WATERBORNE AGREEMENT

An agreement made in 1937 in London whereby it was agreed that cargo insurers would undertake not to provide cover against war risks for cargo whilst it is on land, except for a limited period in a dock area while it awaits loading onto an on-carrying vessel or during transhipment. This led to a general exclusion of war risks on land from the scope of insurances and reinsurances.

With Effect From

A term used to describe an excess of loss contract that protects the whole of the business written by the reinsured. It may also refer to an excess of loss contract that protects the whole of a certain category of business written by the reinsured. (e.g. instead of placing different protections for Motor, Public Liability and Employers Liability etc. a reinsured may place a reinsurance protecting his Liability Whole Account).

See TREATY WORDING

WORDING AS EXPIRING.

A term used in slips for renewals of reinsurance coverages to indicate that the general terms and conditions of the treaty to be incorporated in the TREATY WORDING for the coming year will be the same as those for the expiring year.

A term used in SLIPS for upper LAYERS of EXCESS OF LOSS coverage to indicate that the general terms and conditions of the TREATY WORDING for that layer will be the same as those applying to the lower layer.

TREATY WORDING to be agreed by THE LEADING UNDERWRITER only.

A layer of EXCESS OF LOSS reinsurance where it is expected that a number of losses will arise in each year. Premiums are generally based on prior years' loss experience and are often calculated on an AUTOMATIC SCALE OF RATING.

Written Premium Income

The amount of a risk that an Insurer or Reinsurer has agreed to accept. See also SIGNED LINE.

The total of the premiums on insurances and/or reinsurances which have been written during the period. Can be significantly different to apparently similar formulations such as "premium accounted" (which can relate only to premiums which have been processed) or "premiums received" (which can refer to cash receipts only). Premium calculations on reinsurances will normally be based either on WRITTEN PREMIUMS or on EARNED PREMIUMS.

WORDING to be agreed

Warranted

Warranties

Warranty