Initials
Please remember that in all MRCs (Market Reform Contract), Initials should not be used unless their meaning is made specifically clear.
Please remember that in all MRCs (Market Reform Contract), Initials should not be used unless their meaning is made specifically clear.
From Ab initio – Latin for from the beginning e.g. “cancelled ab initio”. The cancellation of an insurance or reinsurance contract…
From BAILEE: A person or concern having possession of property committed in trust from the owner.
From DECLARATION, An advice to the insurer or insurers of the basic details of a risk that has been placed under a Binding Authority…
From HARD MARKET – When the availability of some or all classes of insurance or reinsurance is limited relative to demand
From NAME AT LLOYD’S – Historically an individual member underwriting with unlimited liability.
From QUALIFYING QUOTA SHARE – These are quota share reinsurance contracts, which Lloyd’s allow in certain circumstances…
From ULTIMATE NET LOSS – The sum or sums paid by the cedant in settlement of all losses arising out of one event…