay the cl
Claim notification
Claim notification is the formal process by which a policyholder advises their insurer of a loss, claim or circumstance that may give rise to a claim under the policy.
Claims auditor
A claims auditor independently reviews UK insurance claims files for technical accuracy, regulatory compliance and outcome quality — including audits of TPAs and coverhol
Claims handling
Claims handling is the end-to-end process by which an insurer investigates, validates, quantifies and settles claims, regulated in the UK by FCA ICOBS 8.
Claims made reinsurance
Claims made reinsurance is an attachment basis under which the treaty responds to claims first made or notified during the treaty period.
Claims management system
A claims management system handles FNOL through settlement, holding the regulated record of claims under ICOBS 8 and supporting operational resilience.
Claims manager
A claims manager leads the UK claims function for an insurer, MGA, broker or TPA — typically a certified or senior management function under the FCA SM&CR.
Claims technician
A claims technician is the front-line UK insurance professional who triages, validates and progresses claims of low to medium complexity under FCA ICOBS rules.
Claims-led insurance technology
Claims-led insurance technology automates first notification, triage, assessment and settlement using computer vision, NLP and decisioning under ICOBS 8.
Claims-made vs occurrence PI: what the difference actually means
Claims-made vs occurrence PI: which policy responds to a claim, why almost all UK PI is claims-made, and what that means for renewals, retroactive dates, and run-off.
Class of use
Class of use is the classification on a UK motor insurance policy that defines the purposes for which the insured vehicle may be used, from social use to business use to
Climate change insurance
Climate change insurance: an encyclopaedic guide to how UK insurers underwrite physical, transition and liability climate risk under PRA SS 3/19 and IFRS S2.
Climate engineering insurance
Climate engineering insurance addresses the operational and liability exposures of solar radiation management and carbon dioxide removal technologies pursued in support o
Climate stress test insurance
Climate stress test insurance: UK insurer climate scenario analysis under PRA SS 3/19, the Bank of England CBES, NGFS scenarios and the PRA Insurance Stress Test.
Climate VaR
Climate VaR: a forward-looking metric quantifying portfolio loss from physical and transition climate risk, used by UK insurers under PRA SS 3/19 and IFRS S2.
Co-branded insurance product
Co-branded insurance product: dual-branded retail and motor insurance, FCA Consumer Duty consumer understanding, ICOBS 4 information disclosure and PROD 4 distribution.
Coal mining transition liability
Coal mining transition liability covers the closure, restoration and pollution exposures of UK coal operations following the phase-out of coal-fired generation in 2024.
Coastal erosion insurance
Coastal erosion insurance in the UK: why it is generally uninsurable under standard property policies, the role of Shoreline Management Plans, and parametric options.
Collateralised reinsurance
Collateralised reinsurance is reinsurance whose obligations are wholly or partly secured by assets held in trust, letters of credit or other collateral arrangements for t
Combined commercial policy
A combined commercial policy bundles property, liability and business interruption cover for SMEs under a single insurance contract with one renewal date.
Combined engineering insurance
Combined engineering insurance packages multiple engineering sub-classes — machinery breakdown, computer breakdown, inspection covers — into a single integrated policy.
Combined liability policy explained: PL, EL and PI in one schedule
A combined liability policy bundles public, employers' and sometimes product and PI cover in one schedule. How it works, when to buy combined vs standalone PI.
Combined ratio
The combined ratio is the principal measure of underwriting profitability for general insurers and reinsurers — the sum of the loss ratio and the expense ratio expressed
Combined ratio (underwriting)
The combined ratio is the principal headline measure of underwriting performance in non-life insurance. It is the sum of the loss ratio and the expense…
Commercial insurance
Commercial insurance is the family of UK insurance products designed to protect businesses against property, liability, financial and people risks.
Commission (insurance)
Commission in insurance is remuneration paid by an insurer to an intermediary for placing or servicing a contract, calculated as a percentage of premium. Commission in no
Comprehensive motor insurance
Comprehensive motor insurance is the widest UK retail motor tier: third-party liability plus accidental damage, fire and theft cover for the insured vehicle, with optiona
Compulsory excess
A compulsory excess is the portion of a motor insurance claim that the insurer requires the policyholder to bear, set by the insurer based on driver, vehicle and risk fac
Compulsory motor insurance
Compulsory motor insurance is the minimum third-party motor cover required by statute under the Road Traffic Act 1988 before a motor vehicle may be used on a UK road or p
Computer breakdown insurance
Computer breakdown insurance covers sudden and accidental breakdown of computer equipment, plus extensions for data restoration, increased costs of working and computer d
Computer crime insurance
Computer crime insurance covers loss caused by computer-enabled criminal acts, including unauthorised access, computer fraud, funds transfer fraud and social engineering.
Computer fraud cover
Computer fraud cover responds to financial loss from fraudulent use of computer systems to transfer money or property, typically a section of comprehensive crime insuranc
Computer vision claims
Computer vision in UK insurance claims: motor damage assessment (Tractable, Solera, Mitchell), aerial roof analytics (CAPE, EagleView) and photo-FNOL.
Conditions precedent
Conditions precedent in insurance are contractual terms whose performance must occur before liability arises, distinct from warranties and innominate terms.
Conditions precedent to liability
A condition precedent to liability is a policy term whose compliance is required before the insurer's liability for a specific claim arises, with strict consequences for
Confiscation expropriation nationalisation
Confiscation, expropriation and nationalisation (CEN) cover is the core peril of political risk insurance, addressing host government taking of investor property.
Connected building insurance
Connected building insurance: commercial property with BMS, BACnet and KNX; leak, fire and intrusion monitoring; HiTechCover propositions and PRA operational resilience e
Connected car insurance
Connected car insurance: OEM-installed connectivity (Tesla, BMW ConnectedDrive), UK GDPR, EDPB Guidelines 1/2020 on connected vehicles and the Automated and Electric Vehi
Connected health insurance
Connected health insurance: PMI and Life linked to wearables, UK GDPR Article 9 special category health data, ICO health-sector guidance and Equality Act 2010 considerati
Connected home insurance
Connected home insurance: leak detectors and smart smoke alarms (Hive, Nest, Honeywell), premium discount design and UK GDPR Article 22 considerations on automated decisi
Consequential loss PI cover: what it covers and what it excludes
Consequential loss PI cover explained: when PI responds to losses flowing from a professional error, when remoteness or wording excludes it, and what UK firms should chec
Consumer Duty PI Insurance Implications — What FCA-Regulated Firms Need to Know
How the FCA's Consumer Duty shifts PI exposure for UK regulated firms — claim sources, complaints volume, supervisory cost and what insurers ask at renewal.
Consumer Insurance (Disclosure and Representations) Act 2012
CIDRA 2012 governs pre-contractual disclosure in UK consumer insurance, replacing the duty of disclosure with a duty to take reasonable care not to misrepresent.
Continuation option group risk
A continuation option is a feature of some group risk schemes allowing a leaver to apply for an individual replacement policy without medical underwriting within a define
Continuous coverage clause
A continuous coverage clause preserves indemnity for late-notified PI claims where an insured has remained with the same insurer across successive policy years.
Continuous Insurance Enforcement
Continuous Insurance Enforcement (CIE) is the UK regime requiring the registered keeper of a motor vehicle to maintain insurance in force unless the vehicle has been decl
Contract certainty
Contract certainty is the principle that all terms of an insurance contract must be agreed before inception and policy documentation issued promptly afterwards.
Contract frustration insurance
Contract frustration insurance covers losses when a contract is frustrated by host government action, including export and import bans, licence withdrawals and sanctions.
Contract Works PI Extension — What It Covers and Where It Doesn't Reach
How the contract works extension on UK PI policies works — what's covered, the overlap with construction all risks, sub-limits and when the extension is worth requesting.
Contractors All Risks
Contractors All Risks (CAR) is the project-specific insurance covering physical loss or damage to construction works during the construction period, plus liability and ex
Contribution rights in PI insurance: how co-defendant recoveries work
Contribution rights PI insurance explained: how the Civil Liability (Contribution) Act 1978 lets co-defendants recover a share, and how PI insurers pursue recoveries.
Control of well insurance
Control of well insurance covers costs of regaining control of an out-of-control oil or gas well, plus redrilling and seepage costs; equivalent to OEE in most modern word
Corporate governance insurance
Corporate governance insurance for UK boards: how D&O, entity cover and governance endorsements respond to breaches of the UK Corporate Governance Code and Companies
Corporate Names (Lloyd's)
Corporate Names at Lloyd's are limited liability corporate entities providing capacity to Lloyd's syndicates — the dominant source of capital in the modern Lloyd's market
COSHH (Control of Substances Hazardous to Health)
The Control of Substances Hazardous to Health Regulations 2002 (SI 2002/2677), known as COSHH, require employers in Great Britain to prevent or…
COSO ERM framework
The COSO ERM framework — formally *Enterprise Risk Management — Integrating with Strategy and Performance* (2017) — is a globally referenced model for…
Coverage attorney
A coverage attorney is the specialist lawyer engaged to analyse and advise on whether an insurance policy responds to a notified loss — known in the UK as coverage counse
Crime insurance commercial
Commercial crime insurance covers a business against financial loss from a wide range of criminal acts including employee dishonesty, fraud, theft, computer fraud and soc
Crisis communications insurance
Crisis communications insurance: how UK D&O, cyber and crisis management endorsements fund specialist PR consultants and stakeholder communications after a corporate
Critical illness cover for mortgage protection
Critical illness cover for mortgage protection pays a lump sum on diagnosis of one of a defined list of critical illnesses during the mortgage term. The benefit is typica
Critical Yellow Card schemes
The Yellow Card scheme is the UK's national reporting system for suspected adverse drug reactions, adverse incidents involving medical devices, and other safety concerns,
Crypto asset insurance
Crypto asset insurance: institutional cold-storage cover (Coinbase Custody, Anchorage, BitGo), Lloyd's syndicates Atrium and Arch, and the FSMA 2023 cryptoasset perimeter
Currency inconvertibility insurance
Currency inconvertibility insurance covers the inability to convert local currency into hard currency, or to transfer funds out of the host country, due to host governmen
Cuthbert Heath
Cuthbert Heath (1859-1939), Lloyd's underwriter who pioneered non-marine insurance, modern excess of loss reinsurance, and the Lloyd's response to the 1906 San Francisco
Cuvva
Cuvva is a UK insurtech founded in 2015 offering short-duration, smartphone-app-based temporary motor insurance, principally aimed at borrowed-car and learner-driver use
Cyber Exclusion in PI Insurance — What It Means and Why It Matters
A cyber exclusion in PI insurance removes cover for losses arising from cyber events, hacking, malware or data breach — here is what UK firms need to know in 2026.
Cyber governance insurance
Cyber governance insurance: how UK D&O cover and cyber policies respond to claims that directors failed to oversee cybersecurity, data protection and resilience oblig
Cyber-physical convergence
Cyber-physical convergence: cyber events causing physical damage (NotPetya 2017, Colonial Pipeline 2021, Triton/Trisis), the IAIS Issues Paper, CL380 and LMA cyber war ex
D (34 entries)
D&I diversity inclusion insurance
D&I diversity inclusion insurance covers UK directors and employers facing Equality Act 2010 claims, harassment duties and DEI-related ESG litigation.
Date of loss
The date of loss is the date on which the insured event occurred, determining which policy period responds, when limitation runs and when reserves attach.
Death in service benefit
Death in service benefit is the colloquial term for an employer-provided lump sum or pension payable on the death of an employee while in employment. It is typically fund
Decentralised insurance
Decentralised insurance: DAO-governed risk pools, mutual-aid analogies, Nexus Mutual and the FSMA 2000 regulatory perimeter analysis under English law.
Decreasing term assurance for mortgage protection
Decreasing term assurance for mortgage protection is a life policy with a sum assured that reduces over the policy term, matched to the reducing balance of a repayment mo
Deductible
Encyclopedic UK guide to the deductible in liability and property insurance, including its relationship with the excess and its operation under English law.
Defamation cover
Defamation cover within a UK professional indemnity policy indemnifies the insured for liability in libel or slander arising from the professional business.
Defamation Extension in PI Insurance — What the Cover Actually Does
A defamation extension in PI insurance covers libel and slander claims arising from the firm's professional work — here is how the cover applies under UK law in 2026.
Defence costs inside or outside the limit on a PI policy
Defence costs inside the limit are paid from your PI sum insured; outside the limit are paid in addition. What the wording means for UK firms in 2026.
Deferred period group IP
The deferred period of a group income protection scheme is the continuous period of incapacity that must elapse before benefit becomes payable — typically 13, 26 or 52 we
DeFi insurance
DeFi insurance: Nexus Mutual, Bridge Mutual, InsurAce; cover for smart contract failure, exchange hack and stablecoin depeg, characterised as discretionary protection in
Defined benefit pension
A defined benefit (DB) pension is a pension scheme that provides a defined retirement benefit based on a formula — typically years of service multiplied by accrual rate a
Defined contribution pension
A defined contribution (DC) pension is a pension scheme in which contributions are paid into an individual member's account, invested in member-selected or default funds,
Definition of Professional Services
The Professional Services definition is the operative scope clause of every professional indemnity policy. It identifies the work the insurer has agreed to underwrite. Li
Dental plan group
A group dental plan is an employer-sponsored insurance covering routine and major dental treatment for employees, typically with defined annual limits for examinations, h
Dependants' pension
A dependants' pension is a regular income payable on death to a dependant of the deceased member of a pension scheme. The pension is taxable on the recipient as PAYE inco
Directors and Officers insurance
Directors and Officers (D&O) insurance protects directors and senior managers against personal liability for alleged wrongful acts in their managerial capacity.
Disabled employee provisions
Disabled employee provisions in UK law include the Equality Act 2010 anti-discrimination duties, the reasonable adjustments duty, the Access to Work scheme, the Disabled
Dishonesty exclusion
The dishonesty exclusion in a UK professional indemnity policy carves out cover for deliberate or fraudulent acts, usually with a write-back protecting innocent partners.
Dishonesty Extension in PI Insurance — What It Covers and What It Does Not
A dishonesty extension in PI insurance covers loss caused by dishonest or fraudulent acts of partners and employees — here is how the cover works in UK PI policies.
Display Screen Equipment regulations
The Health and Safety (Display Screen Equipment) Regulations 1992 (SI 1992/2792, as amended), known as the DSE Regulations, impose duties on employers in…
Distributed ledger reinsurance
Distributed ledger reinsurance: B3i Property Cat XL pilot, RiskStream Collaborative cessions automation and the PRA's preserved expectations on internal model and capital
Distribution-led insurance technology
Distribution-led insurance technology focuses on customer acquisition and the digital interface, with underwriting capacity sourced externally.
Domestic credit insurance
Domestic credit insurance covers UK suppliers against the risk of non-payment by UK commercial customers, principally for buyer insolvency and protracted default.
Downstream energy insurance
Downstream energy insurance covers refineries, petrochemical plants, gas processing, LNG terminals, oil storage and pipelines, with property, business interruption and li
Driver scoring
Driver scoring: how telematics-based driver scores are computed, governed under FCA Consumer Duty and UK GDPR Article 22, and assessed for Equality Act discrimination ris
Driving Other Cars extension
The Driving Other Cars (DOC) extension is an optional UK comprehensive motor insurance feature providing limited third-party-only cover for the policyholder when driving
Drone delivery insurance
Drone delivery insurance is the third-party liability and hull cover required for commercial unmanned aircraft operations in UK airspace, including beyond-visual-line-of-
Drone insurance
Drone insurance covers physical loss and third-party liability arising from the operation of unmanned aircraft systems (drones), with regulatory minima set by the CAA UAS
Drought insurance
Drought insurance in the UK: how UK property and BI policies treat drought, parametric rainfall-deficit products for agriculture, and subsidence implications.
Dubai International Financial Centre insurance
The Dubai International Financial Centre (DIFC) is an English common-law financial free zone within the Emirate of Dubai, hosting the MENA regional operations of major in
E (55 entries)
Each and every claim limit in PI insurance: what it means
An each and every claim limit in PI gives a fresh limit per claim, with no annual cap. How it works, why regulators require it, and worked UK examples.
Each and every loss
Encyclopedic UK guide to each and every loss as a limit and excess basis in liability insurance, contrasted with aggregate wording and aggregation clauses.
EAP
EAP is the abbreviation for Employee Assistance Programme — see the principal entry for cover, regulation and confidentiality framework.
Economic loss claim in PI: pure and consequential loss explained
Economic loss claim PI explained: pure vs consequential economic loss in tort, Hedley Byrne assumption of responsibility, and why most PI claims are economic loss claims.
Edward Lloyd
Edward Lloyd (c.1648-1713), proprietor of the Lombard Street coffee house from which the Lloyd's of London insurance market takes its name.
Edward Lloyd (coffee house owner)
Edward Lloyd (c.1648-1713) was the London coffee house proprietor whose Tower Street and Lombard Street establishments became the meeting place for marine underwriters an
EIOPA (European Insurance and Occupational Pensions Authority)
EIOPA is the European Union supervisory authority for insurance and occupational pensions, established in 2011 as part of the European System of Financial Supervision. It
Electrical inspection
Electrical inspection is the periodic testing of electrical installations under the Electricity at Work Regulations 1989, typically provided by engineering insurance comp
Electronic equipment insurance
Electronic equipment insurance covers electronic equipment against sudden and accidental physical damage from both internal breakdown and external causes, broader than co
Eligible employee
An eligible employee under a group risk scheme is one who satisfies the scheme's defined eligibility category — typically a category of employment, qualifying period of s
Embedded insurance
Embedded insurance: cover sold within the customer journey of a non-insurance product or platform, with API-driven underwriting and FCA distribution oversight.
Embedded insurance
Embedded insurance is cover offered inside a non-insurance purchase journey. This batch-12 entry focuses on GIPP, ICOBS 6A and Consumer Duty effects.
Embedded insurance at point of sale
Embedded insurance at point of sale: ICOBS Chapter 6 and 6A obligations, the FCA add-on remedies, PROD 4 product governance and Consumer Duty implications.
Embodied carbon insurance
Embodied carbon insurance for UK developers — how PI, latent defects and emerging performance-warranty cover respond to under-delivery of embodied carbon targets.
Employee assistance programme
An employee assistance programme (EAP) provides confidential counselling, advice and signposting to employees on workplace and personal issues. Most modern UK EAPs offer
Employer's Liability (Compulsory Insurance) Act 1969
The Employer's Liability (Compulsory Insurance) Act 1969 requires UK employers to insure against liability to employees for work-related injury and disease.
Employer's liability insurance
Employer's liability insurance is compulsory cover protecting UK employers against claims by employees who suffer injury or disease arising from their work.
Employer's occupational health obligation
The employer's occupational health obligation arises principally under the Health and Safety at Work etc. Act 1974 and supporting regulations. It includes general welfare
Energy insurance
Energy insurance is the specialty class covering oil, gas, power and renewable energy assets and operations, including upstream, midstream, downstream and renewables sub-
EnerPHit insurance
EnerPHit insurance for UK deep retrofits — how the Passivhaus retrofit standard interacts with property, PI and latent defects cover for existing buildings.
Engineering insurance
Engineering insurance is the specialty class covering machinery breakdown, boiler and pressure vessel inspection, computer breakdown, lift inspection and related engineer
Enterprise Act 2016 amendments
Part 5 of the Enterprise Act 2016 amended the Insurance Act 2015 by inserting section 13A, creating a statutory duty on insurers to pay claims within a reasonable time.
Enterprise risk management (ERM)
Enterprise risk management (ERM) is the integrated, organisation-wide discipline of identifying, assessing, treating, monitoring and reporting on the…
Environmental impairment liability EIL
Environmental impairment liability (EIL) insurance: standalone UK cover for first and third-party pollution clean-up, biodiversity damage and regulatory defence costs.
Environmental restoration insurance
Environmental restoration insurance: UK cover for the costs of restoring polluted or damaged land, water and biodiversity to a pre-impact or regulated baseline condition.
Environmental Social and Governance
Environmental Social and Governance (ESG) is a framework used to evaluate corporate behaviour against non-financial factors, now embedded in UK insurance underwriting and
Equality Act 2010 disability provisions
The Equality Act 2010 disability provisions define disability for the purposes of the Act, prohibit direct and indirect discrimination, harassment and victimisation, and
Equitable Life Assurance Society 1762
The Equitable Life Assurance Society, founded 1762, was the first life office to price premiums on actuarial principles and operate as a true mutual life assurer, closed
Equitas
Equitas is the reinsurance to close vehicle established in 1996 to take on the long-tail liabilities of Lloyd's pre-1993 underwriting years, including asbestos and enviro
Equitas Reinsurance
Equitas Reinsurance Limited is the run-off reinsurer established in 1996 to accept the pre-1993 long-tail liabilities of Lloyd's syndicates. Acquired by Berkshire Hathawa
Erection All Risks
Erection All Risks (EAR) is the project-specific insurance covering installation and erection of plant and machinery, used principally for power plants, factories and pro
ERM (Enterprise Risk Management — acronym)
ERM is the standard acronym for Enterprise Risk Management — the integrated, organisation-wide approach to identifying, assessing, treating, monitoring…
ESG
ESG is the abbreviation for Environmental, Social and Governance — a framework central to UK insurance underwriting, FCA disclosure rules and TCFD-aligned reporting.
ESG due diligence insurance
ESG due diligence in insurance refers to the structured pre-bind review of a risk's environmental, social and governance profile by UK and Lloyd's market underwriters.
ESG exclusion criteria insurance
ESG exclusion criteria in UK insurance specify which activities, sectors or counterparties an insurer will not underwrite, including Lloyd's market-wide coal and oil sand
ESG governance D&O
ESG governance D&O: how UK directors' and officers' liability cover responds to climate, sustainability disclosure and greenwashing claims under FCA rules and the Com
ESG insurance underwriting
ESG insurance underwriting integrates environmental, social and governance criteria into risk selection, pricing and exclusion decisions across the UK and Lloyd's market.
ESG ratings
ESG ratings are third-party assessments of corporate environmental, social and governance performance, used by UK insurers and investors and now subject to FCA regulation
ESG screening insurance
ESG screening in insurance is the structured filtering of risks against environmental, social and governance criteria, including Lloyd's coal, oil sands and Arctic restri
ESG underwriting policy
An ESG underwriting policy is the documented framework setting an insurer's environmental, social and governance criteria for risk selection, pricing and exclusion.
Estimated maximum loss (EML)
Estimated maximum loss (EML) is the largest loss expected at a single risk under normal operating conditions, assuming that loss-mitigation systems…
Etherisc
Etherisc: open-source decentralised insurance protocol providing the Generic Insurance Framework for parametric flight delay, crop and hurricane covers with UK regulatory
EU insurance regulation
EU insurance regulation comprises a unified framework of harmonised prudential rules under Solvency II, distribution rules under the IDD, and consumer rules under PRIIPs
EU Regulation 261/2004
EU Regulation 261/2004 (retained in UK law as 'UK261') sets standardised passenger rights and fixed compensation for denied boarding, cancellation and long delay of fligh
Event cancellation insurance personal
Personal event cancellation insurance indemnifies a private host against irrecoverable costs from cancellation or curtailment of a private function for insured perils.
Excepted group life policy
An excepted group life policy (EGLP) is a group life arrangement written outside the registered pension regime under s.480 ITTOIA 2005. EGLPs are not constrained by the l
Excess (insurance)
Encyclopedic UK guide to the policy excess in liability and property insurance, including its operation, regulatory limits and interaction with aggregation.
Excess of loss pricing
Excess of loss (XL or XoL) pricing sets the premium for a non-proportional reinsurance layer that responds when an underlying loss (per-risk, per-event,…
Excess of loss reinsurance
Excess of loss reinsurance is a form of non-proportional reinsurance under which the reinsurer pays losses above an agreed retention, up to an agreed limit.
Excess vs deductible on a PI policy: what's the difference?
Excess and deductible both mean the amount you pay on a PI claim before the insurer pays, but the mechanics differ. UK PI definitions explained for 2026.
Expense ratio
The expense ratio is the proportion of earned premium absorbed by acquisition costs and operating expenses, the cost-side complement to the loss ratio in combined ratio a
Experience rating
Experience rating adjusts the manual rate or technical premium for the insured's own historical loss experience. It applies a credibility-weighted blend…
Explainable AI insurance
Explainable AI in UK insurance: SHAP, LIME, surrogate models; ICO and Alan Turing Institute guidance; UK GDPR Article 22 automated decision-making.
Export credit insurance
Export credit insurance covers UK exporters against the risk of non-payment by foreign commercial buyers, typically including political risk extensions, available from pr
Exposure rating
Exposure rating is a reinsurance pricing technique that estimates the loss cost to a layer from the shape of the exposure rather than from the cedent's…
F (45 entries)
Facultative reinsurance
Facultative reinsurance is the reinsurance of a single, identified risk, individually underwritten and accepted by the reinsurer — as distinct from automatic cessions und
Failure Mode and Effects Analysis (FMEA)
Failure Mode and Effects Analysis (FMEA) is a systematic, bottom-up technique for identifying the ways in which components, processes or systems can…
Fair presentation of the risk
Fair presentation of the risk is the pre-contractual disclosure duty owed by the insured under section 3 of the Insurance Act 2015 for non-consumer insurance.
Family income benefit
Family income benefit (FIB) is a life assurance product that pays a regular monthly tax-free income (rather than a lump sum) for the remainder of the policy term on the d
FCA Consumer Duty telematics
FCA Consumer Duty applied to telematics motor insurance: cross-cutting rules, the four outcomes, PROD 4 interaction and FOS expectations on telematics cancellations.
FCA Handbook insurance distribution
The FCA Handbook contains the conduct rules applicable to firms distributing insurance — including group risk, group PMI and protection products. Key sourcebooks are ICOB
Fee-based (insurance)
Fee-based insurance broking is a remuneration model in which the broker receives a fee from the client rather than (or in addition to) commission from the insurer. It is
Fellow of the Institute of Actuaries (FIA)
A Fellow of the Institute of Actuaries (FIA) is the senior IFoA qualification, awarded on completion of all required examinations, work-based skills, the…
Fidelity guarantee insurance
Fidelity guarantee insurance is the historical core of crime insurance, covering loss caused by dishonest or fraudulent acts of employees of the insured.
Financial Ombudsman Service
The Financial Ombudsman Service (FOS): statutory basis under FSMA 2000, compulsory and voluntary jurisdiction, awards, complaint procedure and binding decisions.
Fines and Penalties PI Exclusion — What UK Policies Won't Pay
Why UK PI policies exclude fines and penalties — the public-policy basis, what the wording covers and excludes, and which defence costs may still be insurable.
FINMA (Switzerland) — insurance regulation
The Swiss Financial Market Supervisory Authority (FINMA) is the integrated financial services regulator of Switzerland, including responsibility for the supervision of in
Fire safety risk assessment
A fire safety risk assessment is a statutory document required of the "responsible person" for almost all non-domestic premises in England and Wales…
First notification of loss
First notification of loss is the initial report to an insurer of a loss event, opening the claim file and starting the regulatory claims-handling clock under ICOBS.
Fishbone diagram
A fishbone diagram (also Ishikawa or cause-and-effect diagram) is a visual root cause analysis tool that organises possible contributing causes of an…
Five Whys
The Five Whys is a simple iterative questioning technique used in root cause analysis. It was developed by Sakichi Toyoda and adopted as a core…
Flood insurance UK
Flood insurance in the UK explained: how household and commercial property policies treat flood, the role of Flood Re, regulation, and recent named storm losses.
Flood Re scheme
Flood Re scheme: the UK reinsurance pool established by the Water Act 2014 for high flood-risk homes, including Build Back Better and the planned exit by 2039.
FMEA (Failure Mode and Effects Analysis — acronym)
FMEA is the standard acronym for Failure Mode and Effects Analysis. Common related acronyms:
FNOL
FNOL stands for First Notification of Loss, the industry acronym for the initial report of a loss to an insurer that opens the claim file.
Following Form PI Excess Layers — What the Wording Actually Does
A following form PI excess layer adopts the primary policy's terms above an attachment point. Here is how UK excess layer wordings work in 2026.
Following reinsurer
A following reinsurer is a reinsurer that subscribes to a placement at the lead reinsurer's terms, taking a smaller line to complete the placement.
Following underwriter
A following underwriter is a London market carrier who subscribes to a placement after the lead underwriter has agreed terms, contributing a line of capacity at the lead'
Forced labour insurance
Forced labour insurance describes UK D&O, EPLI and crisis cover that responds to claims and investigations alleging forced or compulsory labour in operations.
Forensic loss adjuster
A forensic loss adjuster combines accounting and investigative skills to quantify business interruption, fidelity and economic-loss claims under UK insurance policies.
Forfeiture clause
A forfeiture clause is a policy term providing that a fraudulent claim forfeits all benefit under the policy, now supplemented by section 12 Insurance Act 2015.
FOS award limit
FOS award limit: current £430,000 cap from 1 April 2024 for acts from 1 April 2019, £190,000 for earlier conduct, plus interest, recommendations and indexation.
FOS jurisdiction
FOS jurisdiction explained: Compulsory and Voluntary Jurisdictions, eligible complainants, micro-enterprise and small business thresholds and DISP 2 rules.
FOS Jurisdiction and PI Insurance — What It Covers
FOS jurisdiction for PI claims — who is eligible to complain, the award limits, how the ombudsman process interacts with a firm's PI cover and key time bars.
FOS time limits
FOS time limits under DISP 2.8: six-year, three-year and six-month rules, exceptional circumstances and final response deadlines for referring complaints.
Frank Outhwaite (Lloyd's)
Richard Outhwaite, Lloyd's non-marine underwriter whose syndicate became one of the most prominent and litigated names in the asbestos and pollution losses of the 1980s.
Fraudulent claim
A fraudulent claim is one made dishonestly or with reckless indifference to its truth, triggering the statutory remedies in section 12 Insurance Act 2015.
Free cover limit group risk
The free cover limit (FCL) is the level of cover an insurer will grant to each member of a group risk scheme without requiring individual medical evidence. Above the FCL,
Free of Capture and Seizure
The Free of Capture and Seizure (FC&S) clause was the historic marine market exclusion of war risks from standard cover, codified in the Waterborne Agreement 1937.
Free reinstatement
Free reinstatement is a reinsurance treaty provision under which the cedant restores exhausted excess of loss capacity without payment of an additional premium.
Freight Demurrage and Defence
FD&D is mutual marine cover for the legal costs of pursuing or defending contractual disputes that fall outside P&I cover, such as charterparty and bunker dispute
Frequency-severity model
A frequency-severity model decomposes aggregate losses into the number of claims (frequency) and the size of each claim (severity), modelling each…
Frozen food deterioration insurance
Frozen food deterioration insurance covers spoilage of frozen and chilled stock following breakdown of refrigeration or environmental control plant.
FSCS PI Insurance Cover — What It Pays and When
FSCS PI insurance cover — what the scheme pays when an insurer or firm fails, the 90% rule, the unlimited compulsory PI position and how to claim.
Functional limitation group IP
A functional limitation under a group IP policy describes specific aspects of an employee's reduced physical or cognitive capacity. The insurer uses functional capacity e
Funds at Lloyd's
Funds at Lloyd's are the capital deposits provided by underwriting members to support their participation in Lloyd's syndicates, forming the second link in the Lloyd's ch
Funds transfer fraud cover
Funds transfer fraud cover responds to loss from fraudulent electronic instructions to a financial institution to transfer money from the insured's account.
Funds withheld reinsurance
Funds withheld reinsurance is a collateral mechanism under which the cedant retains ceded premium that would otherwise be payable to the reinsurer, securing the reinsurer
Funeral plan
A funeral plan is a UK pre-paid contract that fixes the cost of specified funeral services at today's prices for delivery on the planholder's death.
Funeral plan FCA regulation
The FCA funeral plan regime from 29 July 2022 brings pre-paid funeral plan providers and intermediaries within FCA scope under the FUNE sourcebook.
G (41 entries)
Gadget insurance
Gadget insurance is a UK consumer general insurance product that covers portable electronic devices against accidental damage, theft, breakdown and unauthorised use.
GAP insurance
GAP insurance pays the difference between a vehicle's market value at total loss and the original invoice price, replacement cost or outstanding finance balance.
GCI (Group Critical Illness)
GCI is the UK market abbreviation for Group Critical Illness — an employer-sponsored insurance paying a lump sum on diagnosis of a defined critical illness.
GDPR telematics
GDPR telematics: lawful bases under Articles 6 and 9 UK GDPR, transparency under Articles 13/14, automated decisions under Article 22, and DPIA under Article 35.
Gene editing risk insurance
Gene editing risk insurance is a life sciences class addressing product liability, clinical trial and professional indemnity exposures arising from CRISPR and related gen
General Average
General average is the maritime law principle that losses voluntarily incurred to save a marine adventure are shared proportionately by all interests.
Generalised linear model (GLM)
Generalised linear model (GLM) in UK insurance pricing: Poisson, gamma and Tweedie distributions; the IFoA legacy; Solvency II model documentation.
Generalised linear model (insurance)
A generalised linear model (GLM) is a statistical regression framework introduced by Nelder and Wedderburn (1972) that extends ordinary linear regression…
Geoengineering liability insurance
Geoengineering liability insurance addresses third-party bodily injury, property damage and transboundary harm claims arising from solar radiation management and large-sc
Geothermal energy insurance
Geothermal energy insurance covers deep geothermal heat and power projects with drilling, resource, CAR, OAR and liability cover including induced seismicity exposures.
GIP (Group Income Protection)
GIP is the UK market abbreviation for Group Income Protection — employer-sponsored insurance that pays a monthly income to an employee unable to work through illness or i
GLAEMS Group Life Assurance Employer's Liability Master Scheme
GLAEMS refers to a class of pooled group life arrangements used in the UK historically. Modern group life cover is more commonly placed via a master trust EGLP or a regis
GPP
GPP is the standard UK abbreviation for Group Personal Pension — see the principal entry for product and regulatory detail.
Gradient boosting machine (GBM)
Gradient boosting machine (GBM) in UK insurance pricing: XGBoost, LightGBM, CatBoost; predictive lift over GLMs and FCA explainability expectations.
Gradual pollution insurance
Gradual pollution insurance: UK cover for slow-onset or creeping pollution conditions, including historic seepage, gradual contamination and long-tail environmental harm.
Great Fire of London 1666
The Great Fire of London of 1666 destroyed approximately 13,200 houses and 87 parish churches and led directly to the establishment of the first commercial fire insurance
Green building insurance
Green building insurance for UK property owners and developers — how BREEAM, LEED and net zero certifications affect property, PI and warranty cover.
Green hydrogen insurance
Green hydrogen insurance covers electrolytic hydrogen production assets with CAR, OAR, BI and process safety liability cover for projects financed under the UK HAR rounds
Gross-rated commission
Gross-rated commission is a broking arrangement under which the insurer quotes a gross premium inclusive of commission, with the broker retaining its percentage commissio
Group captive
A group captive is a captive insurance company owned and capitalised by multiple unrelated parent groups, pooling defined risks and sharing underwriting profit and loss a
Group cash plan
A group cash plan is the employer-funded variant of a healthcare cash plan, providing reimbursement of routine healthcare costs to employees. See healthcare cash plan for
Group critical illness
Group critical illness cover (GCI) is an employer-sponsored policy paying a tax-free lump sum to an employee diagnosed with one of a defined list of critical illnesses wh
Group health screening
Group health screening is an employer-sponsored preventive health assessment offered to some or all employees. Standard packages include cardiovascular risk profiling, bl
Group income protection
Group income protection (GIP) is an employer-sponsored insurance providing a monthly income to an employee who is unable to work because of illness or injury, after a def
Group income protection benefit
The group income protection benefit is the monthly payment made by the insurer to the employer for the absent employee, typically calculated as a percentage of pre-incapa
Group IP benefit ceasing
Group IP benefit ceases on the earlier of return to work, attainment of the scheme cessation age, death, expiry of the limited payment term, or the employee's failure to
Group IP definitions
Group IP definitions are the policy wordings that determine eligibility for benefit. The key definitions cover incapacity, earnings, deferred period, partial benefit, and
Group life insurance
Group life insurance is an employer-sponsored life assurance arrangement that pays a lump sum (typically a multiple of salary) to the dependants or chosen beneficiaries o
Group life insurance lump sum
The lump sum payable from a group life insurance scheme on the death in service of an employee, typically expressed as a multiple of pensionable salary and paid through a
Group life nomination
A group life nomination — also called an expression of wish — is the employee's written statement of how they wish the trustees to exercise their discretion in distributi
Group life pension scheme
A group life pension scheme is a registered pension scheme established solely to provide death benefits. It enjoys the favourable tax treatment of registered schemes unde
Group life sum assured
The group life sum assured is the lump sum payable on death for each insured employee under the policy, typically expressed as a multiple of the employee's salary or as a
Group life trust
A group life trust is the discretionary trust that holds the group life insurance policy and distributes the benefit on the death of a member. The trust is necessary to k
Group personal pension
A group personal pension (GPP) is a collection of individual personal pension contracts arranged by an employer for employees on a multi-life basis. Each employee owns th
Group PMI
Group PMI is the UK market abbreviation for Group Private Medical Insurance — see the principal entry for details on cover, tax treatment under ITEPA 2003, and IPT.
Group private medical insurance
Group private medical insurance (group PMI) is an employer-sponsored insurance covering employees and (optionally) their families for the cost of private acute medical tr
Group risk insurance
Group risk insurance is the collective term for employer-sponsored protection insurance — group life assurance, group income protection and group critical illness — purch
Group risk pricing factors
Group risk pricing factors include scheme demographics (age, gender, occupation), scheme size, free cover limit, salary distribution, location, claims experience and bene
Group risk underwriting limits
Group risk underwriting limits are the thresholds above which an insurer requires individual medical evidence rather than relying on the scheme's free cover limit. Above
Group stakeholder pension
A group stakeholder pension is a personal pension under the Stakeholder Pension Schemes Regulations 2000 with a cap on charges, low minimum contributions and standard pro
Guernsey captive insurance market
The Guernsey captive insurance market is the largest European captive domicile, world-first in protected cell company (PCC) legislation, and the preferred captive domicil
H (18 entries)
Hail damage insurance
Hail damage insurance in the UK: how property and motor policies treat hailstorm damage, the UK convective storm exposure, and parametric hail trigger products.
Hand-in-Hand Insurance Society 1696
The Hand-in-Hand Insurance Society, founded 1696 as the Amicable Contributors for Insuring Houses from Loss by Fire, was the first mutual fire office in London and a dire
Hard market
A hard market is a period in the insurance or reinsurance cycle characterised by constrained capacity, rising rates, tightened terms and selective underwriting conditions
Hardening market
A hardening market is the transitional phase from soft to hard market conditions — rates begin to rise, capacity begins to tighten, terms begin to narrow.
Hash-bound parametric
Hash-bound parametric refers to parametric contracts settled on blockchain via cryptographically committed oracle-data hashes, used in DeFi and tokenised structures.
Hazard identification
Hazard identification is the systematic process of finding, recognising and describing hazards that could give rise to harm or loss. In ISO Guide 73 and…
HAZOP study
A Hazard and Operability (HAZOP) study is a structured, team-based technique for identifying hazards and operability problems in process systems. It was…
Health and Safety Executive HSE
The Health and Safety Executive (HSE) is the national independent regulator for workplace health, safety and illness, sponsored by the Department for Work and Pensions. I
Healthcare cash plan
A healthcare cash plan is a low-cost employee benefit reimbursing routine healthcare expenses — dental, optical, physiotherapy, prescriptions, consultations — up to defin
Heatwave business interruption insurance
Heatwave business interruption insurance: how UK BI policies respond to heat-related disruption, the 2022 40.3 deg C record, and parametric heat trigger products.
Hedley Byrne v Heller
Hedley Byrne v Heller [1964] AC 465 established the UK tort duty of care for negligent misstatement causing pure economic loss, foundational to professional indemnity.
Hippo Insurance
Hippo is a US-headquartered home insurance insurtech founded in 2015 by Assaf Wand and Eyal Navon, listed on the NYSE as HIPO. It focuses on smart-home connected sensor a
History of insurance
The history of insurance traces risk transfer from Babylonian bottomry loans through medieval Italian marine contracts to the modern London market and the statutory frame
History of motor insurance UK
The history of motor insurance in the UK runs from the first voluntary policies of 1896 to compulsory MTPL under the Road Traffic Act 1930, the establishment of the Motor
Horse insurance
Horse insurance is a UK consumer general insurance product covering an individually identified horse for veterinary fees, mortality, loss of use, tack and rider liability
Hull insurance
Hull insurance covers the ship itself and its machinery against perils of the sea, governed by Institute Time Clauses-Hulls and the International Hull Clauses.
Hydroelectric insurance
Hydroelectric insurance covers run-of-river, reservoir-fed and pumped storage hydropower assets with property, machinery breakdown, BI and liability cover.
Hydrogen project insurance
Hydrogen project insurance is the emerging cover for green and blue hydrogen production, storage and transport infrastructure, including electrolysers and SMR with CCS fa
I (65 entries)
IBNER (Incurred But Not Enough Reported)
Incurred But Not Enough Reported (IBNER) is the difference between the ultimate cost of *reported* claims and the case reserves currently held on those…
IBNR (Incurred But Not Reported — acronym)
IBNR is the standard acronym for Incurred But Not Reported — claim events that have occurred but have not yet been reported to the insurer at the…
IBNR reserve
The IBNR reserve is the amount held for claims that have been incurred (the insured event has occurred) but not yet reported to the insurer at the…
ICOBS 5 product information
ICOBS 5 sets out the FCA Handbook conduct rules for identifying client demands and needs, advising, and offering insurance contracts. Distributors must propose contracts
ICOBS 6 product information for non-investment insurance
ICOBS 6 sets out the FCA Handbook rules on product information for non-investment insurance contracts, including the Insurance Product Information Document (IPID), policy
ICOBS Insurance Conduct of Business Sourcebook
ICOBS is the FCA Handbook sourcebook governing the conduct of insurance distribution. It implements the Insurance Distribution Directive and sets out conduct standards fo
IDD
IDD is the standard abbreviation for the Insurance Distribution Directive (Directive 2016/97/EU), the EU's harmonised conduct of business framework for insurance distribu
IDD demands and needs statement
The IDD demands and needs statement is the customer-facing document produced under Article 20 of the Insurance Distribution Directive (transposed into ICOBS 5) explaining
IFA (Independent Financial Adviser)
An Independent Financial Adviser (IFA) is a regulated financial adviser able to recommend investment and insurance products from the whole of the relevant market, post-Re
IFoA (Institute and Faculty of Actuaries — acronym)
IFoA is the standard acronym for the Institute and Faculty of Actuaries, the UK's chartered professional body for actuaries.
IFRS S2 climate disclosure
IFRS S2 climate disclosure: the ISSB standard published June 2023, effective 1 January 2024, mandating connected climate-related financial disclosures.
Increasing whole of life
Increasing whole of life is a whole of life policy where the sum assured (and the premium) index annually with inflation, normally CPI or RPI, sometimes capped. It is use
Incurred but not reported
Incurred but not reported (IBNR) losses are claim events that have occurred during a coverage period but have not yet been reported to the insurer at the…
Independent advice (insurance)
Independent advice in insurance is advice given on the basis of a comprehensive and unbiased analysis of the relevant market. For investment products it is regulated unde
Independent intermediary
An independent intermediary is an insurance intermediary that operates without contractual ties to particular insurers and is able to recommend products from a sufficient
Independent loss adjuster
An independent loss adjuster is a loss adjuster who acts as a third-party investigator on an insurance claim, instructed case-by-case rather than under a standing panel a
Index-based insurance
Index-based insurance pays on the value of an independent index rather than measured loss, used in sovereign disaster financing and agricultural microinsurance.
Inducement (insurance)
Inducement is the requirement that an insurer prove it was actually influenced by a misrepresentation or non-disclosure before it can claim a remedy.
Industrial IoT insurance
Industrial IoT insurance: manufacturing, oil and gas and utilities cover with IEC 62443, NIS Regs 2018 operators of essential services and Lloyd's market IIoT product imp
Information governance insurance
Information governance insurance: how UK cyber, D&O and PI cover respond to claims arising from data-handling failures, records management and breach of UK GDPR oblig
Inherent defects insurance
Inherent defects insurance is the alternative term for latent defects insurance, covering structural defects in completed buildings that become apparent after practical c
Inherent risk
Inherent risk is the level of risk that exists in the absence of any controls or mitigation. It is the "gross" position — what could happen if the…
Inheritance tax cover
Inheritance tax cover refers to life assurance taken out to fund the IHT liability that will arise on the policyholder's death. The cover is typically a whole of life pol
Insolvency exclusion (PI)
The insolvency exclusion in professional indemnity insurance restricts cover for losses arising out of the insolvency of the insured or of third parties.
Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (IFoA) is the UK's only chartered professional body dedicated to the educating, developing and regulating of…
Institute Cargo Clauses A
Institute Cargo Clauses (A) CL.382 is the standard 'all risks' cargo wording in the London market, dated 1/1/2009 and maintained by the Joint Cargo Committee.
Institute Cargo Clauses B
Institute Cargo Clauses (B) CL.383 is the intermediate named-perils marine cargo wording, providing cover for listed perils such as fire, stranding and earthquake.
Institute Cargo Clauses C
Institute Cargo Clauses (C) CL.384 is the narrowest marine cargo wording, providing cover only for major casualties such as fire, stranding and collision.
Institute Strikes Clauses Cargo
Institute Strikes Clauses Cargo CL.386 restore cover for strikes, riots, civil commotions and terrorism risks excluded from standard ICC cargo wordings.
Institute War Clauses Cargo
Institute War Clauses Cargo CL.385 cover war risks excluded from the standard ICC wordings, subject to the waterborne agreement and the Joint War Committee.
Insurance Act 2015
The Insurance Act 2015 reformed UK non-consumer insurance law, replacing the duty of disclosure with a duty of fair presentation and modernising warranties.
Insurance agent
An insurance agent acts on behalf of one or more insurers, with authority to bind cover or transmit business. Agency law, FCA regulation and broker contrast.
Insurance arbitration
Insurance arbitration in the UK: Arbitration Act 1996 framework, ARIAS UK rules, honourable engagement clauses, awards, challenges and enforcement explained.
Insurance Authority (Hong Kong)
The Insurance Authority of Hong Kong (IA) is the statutory insurance regulator of the Hong Kong Special Administrative Region, established in 2017 by transfer of function
Insurance broker
An insurance broker is an intermediary who acts as agent of the insured, sourcing cover from the market. UK regulation, duties and remuneration explained.
Insurance capacity
Insurance capacity is the aggregate volume of insurance cover that the market is willing to write, determined by the capital available to underwriters and their appetite
Insurance capital
Insurance capital is the surplus of an insurer's assets over its liabilities, held to absorb unexpected losses and meet regulatory requirements. It is…
Insurance claim
An insurance claim is a formal request by a policyholder to an insurer for indemnity or payment under the terms of a policy following a covered loss event.
Insurance core systems
Insurance core systems are the policy administration, claims and billing platforms that run an insurer, often Guidewire, Sapiens, EIS or Duck Creek.
Insurance Council of New Zealand
The Insurance Council of New Zealand (ICNZ) is the industry body representing general insurers in New Zealand. Prudential supervision of insurers is conducted by the Rese
Insurance dispute
Insurance dispute explained: definition, UK legal basis, ADR routes, FOS, arbitration and litigation pathways for resolving coverage and claims disagreements.
Insurance Distribution Directive
The Insurance Distribution Directive (IDD), Directive 2016/97/EU, is the EU's harmonised distribution conduct framework for insurance and reinsurance intermediaries and i
Insurance marketplace
An insurance marketplace is a digital platform offering quotes from multiple carriers, subject to ICOBS 4 information requirements and FCA distribution oversight.
Insurance ombudsman
Insurance Ombudsman Bureau (1981-2001): origins, jurisdiction, awards and how the FOS subsumed its functions under FSMA 2000 and the FCA DISP regime.
Insurance pricing
Insurance pricing is the discipline of determining the premium that should be charged for an insurance risk. It draws on statistical modelling,…
Insurance underwriting cycle
The insurance underwriting cycle (or simply "the cycle") is the recurring pattern of alternating hard and soft market conditions in commercial property…
Insurance-linked securities
Insurance-linked securities (ILS) are financial instruments whose performance is linked to underlying insurance or reinsurance loss experience, providing alternative capi
Insured Event
An insured event is the specific happening, occurrence or circumstance defined in the policy that gives rise to the insurer's liability to pay.
Insurer's panel adjuster
An insurer's panel adjuster is a loss adjuster appointed under a standing arrangement with an insurer, typically handling a continuous volume of claims under defined serv
Insuring agreement
The insuring agreement is the promise to pay that sits at the heart of a UK insurance policy. This entry explains its drafting, scope and interaction with conditions and
Insuring Clause
An insuring clause is the specific paragraph within an insurance policy that states the precise promise of cover the insurer makes for a defined head of risk.
Insurtech
Insurtech: the application of digital technology to insurance distribution, underwriting, claims and product design. Encyclopaedic overview for the UK market.
Insurtech (technology in insurance)
Insurtech is the use of technology to reshape insurance distribution, underwriting and claims. This batch-12 entry covers its post-2024 maturation.
Internal model (Solvency II)
An internal model under Solvency II is a firm-specific stochastic capital model approved by the supervisor for calculating all or part of the SCR. Full…
International Group of P&I Clubs
The International Group of P&I Clubs is an unincorporated association of twelve P&I clubs that share marine liability losses via a Pooling Agreement and shared re
Internet of Things insurance
Internet of Things insurance: long-form companion to IoT insurance, product oversight under FCA PROD 4, fair value under Consumer Duty and supervisory expectations on tel
Investigations costs insurance
Investigations costs insurance: how UK D&O and management liability policies fund legal costs of regulatory and internal investigations under FSMA, the Bribery Act an
IoT insurance
IoT insurance: cover for Internet of Things-enabled property and casualty risk, the ICO IoT guidance, the PSTI Act 2022 and the Network and Information Systems Regulation
IP infringement cover
IP infringement cover in a UK professional indemnity policy indemnifies the insured against liability for unintentional infringement of copyright, trade marks and related
IP Infringement PI Insurance Cover — What UK Policies Actually Pay For
How UK PI insurance responds to intellectual property infringement claims — what's covered, what's excluded, deliberate-act carve-outs and how to read the wording.
IRDA (Insurance Regulatory and Development Authority of India)
The Insurance Regulatory and Development Authority of India (IRDAI) is the statutory regulator of insurance in India, established by the IRDA Act 1999 following the liber
Ishikawa diagram
Ishikawa diagram is the formal name for the fishbone or cause-and-effect diagram, named after its developer Kaoru Ishikawa (1915–1989), the Japanese…
Isle of Man captive insurance market
The Isle of Man is a long-established captive insurance domicile and a leading European centre for life assurance and reinsurance, regulated by the Isle of Man Financial
ISO 31000 — Risk management guidelines
ISO 31000:2018 is the international standard on risk management published by the International Organization for Standardization. It provides principles,…
ISSB International Sustainability Standards Board
ISSB: the International Sustainability Standards Board, established at COP26 (3 November 2021) by the IFRS Foundation, issuer of IFRS S1 and IFRS S2.
J (7 entries)
January renewals
The 1 January renewal is the principal reinsurance renewal date in the global market, accounting for the majority of European, North American and global treaty placements
John Charman (Ascot)
John Charman is a leading underwriting entrepreneur of the modern Lloyd's market — co-founder of Ascot Underwriting, founding CEO of Endurance Specialty Holdings, and Exe
John Stuart Mill (insurance economics)
John Stuart Mill (1806-1873), political economist whose Principles of Political Economy treated insurance as a productive economic activity that pools risk.
Joint and several liability in PI: what it means in English law
Joint and several liability PI means each defendant can be sued for the full loss. How it works under English law, contribution rights, and why net contribution clauses m
Joint life first death
Joint life first death (JLFD) is a life assurance contract on two lives paying out on the first to die. It is the standard structure for couples' mortgage protection and
Joint life second death
Joint life second death (JLSD) is a life assurance contract on two lives paying out only on the death of the second to die. It is widely used for inheritance tax mitigati
June/July renewals
The 1 June and 1 July renewals are the principal US property catastrophe reinsurance renewals — dominated by Florida windstorm and US Southeast hurricane exposure.
K (3 entries)
K&R insurance
K&R insurance is the universal industry abbreviation for kidnap, ransom and extortion insurance, providing cover for ransom payments and crisis response.
Kidnap ransom and extortion insurance
Kidnap, ransom and extortion (K&R) insurance covers ransom payments, response costs and consequential losses arising from kidnap, hijacking, wrongful detention and ex
Known circumstances exclusion
The known circumstances exclusion in PI insurance removes cover for claims arising from facts the insured knew about, or ought to have known about, before the policy bega
L (55 entries)
Large language model (LLM) insurance
Large language models in UK insurance: GPT-4, Claude, Gemini, Llama; retrieval-augmented generation; hallucination risk; FCA Sandbox AI cohort experience.
Late payment damages (Enterprise Act 2016)
Late payment damages are recoverable by insureds where an insurer fails to pay sums due under a policy within a reasonable time, under section 13A Insurance Act 2015.
Late payment damages insurance
Late payment damages in insurance are recoverable under section 13A Insurance Act 2015 when an insurer breaches the implied term to pay claims within a reasonable time.
Latent defects insurance construction
Latent defects insurance covers structural defects in a completed building that become apparent after practical completion, providing first-party cover for repair and rei
Lead reinsurer
The lead reinsurer is the reinsurer that first agrees terms on a reinsurance placement and writes the largest individual line, setting the market for following reinsurers
LEED-rated building insurance
LEED-rated building insurance for UK property owners — how the US Green Building Council's LEED Certified, Silver, Gold and Platinum ratings interact with UK cover.
Lemonade Insurance
Lemonade is a US-headquartered insurtech founded in 2015 by Daniel Schreiber and Shai Wininger, listed on the NYSE as LMND. It pioneered AI-led conversational policy issu
Letter of credit reinsurance
A letter of credit is a collateral structure in reinsurance under which a bank irrevocably undertakes to pay the cedant on demand up to a stated maximum, securing the rei
Liability climate risk
Liability climate risk: how UK D&O, PI and EIL insurers underwrite climate-related litigation, disclosure failure and greenwashing exposure under TCFD and IFRS S2.
Liability driver insurance
Liability driver insurance: how UK insurance responds to the rising drivers of climate and transition liability, including D&O, EIL and professional indemnity cover.
Lifestyle benefit scheme
A lifestyle benefit scheme provides employees with access to discounted lifestyle benefits — gym, retail discounts, holidays, electronics, education — sometimes funded by
Lift inspection LOLER
Lift inspection under LOLER 1998 is the statutory 'thorough examination' of lifts and lifting equipment by a competent person, typically provided alongside engineering in
Lightning strike insurance
Lightning strike insurance in the UK: how property and electronic equipment policies treat direct strike and secondary surge damage, BS EN 62305, and UKCP18 trends.
Likelihood and impact scoring
Likelihood and impact scoring is the qualitative or semi-quantitative process of placing identified risks on a defined scale of probability and…
Limited liability partnership PI
Limited liability partnership PI is professional indemnity insurance written for an LLP, reflecting the body corporate status of the firm and the partial limited liabilit
Lithium-ion BESS insurance
Lithium-ion BESS insurance is the specialist programme covering grid-scale lithium-ion battery storage with thermal runaway as the central underwriting concern.
Living Wage insurance
Living Wage insurance describes the UK D&O, EPLI and crisis cover that responds to claims arising from National Minimum Wage and real Living Wage exposure.
Lloyd's Act 1871
The Lloyd's Act 1871 incorporated Lloyd's of London as a Society with statutory governance, establishing the Committee of Lloyd's and providing the constitutional framewo
Lloyd's Act 1982
The Lloyd's Act 1982 restructured the governance of Lloyd's of London by replacing the Committee of Lloyd's with the Council of Lloyd's, separating broking from underwrit
Lloyd's BBB
Lloyd's BBB is the standard Lloyd's market wording for the banker's blanket bond, providing comprehensive crime cover for banks and financial institutions.
Lloyd's Central Fund
The Lloyd's Central Fund is the mutual security maintained by Lloyd's to discharge the liabilities of underwriting members who are unable to meet them. It forms the third
Lloyd's chain of security
The Lloyd's chain of security is the three-tier structure of financial backing for Lloyd's policyholder claims: syndicate-level premium trust funds, members' Funds at Llo
Lloyd's Coffee House
Lloyd's Coffee House was the Tower Street and later Lombard Street establishment from which the marine underwriting community of London emerged, giving its name to Lloyd'
Lloyd's Coverholder
A Lloyd's coverholder is a firm authorised by Lloyd's and the syndicate's managing agent to underwrite and issue insurance contracts on behalf of one or more Lloyd's synd
Lloyd's Decile 10 review
The Lloyd's Decile 10 review is the Performance Management Directorate's structured remediation process targeting the worst-performing 10 per cent of syndicate underwriti
Lloyd's Dubai platform
The Lloyd's Dubai platform is the Lloyd's of London market presence in the Dubai International Financial Centre, established in 2015 as the regional hub for Middle East,
Lloyd's franchise board
The Lloyd's franchise board (Council of Lloyd's) is the principal governance body of the Society of Lloyd's, responsible for the regulation and oversight of the Lloyd's m
Lloyd's Managing Agent
A Lloyd's Managing Agent is the FCA- and PRA-regulated firm that manages a Lloyd's syndicate on behalf of its underwriting members, with responsibility for underwriting,
Lloyd's New York office
The Lloyd's of London New York office is Lloyd's principal US representative presence, supporting the placement of Lloyd's reinsurance and surplus lines business from the
Lloyd's of London
Lloyd's of London is the world's specialist insurance and reinsurance market, structured as a society of underwriting members grouped into syndicates managed by managing
Lloyd's Performance Management Directorate
The Lloyd's Performance Management Directorate (PMD) oversees the underwriting performance of Lloyd's syndicates, including business plan approval, ongoing monitoring and
Lloyd's Policy Signing Office
The Lloyd's Policy Signing Office, succeeded by Xchanging and now Velonetic, is the central bureau service that processes Lloyd's slips into formal policies and settles p
Lloyd's Singapore platform
Lloyd's Singapore (also known as Lloyd's Asia) is the Lloyd's of London market platform serving the Asia-Pacific region, established in 1999 and operating as a MAS-recogn
Lloyd's slip
A Lloyd's slip is the standard contract document used in the London market to place insurance and reinsurance business with subscribing underwriters.
Lloyd's syndicate
A Lloyd's syndicate is a group of underwriting members (Names) that together provide capital to support a year of account, managed by a Lloyd's managing agent.
Lloyd's Underwriter
A Lloyd's Underwriter is an individual employed by a Lloyd's Managing Agent to underwrite insurance and reinsurance business on behalf of one or more syndicates, at a des
London Assurance 1720
The London Assurance Corporation, chartered in 1720 alongside Royal Exchange Assurance, was the second corporate marine underwriter in Great Britain and a major composite
Long Covid as disability
Long Covid (post-acute sequelae of SARS-CoV-2) can amount to a disability under the Equality Act 2010 where it satisfies the section 6 definition. The Employment Appeal T
Loss adjuster
A loss adjuster is an independent claims professional appointed by an insurer to investigate, evaluate and negotiate the settlement of insurance claims under UK policies.
Loss adjuster vs claims handler in PI: who does what
Loss adjuster vs claims handler PI explained: loss adjusters are independent investigators appointed by insurers, claims handlers are in-house staff managing the file.
Loss cost
The loss cost is the expected losses per exposure unit. It is broadly synonymous with the pure premium, though US literature distinguishes the two: the…
Loss development
Loss development is the change in the recorded value of claims for a given accident, underwriting or report year as more information becomes available…
Loss event
A loss event is the occurrence — fire, theft, collision, accident, error — that triggers cover under an insurance policy and gives rise to a claim.
Loss leader (insurance)
Loss leader pricing in insurance is the deliberate pricing of certain policies below their actuarial cost in order to attract new business or to cross-sell other products
Loss occurring basis
Loss occurring basis is a reinsurance attachment basis under which the treaty responds to losses occurring during the treaty period, irrespective of the underwriting year
Loss of documents (PI cover)
Loss of documents cover in a UK professional indemnity policy indemnifies the costs of restoring, replacing or reconstituting documents in the insured's custody or contro
Loss of Documents Extension in PI Insurance — How the Cover Works
A loss of documents extension in PI insurance covers the cost of reconstructing or replacing client documents lost, damaged or destroyed in the firm's care.
Loss of profits following machinery breakdown
Loss of profits following machinery breakdown is the business interruption extension to machinery breakdown insurance, covering lost gross profit during the downtime caus
Loss prevention
Loss prevention comprises measures designed to reduce the frequency with which insured loss events occur. It targets the likelihood side of the risk…
Loss ratio
The loss ratio is the proportion of earned premium absorbed by claims (and allocated loss adjustment expenses) — the principal underwriting performance indicator after co
Loss ratio (underwriting)
The loss ratio is incurred losses (and allocated loss adjustment expenses) divided by earned premium, expressed as a percentage. It is one of the two…
Loss ratio rating
Loss ratio rating sets the premium for the renewal period as a function of the loss ratio observed in prior periods. It is a credibility-style adjustment…
Loss reduction
Loss reduction comprises measures designed to reduce the severity of a loss once it has occurred. Where loss prevention targets the probability that a…
Loss triangle
A loss triangle is a tabular representation of cumulative paid or incurred losses by origin period (rows) and development period (columns). It is the…
Lump sum death benefit
A lump sum death benefit is a single cash sum payable on the death of a member of a pension scheme or group life arrangement. From 6 April 2024 lump sum death benefits fr
M (58 entries)
Machine learning underwriting
Machine learning underwriting in UK insurance: supervised algorithms, train-validate-test discipline, SYSC 4 governance and FCA model-risk expectations.
Machinery breakdown insurance
Machinery breakdown insurance covers sudden and accidental mechanical, electrical or electronic breakdown of plant and machinery, plus consequential business interruption
Maintenance bond
A maintenance bond is a surety bond guaranteeing the contractor's performance of maintenance and defects rectification obligations during the defects liability period.
Major loss claims handler
A major loss claims handler manages the highest-value and most complex UK insurance claims — typically losses above £500,000 with coverage, quantum or liability issues.
Manual Handling Operations Regulations
The Manual Handling Operations Regulations 1992 (SI 1992/2793) — MHOR — require employers in Great Britain to avoid manual handling operations involving…
Manual rating
Manual rating is the application of pre-published rates to a defined exposure base to produce a premium. The rates are typically tabulated in a "manual"
Marine builders risk
Marine builders risk insurance covers a newbuild vessel during its construction, launch, trials and delivery voyage, written on the Institute Clauses for Builders' Risks.
Marine cargo all risks
Marine cargo all risks cover under Institute Cargo Clauses (A) responds to all losses except those expressly excluded, including inherent vice and delay.
Marine insurance
Marine insurance covers ships, cargo, freight and marine liabilities against the perils of the sea and other maritime risks, governed by the Marine Insurance Act 1906.
Marine Insurance Act 1906
The Marine Insurance Act 1906 codified English marine insurance law and underpinned all classes of insurance until partial reform by the Insurance Act 2015.
Marine Insurance Act 1906 historical context
The Marine Insurance Act 1906 codified almost two centuries of judicial decisions on marine insurance, drafted by Sir Mackenzie Chalmers and influencing insurance law thr
Marine liability insurance
Marine liability insurance covers third-party liabilities arising from maritime operations, including P&I, charterers, ship repairers, stevedores and ports.
Marine loss adjuster
A marine loss adjuster investigates and quantifies losses under hull, cargo, energy and marine liability insurance policies, often in the Lloyd's and London market.
Marine pollution insurance
Marine pollution insurance covers shipowners and operators for liability arising from oil and chemical pollution from vessels, principally through mutual P&I cover.
Marine umbrella
A marine umbrella provides excess liability cover sitting above primary marine liability and P&I programmes, often combined with general liability into a single 'bumb
Market Reform Contract
The Market Reform Contract is the standard format for London market insurance and reinsurance slips, providing a consistent structure of risk details, information and sig
Marketplace insurance
Marketplace insurance: multi-product, multi-insurer marketplaces serving SME and consumer customers, ICOBS 4 disclosure obligations and SYSC 8 outsourcing rules.
Marshmallow
Marshmallow is a UK motor insurance insurtech founded in 2017 by Alexander, Oliver and David Kent-Braham, specialising in UK motor insurance for non-standard customer pro
MAS (Monetary Authority of Singapore) — insurance
The Monetary Authority of Singapore (MAS) is the integrated central bank and financial services regulator of Singapore, including responsibility for the licensing and pru
Master trust group life
A master trust group life is a pooled discretionary trust arrangement, typically operated by an insurer or specialist trustee, under which many employers can join their g
Master trust pension
A master trust pension is an occupational pension scheme operated under a single trust deed for the benefit of employees of multiple unconnected employers. Master trusts
Master trust threshold
The master trust threshold refers to the criteria a pension master trust must satisfy under the Pension Schemes Act 2017 to obtain and retain authorisation from The Pensi
Material circumstance
A material circumstance under the Insurance Act 2015 is one which would influence the judgement of a prudent insurer in determining whether to take the risk.
Material disclosure at claim
Material disclosure at claim is the insured's continuing obligation to provide truthful and material information when making and supporting an insurance claim.
Material misrepresentation
A material misrepresentation is a false statement of fact or expectation in an insurance presentation which induces the insurer and entitles it to a remedy.
Maximum foreseeable loss (MFL)
Maximum foreseeable loss (MFL) is the largest loss that could conceivably occur from a single event, assuming complete failure of all loss-mitigating…
McCarran-Ferguson Act
McCarran-Ferguson Act 1945: the US statute preserving state regulation of insurance and creating a limited reverse-pre-emption from federal law.
Mental health absence
Mental health absence is workplace absence caused by mental health conditions such as anxiety, depression, stress and adjustment disorders. It is now the single largest c
Mental Health First Aider workplace
A Mental Health First Aider (MHFA) in the workplace is an employee trained to identify, support and signpost colleagues experiencing mental health crises. The standard UK
Mental health support employee benefit
Mental health support as an employee benefit includes EAPs, group PMI mental health cover, digital therapy apps, mental health first aiders, manager training and structur
MFL (Maximum Foreseeable Loss — acronym)
MFL is the standard acronym for Maximum Foreseeable Loss.
MGA platform
An MGA platform is the technology a managing general agent uses to onboard with capacity, run binding authorities and meet Lloyd's coverholder standards.
MIB Uninsured Drivers Agreement
The MIB Uninsured Drivers Agreement is the standing agreement between the Motor Insurers' Bureau and the Secretary of State by which the MIB compensates victims of identi
MIB Untraced Drivers Agreement
The MIB Untraced Drivers Agreement is the standing agreement under which the Motor Insurers' Bureau compensates UK victims of road traffic accidents caused by drivers who
MID
MID is the acronym for the Motor Insurance Database, the UK's central electronic record of motor insurance policies operated by the Motor Insurers' Bureau.
Mike Crawshaw (insurance broking)
Mike Crawshaw is a long-serving figure in international insurance broking, associated principally with Sedgwick Group and successor entities, and known for the institutio
Minimum capital requirement (MCR)
The Minimum Capital Requirement (MCR) under Solvency II is a hard supervisory floor below which authorisation is withdrawn. It is calibrated to a Value…
Mining insurance
Mining insurance covers metals, minerals and coal mining operations against physical loss, business interruption, liability and tailings dam exposures.
MMC structural warranty
MMC structural warranty for UK developers — how NHBC, LABC Warranty, Premier Guarantee and Build-Zone provide 10-12 year latent defects cover for offsite construction.
Mobile phone insurance
Mobile phone insurance is a UK consumer general insurance product covering a single named handset against accidental damage, theft, loss, breakdown and unauthorised use.
Mobile phone insurance embedded
Embedded mobile phone insurance: ICOBS 6A add-on rules, FCA thematic review TR13/2 on mobile insurance, MNO distribution and Consumer Duty fair value considerations.
Modern Methods of Construction MMC insurance
Modern Methods of Construction (MMC) insurance for UK developers — property, contractors' all risks, PI and warranty cover for offsite and modular construction.
Modern Slavery Act 2015
The Modern Slavery Act 2015 (c. 30) imposes s.54 transparency on UK businesses with turnover over £36m. Insurance interactions explained for directors.
Modern slavery insurance
Modern slavery insurance covers UK directors and companies facing Modern Slavery Act 2015 s.54 investigations, supply chain claims and reputational fallout.
Monte Carlo Rendez-Vous
The Monte Carlo Rendez-Vous is the annual September meeting of the global reinsurance industry — the principal forum at which reinsurers, cedants and brokers exchange mar
Monte Carlo simulation
Monte Carlo simulation is a computational technique that estimates the distribution of an outcome by repeatedly sampling input variables from their…
Montreal Convention 1999
The Montreal Convention 1999 is the international treaty governing air carrier liability for international passenger, baggage and cargo carriage, replacing the Warsaw Con
Mortgage protection embedded
Embedded mortgage protection insurance: buildings and contents at mortgage origination, ICOBS 4 commission disclosure, MCOB interaction and Consumer Duty fair value.
Mortgage protection insurance
Mortgage protection insurance covers the outstanding mortgage on the borrower's death (typically via decreasing term assurance for repayment mortgages or level term for i
Motor insurance
Motor insurance is the UK general insurance product that indemnifies the owner or driver of a motor vehicle against third-party liability and own-vehicle loss.
Motor Insurance Database
The Motor Insurance Database (MID) is the UK's central electronic record of motor insurance policies, operated by the Motor Insurers' Bureau and used for police enforceme
Motor Insurers' Bureau
The Motor Insurers' Bureau (MIB) is the UK trade body that compensates victims of uninsured and untraced drivers under agreements with the Secretary of State and operates
Motorhome insurance
Motorhome insurance is a UK motor insurance product covering a self-propelled motor caravan for road risk and habitation cover combined in a single contract.
MRC slip
An MRC slip is a London market placement slip in Market Reform Contract format — the standard template used across Lloyd's and the company market for insurance and reinsu
MSCI ESG ratings
MSCI ESG Ratings score over 8,500 companies on an AAA to CCC scale, used by UK insurers and asset managers for ESG risk assessment under FCA disclosure rules.
Multi-line treaty
A multi-line treaty is a reinsurance treaty covering multiple classes of insurance under a single placement, providing diversification benefits for the cedant and breadth
Multi-tied agent
A multi-tied agent is an insurance intermediary contractually tied to a panel of insurers — typically three to five — recommending or distributing products only from thos
Multi-year treaty
A multi-year reinsurance treaty extends cover and terms over more than one calendar year — typically two or three years — providing predictability for both cedant and rei
N (17 entries)
NAIC (National Association of Insurance Commissioners)
NAIC: the National Association of Insurance Commissioners, the US standard-setting body for state insurance regulators. Not a federal regulator.
Names at Lloyd's
Names at Lloyd's are the underwriting members of the Lloyd's market — individuals or corporate entities providing capital to support participation in one or more Lloyd's
NCD protection
NCD protection is an optional motor insurance extension that preserves the policyholder's no claims discount through a defined number of fault claims, typically two in fi
Negligent act, error or omission
Negligent act, error or omission is the historic UK PI insuring trigger, responding only to liability in negligence, narrower than modern civil liability wordings.
NEST National Employment Savings Trust
NEST is the National Employment Savings Trust — a government-sponsored DC pension master trust established by the Pensions Act 2008 to ensure all employers have access to
Net zero insurance
Net zero insurance is the suite of cover supporting corporate net zero commitments, from carbon credit invalidation and reversal to directors' and officers' greenwashing
Net-rated commission
Net-rated commission is a broking arrangement under which the insurer quotes a net premium and the broker adds its own margin to produce the gross premium quoted to the c
Neural network underwriting
Neural networks in UK insurance underwriting: deep learning for unstructured inputs, model-risk discipline, PRA SS1/23 directional expectations.
NGFS Network for Greening the Financial System
NGFS: the Network for Greening the Financial System, founded 12 December 2017, sets reference climate scenarios used by UK regulators and insurers.
NLP claims handling
NLP in UK insurance claims: extracting structured data from FNOL emails, broker submissions and medical reports; the role of foundation models post-2023.
No Claims Discount
A no claims discount (NCD) is a percentage discount applied to motor insurance premiums in recognition of consecutive claim-free policy years, typically rising in annual
Non-proportional reinsurance
Non-proportional reinsurance responds to losses above an agreed retention rather than sharing premium and losses on a fixed proportion. The principal forms are excess of
Notification deadline in a PI policy: what it means and why it matters
Notification deadline PI policy means the time within which a claim or circumstance must be reported to insurers. Wording variations, Insurance Act 2015 consequences.
Nuclear exclusion
A standard clause excluding loss, damage, cost or liability caused by, contributed to by, or arising from ionising radiation, radioactive contamination, nuclear fuel, nuc
Nuclear Installations Act 1965
The Nuclear Installations Act 1965 is the principal UK statutory framework for nuclear site licensing and third-party liability, implementing the Paris Convention 1960 in
Nuclear insurance
Nuclear insurance covers nuclear site liability and property damage for nuclear installations, provided through mutual pools under the Nuclear Installations Act 1965 and
NY DFS (New York Department of Financial Services)
The New York Department of Financial Services (NY DFS) is the integrated financial services regulator of the State of New York, including the supervision of insurance, ba
O (18 entries)
Occupational health service
An occupational health service supports an employer in assessing employees' fitness for work, managing sickness absence, and meeting statutory health and safety obligatio
Office premium
The office premium is the premium an insurer charges the policyholder, comprising the risk premium plus all loadings for expenses, commission,…
Offshore platform insurance
Offshore platform insurance covers fixed and floating offshore oil and gas installations against physical loss, business interruption and liability exposures.
Offshore wind insurance
Offshore wind insurance is the marine-energy hybrid programme covering UK offshore wind farms across construction and operation, typically on WELCAR wordings.
Oil and gas liability
Oil and gas liability insurance covers legal liability of operators across the upstream, midstream and downstream sectors for personal injury, property damage and polluti
Oil and gas transition risk
Oil and gas transition risk: how UK upstream, midstream and downstream operators face climate, regulatory and litigation exposures, and how insurance markets respond.
Oil pollution insurance
Oil pollution insurance covers the costs of cleaning up and compensating victims of oil spills from upstream facilities, downstream facilities, vessels and storage tanks.
Onshore drilling insurance
Onshore drilling insurance covers land-based drilling rigs and drilling operations, including hull and machinery, contractors equipment and operators extra expense.
Open insurance
Open insurance is the API-based portability of insurance data and the policy programme around it, building on open banking and EIOPA's 2021 discussion paper.
Operators Extra Expense
Operators Extra Expense (OEE) insurance covers the cost of regaining control of an out-of-control oil or gas well, plus redrilling, reworking and seepage and pollution co
Optical plan group
A group optical plan is an employer-sponsored insurance covering eye examinations, prescription spectacles and contact lenses. The employer typically also has a statutory
Originating cause
Encyclopedic UK guide to the originating cause aggregation wording in liability insurance, with reference to Axa v Field and Lloyds TSB v Lloyds Bank Group.
ORSA (Own Risk and Solvency Assessment — acronym)
ORSA is the standard acronym for the Own Risk and Solvency Assessment — the insurer's own forward-looking risk and capital assessment required by Article…
OT/IT convergence insurance
OT/IT convergence insurance: operational technology and IT convergence, ICS/SCADA exposure, NIS Regs 2018, PRA SS1/21 operational resilience and Lloyd's cyber-property hy
Outstanding claims reserve
The Outstanding Claims Reserve (OCR) is the liability held for claims that have been reported to the insurer but not yet fully settled at the reporting…
Override commission
Override commission is an additional commission allowance paid in a reinsurance contract — typically to a managing general agent or coverholder — over and above the origi
Own occupation group IP
An own occupation definition under a group IP policy treats an employee as incapacitated if illness or injury prevents them from doing their own job, regardless of whethe
Own Risk and Solvency Assessment (ORSA)
The Own Risk and Solvency Assessment (ORSA) is the insurer's own forward-looking assessment of its risks and the capital required to meet them, as…
P (98 entries)
P&I Club
P&I Club is the common abbreviation for a Protection and Indemnity Club, a mutual association providing shipowners with cover for marine third-party liabilities.
Paid reinstatement
Paid reinstatement requires the cedant to pay an additional premium to restore an exhausted excess of loss layer, typically calculated pro rata as to amount and time.
Pandemic insurance
Pandemic insurance is a class of cover, parametric trigger or pooled scheme designed to indemnify policyholders for losses arising from widespread infectious disease outb
Parametric capacity
Parametric capacity describes the underwriters and MGAs writing parametric — Lloyd's syndicates, Descartes, FloodFlash, Arbol, Swiss Re, Munich Re, AXA Climate, Renaissan
Parametric crop insurance
Parametric crop insurance pays on weather, area-yield or NDVI satellite indices, used in ARC, PCRAFI and World Bank programmes and by UK agribusinesses operating overseas
Parametric earthquake insurance
Parametric earthquake insurance pays on USGS or BGS-reported seismic intensity within a defined polygon, used in CCRIF sovereign cover and corporate captives.
Parametric flood insurance
Parametric flood insurance pays on river gauge or Sentinel-1 SAR satellite flood-depth triggers, serving as a gap-filler to Flood Re for UK commercial property risks.
Parametric heat insurance
Parametric heat insurance pays on heat-day count or temperature threshold triggers, with growth driven by the 2022 European heat dome and 2023-2024 heatwaves.
Parametric insurance
Parametric insurance is a form of insurance in which the obligation to pay is triggered by the occurrence of a defined external parameter — such as an earthquake magnitud
Parametric insurance (batch 12 expansion)
Parametric insurance pays on objective triggers rather than indemnity loss assessment. This batch 12 entry expands on the batch 7 article with post-2023 developments.
Parametric pandemic insurance
Parametric pandemic insurance pays on WHO PHEIC, case count or excess mortality triggers; PathogenRX, Munich Re Epidemic Risk Solutions and Pandemic Re feasibility work.
Parametric settlement speed
Parametric settlement speed — typically 14 to 30 days — is the principal commercial advantage of parametric insurance over indemnity and engages ICOBS 8 claims standards.
Parametric solar irradiance
Parametric solar irradiance insurance pays on satellite-derived irradiance shortfall, supporting utility-scale solar developers and PPA-financed renewable projects.
Parametric weather insurance
Parametric weather insurance pays on temperature, rainfall, wind or sunshine indices using Met Office and ECMWF data, serving energy, agriculture, events and brewing risk
Parametric wind energy
Parametric wind energy insurance pays on wind-speed shortfall against an ERA5 or Vortex baseline, supporting offshore and onshore wind farms under UK CfD and merchant PPA
Particular Average
Particular average is a partial loss in marine insurance borne by a single interest, defined by section 64 of the Marine Insurance Act 1906.
Partnership cover (PI)
Partnership cover is professional indemnity insurance for traditional unincorporated partnerships, where each partner is jointly and severally liable for the firm's wrong
Passive house insurance
Passive house insurance for UK developers and owners — Passivhaus certification, MVHR systems, airtightness and how these affect property, PI and warranty cover.
Pay-as-you-drive (PAYD)
Pay-as-you-drive (PAYD) motor insurance: how mileage-billed cover is priced, the UK regulatory framework under the Road Traffic Act 1988 and FCA Consumer Duty.
Pay-as-you-go motor
Pay-as-you-go motor insurance is a UK motor product where the premium is structured as a base subscription plus a per-mile charge for distance driven, tracked by a telema
Pay-how-you-drive (PHYD)
Pay-how-you-drive (PHYD) motor insurance: behaviour-scored premiums, FCA Consumer Duty obligations and Article 22 UK GDPR automated-decision considerations.
PCC (protected cell company)
PCC is the standard abbreviation for protected cell company, a single legal entity divided into legally segregated cells used in insurance and reinsurance as a host vehic
PCW (Price comparison website)
PCW is the UK industry abbreviation for price comparison website — an FCA-authorised online intermediary returning ranked insurance quotations from a panel of providers.
Pension Protection Fund
The Pension Protection Fund (PPF) is a statutory fund established by the Pensions Act 2004 to pay compensation to members of eligible DB pension schemes where the sponsor
Pension Tax Manual
The Pension Tax Manual (PTM) is HMRC's published internal guidance on the application of the registered pension scheme regime in Part 4 of the Finance Act 2004 as amended
Pension Wise
Pension Wise is the free, impartial pension guidance service offered to anyone over age 50 with a DC pension under the Pension Schemes Act 2015. Guidance is delivered by
Pensions Act 2008
The Pensions Act 2008 introduced statutory automatic enrolment of eligible jobholders into qualifying workplace pension schemes, established the framework for NEST (the N
Per claim limit
Encyclopedic UK guide to the per claim limit in liability insurance, how it interacts with aggregation, and its regulatory significance in PI cover.
Performance bond
A performance bond is a surety bond guaranteeing a contractor's performance of a construction contract, typically issued at 10% of contract value and triggered on contrac
Permanent Health Insurance (predecessor to group IP)
Permanent Health Insurance (PHI) is the historical UK insurance market term for what is now called income protection. The term is retained in some legacy contract wording
Physical climate risk insurance
Physical climate risk insurance: how UK insurers underwrite acute and chronic physical climate hazards under PRA SS 3/19, TCFD and Bank of England CBES.
PI binders and coverholders explained: how delegated underwriting works
PI binders and coverholders explained: a binder is a delegated underwriting authority and a coverholder writes business on insurers' behalf. What it means for UK firms.
PI binding authority explained: how delegated PI underwriting works in the UK
A PI binding authority is a written contract under which an insurer delegates underwriting and policy issue to a coverholder. How binders work in UK PI markets.
PI business interruption extension explained: cover for lost income from a PI event
A PI business interruption extension covers loss of income suffered by the insured firm because of a covered PI event. How it differs from BI on a property policy.
PI cancellation clause explained: when a PI policy can be cancelled
A PI cancellation clause sets out when an insurer or insured can cancel a PI policy mid-term. Notice periods, premium refunds, MTC restrictions, and effects on regulated
PI claims control clause explained: when the reinsurer takes the reins
A PI claims control clause gives the reinsurer authority to direct claims strategy, defence and settlement. How it differs from a cooperation clause.
PI claims cooperation clause explained: information rights without claims control
A PI claims cooperation clause requires the cedant to inform and consult the reinsurer on material claims without surrendering control. How it works in UK PI.
PI coinsurance explained: how multiple insurers share one layer
PI coinsurance means multiple insurers participate on one professional indemnity policy in agreed percentages. Lead and follow markets, claims agreement, and worked examp
PI construction of policy rules explained: how English courts read insurance contracts
Construction of policy rules are the principles English courts use to interpret PI wordings. Plain meaning, context, commercial purpose and special canons explained.
PI contra proferentem rule explained: ambiguity construed against the drafter
The contra proferentem rule construes genuine ambiguity in a PI policy against the drafter, usually the insurer. How and when courts apply it.
PI cut-through clause explained: direct recovery from the reinsurer
A PI cut-through clause lets the insured recover directly from the reinsurer if the cedant insurer becomes insolvent. How it works and when it is enforceable.
PI cyber and PII extension: what it covers and where standalone cyber wins
PI cyber PII extension covers some cyber and data breach liabilities within a PI policy. UK scope, sub-limits, gaps, and where standalone cyber cover is needed.
PI Definitions Cluster — Batch 2 Index, Internal-Link Map, and Publishing Schedule
This file is internal. It catalogues the 30 ultra-long-tail definition articles in `article-drafts/definitions-batch-2/`, the natural sequel to the…
PI Definitions Cluster — Index, Internal-Link Map, and Publishing Schedule
This file is internal. It catalogues the 30 ultra-long-tail definition articles drafted for the `/learn/` or `/glossary//` URL tree, with target query,…
PI ejusdem generis rule explained: how general words after a list are construed
The ejusdem generis rule construes general words after a list of specifics as limited to things of the same class. How it shapes PI policy reading.
PI extended reporting period: what an ERP is and when it triggers
PI extended reporting period (ERP) explained: what tail cover is on claims-made PI, when it triggers, how it differs from formal run-off, and MTC implications.
PI facultative reinsurance explained: single-risk reinsurance for professional indemnity
PI facultative reinsurance is single-risk reinsurance negotiated case by case for an individual PI policy. When and why insurers buy it, and how it differs from treaty.
PI indemnity period vs policy period: how they differ and why it matters
PI indemnity period vs policy period explained: the policy period is the year of cover; the indemnity period is when the insurer's obligation to pay runs. UK guide.
PI Insurance Mid-Term Adjustment (MTA) — How Changes Mid-Policy Work
How mid-term adjustments work on UK PI policies — what triggers an MTA, how premium is recalculated pro rata, additional premium endorsements and disclosure duties.
PI Insurance Renewal Warranties — What They Mean
PI insurance renewal warranties — what they bind you to, how the Insurance Act 2015 limits insurer remedies and how to manage circumstances disclosed at renewal.
PI investigation cost cover: what it pays for and when it triggers
PI investigation cost cover pays the legal and expert costs of investigating a claim or regulatory inquiry. UK scope, sub-limits, triggers, and worked examples.
PI loss of fees cover: when refunded or waived fees can be claimed back
PI loss of fees cover lets a firm recover fees waived or refunded to settle a complaint, where the wording permits. UK conditions, limits and SRA/ICAEW context.
PI mitigation cost cover: when insurers pay to head off a claim
PI mitigation cost cover reimburses reasonable costs of preventing or reducing a likely PI claim before one is made. Trigger requirements, consent rules and UK examples.
PI non-disclosure vs misrepresentation explained: two different breaches at proposal
Non-disclosure is failing to volunteer material information; misrepresentation is making an inaccurate statement. How the Insurance Act 2015 treats each in PI.
PI policy trigger explained: what triggers a claims-made policy
The PI policy trigger is the event that brings cover into play — usually a claim or notification within the policy period. How the trigger decides which year's PI respond
PI quota share arrangement: what it is and how it works
A PI quota share arrangement splits one layer of cover between multiple insurers by fixed percentage. How it works, when it is used, claims handling, and UK market exampl
PI rectification cost cover: what it covers and where it stops
PI rectification cost cover pays to put right the professional error itself, where the wording permits. UK PI scope, civil liability triggers, and common exclusions.
PI restitution claim cover: how PI policies treat restitution
PI restitution claim cover: what restitution means in PI, why fee disgorgement is usually excluded, and how the dishonesty and fines exclusions interact.
PI tower program: what it is and how layered cover works
A PI tower program stacks excess layers above primary cover to reach high limits. How towers are structured, attachment points, and follow-form vs bespoke layers in UK PI
PI treaty reinsurance explained: how insurers reinsure professional indemnity portfolios
PI treaty reinsurance is an automatic agreement under which a reinsurer accepts a defined share of an insurer's PI portfolio. How treaties shape PI capacity.
PI warranties vs representations explained: the difference that decides cover
A PI warranty is a contractual promise that operates strictly; a representation is a statement of fact at inception. How each is treated under the Insurance Act 2015.
Pilot personal accident
Pilot personal accident insurance pays a lump sum or income benefit to a pilot or their estate following accidental injury, death or loss of medical certification.
PML (Probable Maximum Loss — acronym)
PML is the standard acronym for Probable Maximum Loss.
Policy administration system
A policy administration system runs the rate-quote-bind-issue-renew lifecycle and is the book of record for in-force policies under SYSC 9 record-keeping.
Policy period on a PI insurance contract: what it covers
The policy period is the window during which a PI policy responds to claims notified. How it works for UK professional firms on a claims-made basis in 2026.
Political risk insurance
Political risk insurance covers investors and exporters against political perils including expropriation, currency inconvertibility, contract frustration and political vi
Polluter liability insurance
Polluter liability insurance: how UK businesses transfer the risk of being identified as the polluter under the polluter pays principle, EIL policies and pollution endors
Pollution exclusion on a PI policy: what it carves out
The pollution exclusion removes liability for environmental contamination from a PI policy. What it carves out for UK consultants, engineers and architects in 2026.
Pool Re
Pool Re is the UK mutual reinsurance scheme providing terrorism reinsurance to member insurers, established under the Reinsurance (Acts of Terrorism) Act 1993 with HM Tre
Pool Reinsurance Company Limited
Pool Reinsurance Company Limited is the formal name of Pool Re, the UK mutual terrorism reinsurance scheme established under the 1993 Act with HM Treasury backstop.
PPF
PPF is the standard abbreviation for the Pension Protection Fund — see the principal entry for statutory basis and compensation levels.
PRA climate stress test
PRA climate stress test: how the Prudential Regulation Authority assesses UK insurer resilience to climate scenarios under SS 3/19 and the Insurance Stress Test.
Practising certificate insurance
Practising certificate insurance is the professional indemnity cover that a regulated professional must hold to be entitled to a practising certificate from their regulat
Pre-Action Protocol Construction and Engineering
Pre-Action Protocol for Construction and Engineering Disputes: Letter of Claim, Letter of Response, pre-action meeting, ADR and TCC litigation pathway explained.
Pre-Action Protocol Professional Negligence
Pre-Action Protocol for Professional Negligence: Preliminary Notice, Letter of Claim, three-month substantive response, ADR and insurer involvement in PI claims.
Premium calculation principle
A premium calculation principle (PCP) is a mathematical rule that determines the premium an insurer should charge for a given risk, expressed as a…
Premium deficiency reserve (PDR)
A Premium Deficiency Reserve (PDR) — known in the UK as an Unexpired Risk Reserve (URR) when the deficiency is calculated above the UPR — is the…
Premium risk
Premium risk is the risk that premium received in respect of business already written but not yet earned, and business expected to be written in the next…
PRI Principles for Responsible Investment
The PRI Principles for Responsible Investment are a voluntary UN-supported framework launched in April 2006 for embedding ESG factors in investment decision-making.
Price comparison website
A price comparison website (PCW) is an FCA-authorised intermediary that returns ranked insurance quotations from a panel of providers based on a single consumer journey.
Prior acts coverage
Prior acts coverage extends a claims-made professional indemnity policy to acts, errors and omissions committed before the current policy period began.
Probabilistic risk assessment
Probabilistic risk assessment (PRA) is a quantitative methodology that uses probability theory and statistical modelling to estimate the likelihood and…
Probable maximum loss (PML)
Probable maximum loss (PML) is the largest loss the insurer expects to suffer from a single defined event, taking into account expected functioning of…
Product liability insurance
Product liability insurance protects manufacturers, importers and suppliers against legal liability for injury or damage caused by defective products.
Professional indemnity deductible explained: how it works in UK PI
Professional indemnity deductible is the amount you pay before the insurer responds. How it differs from excess in the UK market, who pays it, and defence-costs interacti
Professional indemnity insurance
Professional indemnity insurance covers UK firms against civil liability for negligence, errors and omissions in professional services. Definition, law and FCA basis.
Professional indemnity policy territory explained: territorial limits in UK PI
Professional indemnity policy territory is the geographic scope of cover. UK, EEA, worldwide ex US&C and worldwide options, and why it matters for firms with overseas
Profit commission (reinsurance)
Profit commission in reinsurance is a contractual entitlement of the cedant to a share of the reinsurer's profit on the treaty, calculated by reference to a profit commis
Property loss adjuster
A property loss adjuster investigates, quantifies and settles claims for buildings, contents and business interruption under UK domestic and commercial property insurance
Property loss control
Property loss control is the specialised application of loss prevention and reduction techniques to physical property risks — primarily commercial…
Proportional reinsurance
Proportional reinsurance cedes a defined proportion of premium and losses on each underlying risk to the reinsurer — the cedant and reinsurer share each risk in the same
Proportionate liability in PI: what it means in English law
Proportionate liability PI means each defendant is liable only for its own share of loss. Where this applies under English law, where it does not, and contract drafting.
Protected cell company
A protected cell company (PCC) is a single legal entity divided into legally segregated cells, each ring-fenced from the others, used principally in insurance and reinsur
Protection and Indemnity Club
A Protection and Indemnity Club is a mutual non-profit association that insures shipowners and demise charterers for third-party liabilities arising from ship operation.
PSI Principles for Sustainable Insurance
The PSI Principles for Sustainable Insurance are a UN-supported voluntary framework launched in June 2012 for embedding ESG into insurance underwriting and product develo
Public liability insurance
Public liability insurance protects a UK business against legal liability for third-party injury or property damage caused by its activities, premises or omissions.
Pure premium
The pure premium is the expected loss cost per exposure unit, ignoring any loading for expenses, profit, contingencies or capital cost. It is the…
PUWER (Provision and Use of Work Equipment Regulations)
The Provision and Use of Work Equipment Regulations 1998 (SI 1998/2306), known as PUWER, impose duties on employers, self-employed and persons in control…
Q (7 entries)
Qualitative risk assessment
Qualitative risk assessment describes risk in categorical or descriptive terms — high / medium / low, severe / moderate / minor — rather than in…
Quantitative risk assessment
Quantitative risk assessment (QRA) expresses risk in numerical terms — probability of occurrence per year, expected monetary loss, statistical confidence…
Quantum computing risk insurance
Quantum computing risk insurance addresses cyber and liability exposures arising from the prospective ability of quantum computers to break currently deployed public-key
Quantum of a PI claim: how UK loss is measured and proved
Quantum of PI claim means the financial measure of loss and damages. How it is calculated, the role of expert evidence, and how it differs from liability.
Quota share pricing
Quota share (QS) pricing sets the terms for a proportional reinsurance treaty in which the reinsurer assumes a fixed percentage of premium and losses on…
Quota share reinsurance
Quota share reinsurance is the simplest form of proportional reinsurance: the reinsurer takes a fixed percentage of every risk in the cedant's portfolio falling within th
Quote and bind platform
A quote and bind platform produces a price and binds cover in real time, complying with ICOBS 5, ICOBS 6 and PROD 4.2 target market expectations.
R (65 entries)
Reasonable adjustments Equality Act 2010
Reasonable adjustments under the Equality Act 2010 are the proactive duty on employers to remove disadvantage suffered by disabled employees or job applicants. The duty a
Reasonable search (Insurance Act 2015)
Reasonable search under section 4 of the Insurance Act 2015 is the enquiry an insured must make of information available within its organisation before placement.
Reasonable time to pay claim
Reasonable time to pay claim is the statutory yardstick under Insurance Act 2015 section 13A by which insurers' claims handling speed is measured.
Reconstruction and Renewal Plan (Lloyd's)
The Reconstruction and Renewal Plan of Lloyd's, implemented in 1996, settled the long-tail liabilities of the pre-1993 underwriting years through Equitas and saved Lloyd'
REDD+ insurance
REDD+ insurance covers projects and jurisdictional programmes reducing emissions from deforestation and forest degradation, against reversal, methodology revision and pol
Refinitiv ESG
Refinitiv ESG, now LSEG ESG Scores, provides a 0-100 percentile-based assessment of corporate ESG performance derived from publicly disclosed information.
Reforestation insurance
Reforestation insurance covers afforestation, reforestation and revegetation projects against fire, pest, disease and reversal risks affecting the issuance and permanence
Registered group life policy
A registered group life policy (RGLP) is a group life assurance scheme registered with HMRC as a pension scheme under Part 4 of the Finance Act 2004. Lump sum benefits co
Regulatory transition insurance
Regulatory transition insurance: bespoke UK cover for the financial impact of climate-related regulatory change, carbon pricing, permit revocation and statutory transitio
Rehabilitation group IP
Rehabilitation services on a group IP scheme provide early intervention, clinical case management and vocational support designed to help absent employees return to work,
Reinstatement premium
Reinstatement premium is an additional premium paid by the cedant to restore the limit of an excess of loss reinsurance after a recovery, allowing the layer to respond to
Reinsurance
Reinsurance is the contract by which an insurer (the cedant) transfers part of its underwritten risk to another insurer (the reinsurer) in return for a ceded premium.
Reinsurance broker
A reinsurance broker is a regulated intermediary acting between cedants and reinsurers, responsible for placement, design, negotiation and ongoing administration of reins
Reinsurance capacity
Reinsurance capacity is the aggregate volume of reinsurance the market is willing to write, determined by reinsurer capital, retrocession availability and the appetite of
Reinsurance claims handler
A reinsurance claims handler manages claims under inward or outward reinsurance contracts — including treaty and facultative recoveries, follow-the-settlements and notifi
Reinsurance commission
Reinsurance commission (ceding commission) is the allowance paid by a reinsurer to a cedant under a proportional reinsurance treaty, compensating the cedant for the cost
Reinsurance cycle
The reinsurance cycle is the recurrent alternation between soft and hard market conditions, driven by the interaction of underwriting profitability, capital availability
Reinsurance pricing
Reinsurance pricing is the actuarial and underwriting discipline of setting the premium for a reinsurance contract — proportional or non-proportional,…
Reinsurance recoverable
Reinsurance recoverable is the asset on a cedant's balance sheet representing amounts contractually due, or expected to become due, from reinsurers under outwards reinsur
Reinsurance treaty
A reinsurance treaty is a contract under which the reinsurer agrees to accept all cessions of a defined class of risks from the cedant during the treaty period, without i
Reinsurer
A reinsurer is the insurance undertaking that accepts a cession of risk from a cedant under a reinsurance contract, in return for payment of a ceded premium.
Renewable energy insurance
Renewable energy insurance covers wind, solar, biomass, hydro and emerging clean energy assets and operations, including construction and operational property, business i
Renewable energy operational risks
Renewable energy operational risks describes the principal property, machinery breakdown, business interruption and liability exposures across UK renewable energy assets.
Rent-a-captive
Rent-a-captive is the historical predecessor of the modern PCC cell captive structure, providing captive insurance economics to corporate users without their own captive
Reputational damage insurance
Reputational damage insurance: how UK standalone and indemnity-linked reputation policies indemnify lost revenue and crisis costs following an adverse event.
Reputational liability insurance
Reputational liability insurance funds PR, legal and operational response to reputational events. UK market wordings from Munich Re, Aon and Howden explained.
Reserve risk
Reserve risk is the risk that the technical provisions (reserves) held for incurred but unsettled claims prove inadequate to meet the ultimate settlement…
Residual risk
Residual risk is the level of risk remaining after controls and treatments have been applied. It is the rating against which a firm's risk appetite is…
Restricted advice
Restricted advice is regulated financial advice given on the basis of a market analysis limited in some way — by product, provider or characteristics. It is the post-RDR
Retroactive date
The retroactive date in a claims-made PI policy is the earliest date for an act, error or omission that the policy will indemnify.
Retroactive date in PI insurance: what it is and why it matters
Retroactive date PI insurance: the earliest date back to which a claims-made policy responds. How it works at renewal, the switching trap, and worked examples.
Retrocession
Retrocession is the reinsurance of a reinsurer: the contract by which a reinsurer cedes part of the risk it has assumed to a further reinsurer (the retrocessionaire).
Retrocessionaire
A retrocessionaire is the reinsurer that accepts a cession of risk from a reinsurer under a retrocession contract — the reinsurer of the reinsurer.
Retrospective rating
Retrospective rating (also "retro" plans, "swing plans") sets the final premium for a policy period based on the actual losses incurre
RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations)
The Reporting of Injuries, Diseases and Dangerous Occurrences Regulations 2013 (SI 2013/1471), known as RIDDOR, place a legal duty on responsible persons…
Riding instructor insurance
Riding instructor insurance is a UK liability product covering equestrian instructors and riding establishments for public liability, professional indemnity and employer'
Risk acceptance
Risk acceptance (also "tolerate" or "retain") is the informed decision to take and retain a risk without further treatment. It is appr
Risk appetite
Risk appetite is the amount and type of risk an organisation is willing to pursue, retain or take in order to achieve its objectives. It is set by the…
Risk assessment methodology
A risk assessment methodology is the documented approach an organisation uses to identify, analyse and evaluate risk. ISO 31000:2018 splits risk…
Risk attaching basis
Risk attaching basis is a reinsurance attachment basis under which the treaty responds to losses arising from underlying policies that incept during the treaty period.
Risk avoidance
Risk avoidance (sometimes "terminate") is the decision not to engage in the activity that gives rise to a risk. Of the four treatments, it is the most…
Risk capacity
Risk capacity is the maximum amount of risk an organisation can absorb before failing to meet its obligations to policyholders, creditors or regulators.…
Risk excess of loss
Risk excess of loss reinsurance responds to losses arising from any single risk that exceed the cedant's retention, irrespective of whether multiple risks are affected by
Risk heat map
A risk heat map is a graphical representation of a risk register, plotting risks on a grid of likelihood (x-axis) against impact (y-axis) with…
Risk margin (Solvency II)
The risk margin is the component of Solvency II technical provisions designed to bring the total to the amount a hypothetical third party would require…
Risk matrix
A risk matrix (also: consequence/probability matrix) is the underlying numerical or ordinal grid used to score risks for a heat map. Where the heat map…
Risk monitoring
Risk monitoring is the continuous process of tracking risk levels, the effectiveness of treatments and the emergence of new risks. It is the step that…
Risk premium
The risk premium is the pure premium plus a margin reflecting the volatility (uncertainty) around the expected loss. It is the amount an insurer would…
Risk reduction
Risk reduction (also "treat" or "mitigate") is the most common treatment in practice: changing controls, processes, behaviour or desig
Risk register
A risk register is the central record of identified risks, their assessment, ownership and treatment. It is the most basic operational artefact of any…
Risk tolerance
Risk tolerance is the acceptable level of variation around a risk appetite target — the boundary an organisation will not knowingly cross. Where risk…
Risk transfer
Risk transfer is the process of shifting some or all of the financial consequence of a risk to a third party. It is one of the four classical treatments…
Risk transfer platform
A risk transfer platform is institutional infrastructure for placing and trading reinsurance and insurance-linked securities between professional counterparties.
Risk treatment
Risk treatment is the process of selecting and implementing options for modifying risk. ISO 31000 sets out a non-exhaustive list of treatment options,…
Risk-based capital
Risk-based capital (RBC) is any regulatory or rating-agency framework that scales an insurer's required capital to the specific risks it has assumed,…
RMS catastrophe model
Moody's RMS (formerly Risk Management Solutions) is one of the two largest commercial providers of catastrophe modelling software. Founded at Stanford…
Road Traffic Act 1988
The Road Traffic Act 1988 is the principal UK statute governing motor insurance: Part VI imposes the compulsory third-party cover regime and defines insurer duties to thi
Robo-advisory insurance
Robo-advisory insurance is the automated delivery of insurance advice or guidance through digital tools, governed in the UK by FCA rules and the Consumer Duty.
Root cause analysis
Root cause analysis (RCA) is a structured method for identifying the underlying cause(s) of an incident, defect or near-miss, rather than treating its…
Root Insurance
Root Insurance is a US motor insurance insurtech founded in 2015 in Columbus, Ohio, by Alex Timm and Dan Manges, listed on NASDAQ as ROOT. It pioneered smartphone-only te
Royal Exchange Assurance 1720
Royal Exchange Assurance was one of two corporations granted a Royal Charter in 1720 to underwrite marine insurance, and a foundational institution of the London insuranc
RTW return to work programme
A return-to-work (RTW) programme is the structured process of supporting an employee returning to work after a period of illness or injury, involving phased hours, modifi
Run-off claims handler
A run-off claims handler manages claims on discontinued or legacy books of insurance and reinsurance business — typically long-tail liabilities through closure or commuta
Run-off cover for PI: what it is, how long you need, and what it costs
Run-off cover PI: continues claims-made protection after a firm ceases trading. How long it lasts, what regulators require, and how UK premiums are usually structured.
Run-off coverage
Run-off coverage is professional indemnity insurance that continues to respond to claims after a firm has stopped trading, protecting against historical liability.
S (68 entries)
S&P Global ESG
S&P Global ESG Scores derive from the Corporate Sustainability Assessment, a questionnaire-based methodology underpinning the Dow Jones Sustainability Indices.
Sanctions risk insurance
Sanctions risk insurance addresses UK exposure to OFSI enforcement, sanctions breach investigations and the universal LMA 3100 sanctions exclusion clause.
Satellite insurance
Satellite insurance is the speciality cover for the in-orbit life and third-party liabilities of communications, Earth-observation and navigation satellites.
SBTi
SBTi: the Science Based Targets initiative, the dominant validator of corporate climate targets aligned with the Paris Agreement, with the Net-Zero Standard from October
Schedule rating
Schedule rating is the underwriter's adjustment to a manual or experience-rated premium for individual risk characteristics not captured by the rating…
Science Based Targets initiative
Science Based Targets initiative: launched 2015 by CDP, UN Global Compact, WRI and WWF, with the Net-Zero Standard published October 2021.
Section 11 of the Insurance Act 2015
Section 11 of the Insurance Act 2015 prevents insurers from declining claims by reference to risk-mitigation terms where the breach could not have increased the actual lo
Section 12 Insurance Act 2015
Section 12 Insurance Act 2015 codifies the remedies available to insurers where the insured makes a fraudulent claim under a non-consumer contract of insurance.
Section 13A claims handling duty
Section 13A of the Insurance Act 2015 implies a term that insurers must pay sums due under a contract of insurance within a reasonable time.
Section 13A Insurance Act 2015
Section 13A Insurance Act 2015 implies a term that insurers pay valid claims within a reasonable time, exposing them to damages for late payment.
Section 14 Insurance Act 2015 good faith
Section 14 Insurance Act 2015 abolishes the remedy of avoidance for breach of the duty of utmost good faith while preserving the duty as an interpretive principle.
Semi-quantitative risk assessment
Semi-quantitative risk assessment sits between qualitative and quantitative approaches. It uses numerical scales but those scales are ordinal or banded…
Sequestration insurance
Sequestration insurance covers permanence and reversal risk in carbon sequestration projects — biological, geological and engineered — supporting durability commitments i
Series of related matters
Encyclopedic UK guide to the series of related matters aggregation trigger used in the SRA Minimum Terms and other professional indemnity wordings.
Series of related transactions
Encyclopedic UK guide to the series of related transactions aggregation trigger as interpreted by the Supreme Court in AIG Europe Ltd v Woodman.
Ship repairers liability
Ship repairers liability insurance covers a repair yard's legal liability for loss of or damage to vessels in its care, custody and control during repair, conversion or r
Sidecar reinsurance
A reinsurance sidecar is a special purpose vehicle that takes a quota share of a reinsurer's portfolio, funded by third-party capital — typically hedge funds, family offi
Singapore insurance hub
Singapore is the leading insurance and reinsurance hub in Asia-Pacific, hosting Asian regional headquarters of all major international insurers and reinsurers, with subst
Single act or omission
Encyclopedic UK guide to the single act or omission aggregation trigger, comparing it with originating cause and series wording in PI insurance.
Single parent captive
A single parent captive is an insurance company wholly owned by, and writing the insurance of, a single non-insurance parent group. It is the original and still the domin
Sir David Rowland (Lloyd's)
Sir David Rowland, Chairman of Lloyd's of London from 1993 to 1997, led the Reconstruction and Renewal Plan that established Equitas and saved Lloyd's from the asbestos a
Sir Peter Miller (Lloyd's)
Sir Peter Miller, Chairman of Lloyd's of London 1984-87, who oversaw the early implementation of the Lloyd's Act 1982 and the opening of the Richard Rogers building.
Sliding scale commission
Sliding scale commission is a reinsurance commission that varies inversely with the loss ratio: lower losses attract higher commission and higher losses attract lower com
Slip leader
The slip leader is the lead underwriter on a London market placement, responsible for agreeing terms and conditions, accepting the largest individual line and representin
Smart contract insurance
Smart contract insurance: programmable Ethereum, Polygon and Hyperledger Fabric policies, with English law characterisation, the UKJT Legal Statement and AA v Persons Unk
Social Domestic Pleasure
Social, domestic and pleasure (SDP) is the narrowest class of use on UK motor insurance: cover only for private journeys, with an SDP+C extension adding commuting to a pe
Social engineering fraud cover
Social engineering fraud cover responds to loss from fraudulent instructions impersonating senior officers or trusted third parties, inducing the insured to transfer mone
Soft market
A soft market is a period in the insurance or reinsurance cycle characterised by abundant capacity, falling rates, broad terms and competitive conditions favouring buyers
Softening market
A softening market is the transitional phase from hard to soft market conditions — rates begin to ease, capacity returns, terms begin to broaden.
Solar farm insurance
Solar farm insurance covers utility-scale and distributed solar PV installations against physical loss, business interruption and liability exposures.
Sole practitioner cover
Sole practitioner cover is professional indemnity insurance written for a single regulated professional carrying on business in their own name, addressing the personal li
Solicitors Compensation Fund
The Solicitors Compensation Fund is a statutory client protection scheme administered by the SRA, compensating clients for losses caused by solicitor dishonesty or failur
Solicitors Indemnity Fund
The Solicitors Indemnity Fund (SIF) is the historic mutual indemnity scheme for solicitors in England and Wales, now providing post-six-year run-off cover for closed firm
Solvency capital requirement (SCR)
The Solvency Capital Requirement (SCR) is the amount of own funds an EU/UK insurer must hold to ensure that, with 99.5% probability, it will be able to…
Solvency II
Solvency II is the EU's harmonised prudential regulation framework for insurance and reinsurance undertakings, in force since 1 January 2016, based on a three-pillar stru
Solvency II MCR
The Minimum Capital Requirement (MCR) is the absolute floor of capital under Solvency II — breaching the MCR triggers immediate regulatory intervention to prevent insurer
Solvency II ORSA
The Own Risk and Solvency Assessment (ORSA) is the Pillar 2 process under Solvency II by which an insurer assesses its overall solvency needs and risk profile on a forwar
Solvency II SCR
The Solvency Capital Requirement (SCR) is the level of capital that a Solvency II insurer must hold to ensure it can meet its obligations over a 12-month horizon with 99.
Solvency ratio
The solvency ratio is the ratio of an insurer's eligible own funds to its Solvency Capital Requirement, expressed as a percentage. It is the headline measure of capital a
SORN
SORN is a Statutory Off Road Notification declaring a vehicle is not being kept or used on a public road, exempting the keeper from vehicle excise duty and the Continuous
Space insurance
Space insurance covers pre-launch, launch, in-orbit and third-party liability exposures for satellites, launch vehicles and UK-licensed space activities.
Specific account policy
A specific account policy is the trade credit insurance structure covering one or a small number of named buyers, used for concentrated or high-value exposures.
Spouse's pension
A spouse's pension is a regular income paid to the surviving legal spouse or civil partner of a deceased member of a pension scheme. The pension is typically calculated a
SRA MTC: Minimum Terms and Conditions for Solicitors' PI
SRA MTC sets the minimum terms and conditions every solicitor's PI policy must meet — limits, run-off, excess rules, exclusions and what cannot be cut back.
SRA Qualifying Insurers PI — What Makes an Insurer a Qualifying Insurer
An SRA Qualifying Insurer agrees to write solicitors PI on the SRA Minimum Terms and Conditions. Here is what that status means in 2026.
SSP
SSP is the standard abbreviation for Statutory Sick Pay — see the principal entry for statutory basis and qualifying conditions.
Stablecoin custody insurance
Stablecoin custody insurance: emerging cover for issuer-reserve custody and on-chain depeg, the BoE/FCA November 2023 paper and HM Treasury's Digital Securities Sandbox 2
Standard formula (Solvency II)
The Solvency II standard formula is the prescribed methodology for calculating the Solvency Capital Requirement using calibrated risk modules and correlation matrices def
Static caravan insurance
Static caravan insurance covers a holiday caravan sited on a UK park against fire, storm, flood, theft, accidental damage, contents loss and occupier's liability.
Statutory Sick Pay
Statutory Sick Pay (SSP) is the statutory minimum weekly payment payable by an employer to a qualifying employee absent from work because of sickness. SSP is payable for
Stephen Catlin (Catlin Group)
Stephen Catlin founded Catlin Underwriting Agencies at Lloyd's in 1984 and built Catlin Group plc into one of the largest specialty insurers in the world before its acqui
Stevedores liability
Stevedores liability insurance covers cargo handlers and terminal operators for legal liability for damage to cargo, vessels and equipment during loading and discharge op
Stewardship Code
The UK Stewardship Code 2020: what asset owners and managers must report on under the FRC's principles, and how stewardship failures interact with D&O and professiona
Stop loss reinsurance
Stop loss reinsurance is a form of aggregate reinsurance in which the trigger is a defined loss ratio on the underlying portfolio, with the reinsurer responding once the
Stop loss treaty
A stop loss treaty is a reinsurance contract under which the reinsurer responds when the cedant's loss ratio on a defined portfolio exceeds a threshold loss ratio.
Storm damage insurance
Storm damage insurance in the UK: how household and commercial property policies treat windstorm, the UK Storm Names list, and recent named storms Babet, Ciaran and Henk.
Stranded assets insurance
Stranded assets insurance addresses the risk that fossil fuel and high-carbon assets lose economic value due to climate policy, technology and market transition under UK
Stress claim employer
A stress claim against an employer arises where an employee alleges that the employer's negligence has caused psychiatric injury. The leading authority is Hatton v Suther
Strict liability aviation
Strict liability in aviation describes liability imposed without proof of negligence, principally under the Montreal Convention Article 21 ceiling for passenger death and
Subsidence insurance
Subsidence insurance in the UK: how policies cover subsidence, heave and landslip, BGS GeoClimate UKCP18 exposure data, and the influence of clay soils and drought.
Sudden and accidental pollution
Sudden and accidental pollution: the limited pollution write-back found in UK CGL and combined commercial policies, distinguishing it from gradual pollution and EIL cover
Suited occupation group IP
A suited occupation definition under a group IP policy treats an employee as incapacitated if illness or injury prevents them from carrying out the duties of an occupatio
Sun Fire Office 1710
The Sun Fire Office, founded in London in 1710, was the first joint-stock fire insurance company and the longest continuously trading insurance business in the world befo
Supply chain due diligence insurance
Supply chain due diligence insurance addresses claims arising from human rights and ESG failures in third-party suppliers, with D&O, EPLI and crisis cover.
Surplus line
A surplus line is one multiple of the cedant's retention under a surplus treaty. A 10-line surplus provides ten multiples of the retention as treaty capacity.
Surplus treaty reinsurance
Surplus treaty reinsurance is a proportional reinsurance in which the reinsurer assumes only the part of each risk that exceeds the cedant's retention, expressed as a mul
Sustainalytics ESG ratings
Sustainalytics ESG Risk Ratings measure unmanaged ESG risk on a scale from negligible to severe, used by UK insurers for portfolio screening and underwriting due diligenc
Synthetic biology risk insurance
Synthetic biology risk insurance covers biosafety, biosecurity, contained use and product liability arising from engineered micro-organisms and biological systems.
T (33 entries)
Tax treatment group life
Group life tax treatment encompasses (i) corporation tax deduction for the employer's premium, (ii) absence of benefit-in-kind charge on the employee, (iii) IHT treatment
TCFD Task Force on Climate-related Financial Disclosures
TCFD: the Task Force on Climate-related Financial Disclosures, established by the FSB in December 2015, with Final Recommendations published June 2017.
Technical provisions (Solvency II)
Technical provisions (TPs) under Solvency II are the value of insurance and reinsurance liabilities recorded on the balance sheet. They are calculated as…
Telematics for fleet
Telematics for fleet: how commercial vehicle telematics is used in UK fleet insurance, the FORS and DVSA Earned Recognition schemes, and corporate health and safety dutie
Telematics for HGV
Telematics for HGV: digital tachograph, smart tachograph TGD2, DVSA Earned Recognition, EU Mobility Package and how telematics supports UK heavy goods vehicle insurance.
Telematics insurance
Telematics insurance is a form of UK motor insurance priced and adjusted on the basis of data collected from a vehicle-installed device or smartphone app, also known as u
Telematics insurance / UBI
Telematics insurance and usage-based insurance (UBI) explained: how driving data is collected, priced and regulated under UK insurance and data protection law.
Telematics privacy regulation
Telematics privacy regulation: UK GDPR, Data Protection Act 2018, EDPB Guidelines 1/2020 and ICO 2024 connected vehicles guidance applied to motor telematics.
Terrorism exclusion
A policy clause that removes cover for loss, damage, cost or liability directly or indirectly caused by, contributed to by, or arising out of acts of terrorism, leaving t
Terrorism insurance
Terrorism insurance covers physical damage and business interruption from acts of terrorism, with UK cover provided through Pool Re mutual reinsurance scheme and the priv
The Pensions Regulator
The Pensions Regulator (TPR) is the UK regulator of workplace pension schemes, established by the Pensions Act 2004. TPR supervises occupational pension schemes (DB and D
Third party fire and theft
Third party fire and theft (TPFT) is the middle UK motor cover tier: third-party liability plus loss or damage to the insured vehicle caused by fire or theft, but not acc
Third party only motor insurance
Third party only motor insurance is the minimum cover lawful in Great Britain: indemnity for third-party death, injury and property damage caused by the use of the insure
Three lines of defence
The three lines of defence (3LoD) model is the dominant governance architecture for risk and control in regulated financial-services firms. It allocates…
Tidal energy insurance
Tidal energy insurance covers UK tidal stream and lagoon generation assets through marine CAR, OAR, BI and liability cover, with severe environmental exposures.
Tied agent
A tied agent is an intermediary contractually bound to a single insurer's products. UK regulatory treatment, disclosure rules and AR framework explained.
Token-based insurance
Token-based insurance: tokenisation of insurance liabilities and insurance-linked securities, the BMA Innovation Hub and HM Treasury's Digital Securities Sandbox 2024.
Top layer reinsurance
Top layer reinsurance is the highest layer of an excess of loss programme, attaching closest to or above the cedant's modelled probable maximum loss.
Tort vs contract claim in PI insurance: how UK wordings treat each
Tort vs contract claim PI insurance: the legal difference, how negligence-only and civil liability wordings respond, and why design professionals should care.
Touring caravan insurance
Touring caravan insurance covers a towed trailer caravan against accidental damage, fire, theft, storm, contents loss and public liability while in transit, at home or on
TPR
TPR is the abbreviation for The Pensions Regulator — see the principal entry for statutory framework and supervisory scope.
Trade credit insurance
Trade credit insurance protects UK suppliers against the risk of non-payment by business customers due to insolvency or protracted default.
Transition risk insurance
Transition risk insurance: how UK insurers underwrite policy, technology, market and reputational risk arising from the shift to a low-carbon economy.
Travel insurance embedded
Embedded travel insurance at airline, OTA and ferry checkouts: ICOBS 6A add-on rules, the FCA PS20/3 signposting requirement and Consumer Duty fair value tests.
Treaty reinsurance
Treaty reinsurance covers a defined class of risks ceded automatically under a single reinsurance treaty, without individual underwriting of each cession.
Trigger event parametric
Trigger event parametric covers settle on a defined, objectively measured event — single, double, cascade, cat-in-a-box, modelled-loss or industry-loss-warranty hybrid.
Trov
Trov was a pioneering on-demand contents insurtech founded in 2012 by Scott Walchek, allowing app-based switching of cover for individual items on and off by the day. It
Trust account reinsurance
A trust account in reinsurance is a collateral structure under which the reinsurer's assets are held by a trustee for the benefit of the cedant, securing reinsurance reco
Trust written whole of life
A trust written whole of life policy is a WoL policy where the legal ownership is vested in trustees under a discretionary trust. This keeps the proceeds outside the dece
Trustee Act 2000
The Trustee Act 2000 modernised the law of trustee powers and duties in English and Welsh trusts. It introduced the statutory duty of care, broad powers of investment and
Trustee responsibilities group life
Trustee responsibilities for a group life trust include the statutory duty of care under the Trustee Act 2000, fiduciary duties of good faith and no conflict, administrat
Trustees of group life trust
Trustees of a group life trust are the persons (individuals or a corporate trustee) holding the legal title to the group life policy on behalf of the employees and exerci
Tunnel construction insurance
Tunnel construction insurance is the specialist CAR cover for tunnelling and underground works, with bespoke wording reflecting the unique risks of TBM and conventional t
U (20 entries)
UAV insurance
UAV insurance is the alternative term for drone insurance — coverage for unmanned aerial vehicles, including hull, third-party liability and payload cover.
UBI (usage-based insurance)
UBI is the standard abbreviation for usage-based insurance — motor insurance products that price premium by reference to actual usage data captured from telematics device
UK Corporate Governance Code
The UK Corporate Governance Code (January 2024 edition): what it requires of premium-listed boards, how 'comply or explain' works, and how D&O insurance responds to b
UK Export Finance
UK Export Finance is the UK government's export credit agency, providing insurance, guarantees and loans to support UK exports and outward investment.
Underwriter
An underwriter is the individual (or, for delegated authority, the entity) that accepts insurance risk on behalf of an insurer or Lloyd's syndicate, sets…
Underwriting
Underwriting is the process by which an insurer evaluates a presented risk, decides whether to accept it, on what terms, at what price and with what…
Underwriting authority
An underwriting authority is the written grant of capacity, classes and conditions under which an individual underwriter, MGA or coverholder may bind…
Underwriting profit
Underwriting profit is earned premium less incurred losses and underwriting expenses, before investment return and finance costs. It is the technical…
Underwriting workbench
An underwriting workbench is the unified desktop for a specialty or commercial underwriter, used heavily in Lloyd's under Blueprint Two.
Underwriting year
An underwriting year groups all insurance and reinsurance contracts incepting in a particular calendar year for accounting, reinsurance accounting and Lloyd's syndicate r
Underwriting-led insurance technology
Underwriting-led insurance technology focuses on pricing engines, external data and risk selection, governed by Solvency II and PRA model-risk expectations.
Unearned premium reserve (UPR)
The Unearned Premium Reserve (UPR) is the portion of premium written but not yet earned at the reporting date. It is the liability to provide cover for…
Unlimited liability Names
Unlimited liability Names were individual underwriting members of Lloyd's who participated in syndicates with personal unlimited liability — the historical capital base o
Upstream energy insurance
Upstream energy insurance covers oil and gas exploration and production assets and operations, including offshore platforms, drilling rigs, subsea infrastructure and cont
US D&O market
The US directors and officers liability (D&O) market is the largest D&O market in the world by premium volume, driven by federal securities litigation, derivative
US insurance regulation
US insurance regulation: the state-based supervisory regime preserved by the McCarran-Ferguson Act, the role of the NAIC, and the federal carve-outs.
US PI insurance market
The US professional indemnity (errors and omissions) insurance market: state-based regulation, leading carriers, surplus lines, and how it relates to London.
US state-based insurance regulation
Insurance in the United States is regulated principally at the state rather than federal level, under authority preserved by the McCarran-Ferguson Act 1945, with each sta
Usage-based insurance
Usage-based insurance (UBI) is a category of insurance product, principally in motor, that prices premium by reference to actual usage data captured from telematics devic
Utmost Good Faith in PI Insurance — What It Means Now
Utmost good faith in PI insurance — how the Insurance Act 2015 replaced the old doctrine with the duty of fair presentation, and what disclosure means today.
V (8 entries)
Variable quota share
A variable quota share treaty applies different cession percentages to different sub-classes, sub-portfolios or risk bands within the same overall treaty.
Vendor catastrophe model
A vendor catastrophe model is a commercially-licensed cat modelling product supplied by a third-party software provider for use by insurers, reinsurers…
Vermont captive insurance
Vermont is the largest captive insurance domicile in the United States and the third-largest in the world, hosting approximately 600 captives, supervised by the Vermont D
Vocational rehabilitation
Vocational rehabilitation is the structured process of returning an employee with reduced functional capacity to productive work — either to their original role with adju
Volume bonus (insurance)
Volume bonus in insurance is an additional commission payment from an insurer to a broker conditional on the broker placing a specified volume of business with that insur
Voluntary assumption of liability PI insurance: the contract exclusion explained
Voluntary assumption of liability PI insurance excludes contract liability beyond common-law duty. How it works, how it interacts with breach-of-contract cover, and contr
Voluntary carbon market insurance
Voluntary carbon market insurance covers buyers, brokers and project developers in the VCM against invalidation, reversal, non-delivery and integrity failures of voluntar
Voluntary excess
A voluntary excess is the amount of a motor insurance claim that the policyholder elects to pay before the insurer's liability is engaged, in exchange for a lower premium
W (22 entries)
War risk aviation
War risk aviation insurance covers physical loss and liability arising from war, hijacking, terrorism, sabotage and allied perils excluded from main aviation hull and lia
Warranty (insurance)
A warranty in insurance is a term by which the insured undertakes that a particular thing shall or shall not be done, or that a state of affairs exists.
Warranty into a suspensive condition
Section 10 of the Insurance Act 2015 converts insurance warranties into suspensive conditions, so liability is suspended during breach but resumes on remedy.
Warsaw Convention
The Warsaw Convention 1929 is the original international treaty governing air carrier liability, now largely replaced by the Montreal Convention 1999 between state partie
Wasted costs orders and PI cover: when the policy responds
Wasted costs orders PI cover means whether a policy responds to a costs order made against a lawyer personally. SRA MTC position, defence costs and exclusions explained.
Wearable insurance
Wearable insurance: Vitality Apple Watch programme, data collection patterns, UK GDPR Articles 5/22/35 and the Data (Use and Access) Act 2025 reforms to data protection.
Wedding insurance
Wedding insurance is a consumer general insurance product that covers cancellation, supplier failure, attire, rings, gifts and public liability for a UK wedding.
Wellbeing benefit
Wellbeing benefit is an umbrella term for the package of employee benefits supporting physical, mental, financial and social wellbeing. It overlaps with health benefits b
Wellbeing benefit platform
A wellbeing benefit platform is an integrated digital portal through which employees access a range of wellbeing benefits — EAP, mental health resources, financial wellbe
Whistleblowing insurance
Whistleblowing insurance for UK employers: how employment practices liability, D&O and PI policies respond to claims under the Public Interest Disclosure Act 1998.
White-label insurance
White-label insurance: brand-rebadged underwriting, the SYSC 8 outsourcing rules, IDD-implementing distribution rules and PROD 4 product oversight obligations.
Whole life carbon assessment insurance
Whole life carbon assessment insurance for UK projects — PI cover for assessors delivering RICS-methodology WLCA reports for planning and net zero verification.
Whole of life cover
Whole of life cover is a life assurance contract that, unlike term assurance, has no fixed end date and pays out whenever the insured dies (subject to premiums continuing
Whole turnover policy
A whole turnover policy is the trade credit insurance structure covering all or most of an insured's commercial trade receivables under a single policy with insurer-set b
Wildfire insurance
Wildfire insurance in the UK: how UK property policies treat grass, heath and moorland fire, the 2022 heatwave wildfires, and emerging exposure under UKCP18.
Wind farm insurance
Wind farm insurance covers onshore and offshore wind generation assets and operations, including turbines, transmission infrastructure, business interruption and liabilit
Working at Height Regulations
The Work at Height Regulations 2005 (SI 2005/735) require employers and self-employed in Great Britain to plan, supervise and carry out work at height…
Working layer
The working layer is the layer of an excess of loss reinsurance programme expected to see regular claim activity. It sits immediately above the cedant's retention and typ
Workplace fitness benefit
A workplace fitness benefit includes employer-provided gym subscription, on-site fitness facilities, exercise classes, walking groups and fitness reimbursement. Tax treat
Workplace pension
A workplace pension is a pension scheme arranged by an employer for its employees. Under the Pensions Act 2008 every UK employer is required to enrol eligible jobholders
Workplace wellness programme
A workplace wellness programme is a structured employer-led initiative to support employees' physical, mental and social wellbeing. Programmes typically combine policies,
Worldwide jurisdiction PI cover explained: what UK firms should know
Worldwide jurisdiction PI cover means claims can be brought in any court. How USA and Canada inclusion affects premium and excess, and when UK firms need it.
X (2 entries)
XCS — Xchanging Claims Services
Xchanging Claims Services (XCS) was the central London market service for claims processing and (in delegated cases) claims handling on behalf of subscribing syndicates a
XL reinsurance
XL is the standard market abbreviation for excess of loss reinsurance — non-proportional reinsurance responding to losses above an agreed retention up to an agreed limit.
Y (1 entries)
York-Antwerp Rules
The York-Antwerp Rules are the international private code governing general average adjustment, first agreed 1890 and most recently revised in 2016.