Consortium Underwriting
Method of underwriting by which one or a group of Lloyd's underwriters write business on behalf of a number of Lloyd's syndicates and other insurance companies. Among the benefits of underwriting in this manner are that potential earnings could equal the syndicate's expenses and stabilize the planning of staff as well as other general overhead requirements.
Popular Insurance Terms
Coverage on jewelry and precious stones on an all risks basis at any location subject to exclusions of wear and tear, war, and nuclear disaster. Each item must be specifically listed in the ...
Individual permitted to enter property with the permission of the owner or the person who controls the property. There is no mutual profit motive; the licensee comes onto the property for ...
Trust that is established by people still alive. ...
Transaction by a tax-exempt organization with a person from inside the organization (disqualified person) that provides an economic benefit to that person that is in excess of the value of ...
Privately formed insurance company whose objective is to make a profit. ...
Coverage for ships in port for a lengthy stay and/or those that are under repair. Insures on an all risks basis to include the exposures associated with the ship moving from one dock to ...
Payments awarded by a court in a liability suit. Money damages can be broken down into compensatory and punitive. Compensatory damages reimburse a plaintiff for expenses incurred for such ...
Society dedicated to the advancement of professional standards of risk management. Its membership is composed of risk and insurance managers of business organizations, public organizations, ...
Denial of coverage for damage, in inland marine insurance, stemming from routine use of the property. Property can be expected to deteriorate somewhat over time from normal use. This is not ...
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