An approach toward identifying the date of the loss event for occupational disease claims under an excess of loss reinsurance. On this approach the date of the event is accepted as being the date when the disease manifests itself. See TRIPLE TRIGGER

Marine perils, that is perils consequent upon, or incidental to, the navigation of the seas.

Any circumstance that would influence a prudent underwriter in its decision to accept or reject a risk or in the amount it would accept or the premium it would charge for cover or the conditions which it would impose.

A term, originally used in the United States but sometimes also in the London Market. In the event of a loss affecting a risk it is unlikely that 100% of the amount at risk would be destroyed. Maximum Foreseeable Loss (MFL) is an estimate of the amount of damage that would be expected to occur to a risk in the event that all loss protections failed. (e.g. the amount of fire damage that would occur in the event that the sprinklers failed and the fire brigade did not arrive to put the fire out). See also ESTIMATED MAXIMUM LOSS, Probable Maximum Loss, Possible Maximum Loss, Maximum Probable Loss, Maximum Possible Loss.

A statement made by an insured, reinsured or broker which misleads an underwriter in the assessment of a risk he is being offered. A breach of utmost good faith.