A layer of excess of loss that provides for further reinstatements of coverage after any automatic reinstatements provided for under the terms of the original contract have been exhausted.

A listing of paid and outstanding losses.

Documents which give brief details of every risk ceded to a treaty or bound under a Binding authority or Lineslip and which therefore keep insurers/reinsurers informed as to the types of risks covered under the contracts.

A term used to describe a collection of treaty contracts offered by a reinsured (e.g. Fire, Accident, Marine, Aviation) as a package. Generally the reinsurer is obliged to accept the same percentage share of each reinsurance contract which forms part of the bouquet.

The intermediary who, as agent of the insured or reinsured, negotiates the contract with the insurer or reinsurer.

A commission paid to a broker as remuneration for the work undertaken in placing and servicing a piece of business.

The organisations through which the London Market transacts business. Currently LLOYD’S POLICY SIGNING OFFICE (LPSO), LLOYD’S UNDERWRITERS NON MARINE CLAIMS OFFICE (LUNCO), LLOYD’S UNDERWRITERS CLAIMS AND RECOVERIES OFFICE (LUCRO), for Lloyd’s and London Insurance and Reinsurance Market Association LIRMA and the Institute of London Underwriters (ILU) for companies.

The percentage which the total of paid and outstanding losses to the LAYER bears to the reinsured’s GPI (or whichever equivalent is used). Is often used as a base for the calculation of the premium due to reinsurers.

At one time in was used in Lloyd’s as a synonym for POSSIBLE MAXIMUM LOSS.