Initials |
| A |
| AAD annual aggregate deductible |
| ABI Association of British Insurers |
| ACII Associate of the Chartered Insurance Institute |
| ACOD Occupational Disease Clause |
| ADR alternative dispute resolution |
| AIDA Association Internationale de Droit des Assurances |
| AIF Acts in Force (Clause) |
| AL automobile liability |
| ALAE Allocated Loss Adjustment Expenses |
| ANL aggregate net loss |
| APH asbestos, pollution, health hazards (claim) |
| ART alternative risk transfer |
| a/c account |
| a/o account of |
| acc Accident |
| acr additional case reserves |
| agg aggregate |
| ao any one (loss occurrence etc.) |
| ao acc any one accident |
| ao occ any one loss occurrence |
| aob any one bottom (cargo cover limit) |
| aoe any one event |
| aol any one loss |
| aor any one risk |
| aoy any one year |
| ap additional premium |
| appd approved |
| ar all risks |
| as orig as original policy or policies |
| av average
|
| B |
| BBB banker’s blanket bonds |
| BC burning cost |
| BI business interruption |
| BIPAR Bureau International des Producteurs d’Assurance et de Réassurance (International Association of Insurance and Reinsurance Brokers and Agents) |
| Bord Bordereau (Plural: Bordereaux) |
| b/auth binding authority |
| bal balance |
| bdi both days inclusive; both dates inclusive |
| bfsl being full signed line |
| bfwl being full written line |
| bi bodily injury |
| bkge Brokerage |
| C |
| CAL comprehensive automobile liability (US) |
| CAR Contractors’ All Risks |
| CEA Comité Européen d’Assurances (European Insurance Committee) |
| CEO chief executive officer |
| CERCLA Comprehensive Environmental Response, Compensation and Liability Act |
| CET Central European Time |
| CGL comprehensive general liabilitiy (US); commercial general liability |
| CGT Capital Gains Tax |
| CII Chartered Insurance Institute, London |
| CIS cash in safe |
| CIT cash in transit |
| CL consequential loss |
| CMV comprehensive motor vehicle (insurance) |
| COC completed operation coverage |
| CPI consumer price index |
| CPM contractors plant machinery |
| CST Central Standard Time (US) |
| CTP compulsory third party |
| CTT Capital Transfer Tax |
| CWP closed without payment |
| Cie company (Fr compagnie) |
| Corp. corporation |
| c&i cost and insurance |
| c&u custom and usage |
| c/f carried forward |
| cad cash against documents |
| canc cancelled |
| cas Casualty |
| cat catastrophe; category |
| cat xl catastrophe excess of loss |
| cc civil commotion; cancellation clause; ceding commission; claims control |
| ccc care, custody and control |
| cert certificate |
| cif cost, insurance and freight |
| cl clause, cash loss |
| cm claims made |
| cml credible maximum loss |
| cn cover note |
| co company |
| co-ins coinsurance |
| cod cash on delivery |
| col cost of living |
| coll collision |
| comm commission |
| comm a/c common account |
| comp comprehensive, composite, compensation |
| cond condition |
| cons loss consequential loss |
| cont contingent; contributory; container |
| cr combined ratio |
| csl combined single limit |
| ctl constructive total loss |
| cy currency |
| D |
| D&O directors’ and officers’ liability |
| DAC deferred acquisition costs |
| DIC difference in conditions |
| DID difference in deductible |
| DIL difference in limits |
| DIP difference in peril |
| DTI Department of Trade & Industry (UK) |
| dba doing business as |
| ded deductible |
| dep Deposit |
| dept department |
| disc discount |
| dol date of loss |
| dp deposit premium |
| dpp deferred premium payments |
| dpr daily pro rata |
| dtba date to be advised |
| E |
| E&O errors and omissions |
| EAR erection all risks |
| ECO extra contractual obligations |
| EDP electronic data processing |
| EEPI estimated earned premium income |
| EET Eastern European Time |
| EIL environmental impairment liability |
| EL employers’ liability |
| EML Estimated Maximum Loss |
| EMPL estimated maximum probable loss; estimated maximum possible loss |
| EPA Environmental Protection Agency (US) |
| EPI estimated premium income |
| EPLI employment practice liability insurance |
| EPS earnings per share, electronic placing system |
| EPT excess profits tax |
| EST Eastern Standard Time (US) |
| e&ea, eea, ee acc each and every accident |
| e&el, eel each and every loss |
| e&er, eer each and every risk |
| ec extended coverage |
| eng engineering (insurance) |
| eoy end of year |
| ep expiring policy |
| eq earthquake |
| est estimated |
| excl excluding |
| expd expired |
| F |
| F&AP fire and allied perils |
| FCII Fellow of the Charted Insurance Institute |
| FCOD fire, collision, overturning and derailment |
| FDA Food and Drugs Administration |
| FG fidelity, guarantee |
| FLE fire, lightning and explosion |
| FLEXA fire, lightning, explosion, aircraft |
| FinRe financial reinsurance |
| fac facultative |
| fac-obl(ig) facultative obligatory reinsurance contract |
| fap fee of accident reported |
| fca for common account |
| fgu from ground up |
| fob free on board |
| fpil full premium if lost |
| fr franchise |
| fro fire risk only |
| fsl full signed line |
| fwd forward |
| fwl full written line |
| G |
| GA general average |
| GAAS generally accepted auditing standards |
| GL general liability |
| GMC gross market capacity |
| GMT Greenwich Mean Time |
| GNEP(I) gross net earned premium (income) |
| GNP(I) gross net premium (income) |
| GNWPI gross net written premium income |
| GOP gross original premium |
| GOR gross original rate |
| GP(I) gross premium (income) |
| GTPL general third party liability |
| gr l gross line |
| H |
| HPR highly protected risk |
| HWD heavy weather damage |
| h/c hold/held covered (at premium to be agreed) |
| h/c l/u held covered subject to agreement of leading underwriter |
| hh hold harmless |
| I |
| I/V increased value |
| IBNER Incurred But Not Enough Reserved |
| IBNR Incurred But Not Reported |
| ICA Insurance Council of Australia |
| ICC International Chamber of Commerce; Institute Cargo Clauses |
| ILU Institute of London Underwriters |
| IMF International Monetary Fund |
| IP insured peril |
| ISM International Safety Management |
| IT income tax; information technology |
| IUA International Underwriters Association (former Lirma+ILU) |
| IUMI International Union of Marine Insurance |
| Inc incorporated |
| if in full |
| incd val increased value |
| incep inception |
| ins insurance |
| instal instalment |
| iro in respect of |
| J |
| J/A joint account |
| JHC Joint Hull Committee |
| L |
| LAE loss adjustment expenses |
| LDF Loss Development Factor |
| LDPS Lloyd’s Data Processing Services |
| LGT London General Terms |
| LIMNET London Insurance Market Network |
| LMC London market clauses |
| LMW London market wording |
| LMX London market excess (of loss) |
| LOC letter of credit |
| LOD loss occurring during |
| LPL lawyers’ professional liability |
| LPSO Lloyd’s Policy Signing Office |
| LRSC loss ratio stabilisation clause |
| LST Local Standard Time |
| LSW London standard wording |
| Liab (ins) liability (insurance) |
| Lirma London International Insurance and Reinsurance Market Association |
| l/r leading reinsurer |
| l/u leading underwriter |
| ldg u/w leading underwriter |
| ldr leader |
| leg liab legal liability |
| lob losses occurring basis |
| loi limit of indemnity |
| lop loss of profits |
| lr loss ratio |
| lta long term agreement |
| ltd long term disability |
| M |
| M&D minimum and deposit (premium) |
| MAREXEL marine excess of loss |
| MB machinery breakdown |
| MD material damage (=property damage); malicious damage |
| MFL maximum foreseeable loss |
| MLS master line slip |
| MOD motor own damage |
| MPL maximum possible loss, maximum probable loss |
| mar marine, movable all risks |
| med ex medical expenses |
| med mal medical malpractice |
| min dep minimum and deposit premium |
| mm medical malpractice |
| mp minimum premium |
| mut ins mutual insurance |
| N |
| NCAD notice of cancellation at anniversary date |
| NCAR no claim for accident reported |
| NCB no claims bonus |
| NCBOR no claims bonus on renewal |
| NCR no claims return (US) |
| NEREC Nuclear Energy Risks Exclusion Clause |
| NLOW no limit or warranty |
| NM non marine |
| NMA Lloyd’s Non-Marine Underwriters’ Association |
| NOC notice of cancellation |
| NOP net original premium |
| NOR net original rate |
| NPI net premium income |
| NRPI net retained premium income |
| na not applicable, net absolutely, no advice, no account |
| nat cat natural catastrophe |
| nd no discount |
| ne not exceeding |
| neg negligence |
| net ret net retention |
| noc not otherwise classified |
| np non-proportional (reinsurance); named perils; net premium |
| nwr no war rate |
| O |
| OCA outstanding claims account; outstanding claims advice |
| OCR outstanding claims reserve |
| OD occupational disease; own damage (motor) |
| OGP(I) original gross premium (income) |
| OGR original gross rate |
| OL&T owners, landlords and tenants |
| ON ret original net retention; original net return |
| ONP(I) original net premium (income) |
| ONR original net rate |
| ONRL original net retained line |
| ONRP(I) original net retained premium (income) |
| o/a on account of |
| o/c off cover; open cover |
| o/s outstanding |
| obl(ig) obligatory |
| occ occurrence |
| og on gross |
| op open policy |
| or original rate; owner’s risk; overriding commission |
| Others |
| XPL Loss in Excess of Policy Limits |
| 2rw two risk warranty |
| P |
| P&I protection and indemnity |
| P&I club shipowners’ mutual protection & indemnity society |
| P&L acc profit and loss account |
| PA personal accident |
| PBC pure burning cost |
| PD property damage; physical damage |
| PI personal injury; professional indemnity; premium income |
| PL public liability; professional liability, partial loss |
| PML probable maximum loss; possible maximum loss |
| PST Pacific Standard Time |
| PTD permanent total disablement |
| p proportional/pro-rata (reinsurance) |
| p/f portfolio |
| pb pay back |
| pc profit commission |
| pd paid |
| pers liab personal liability |
| pfo portfolio |
| plc pure loss costs |
| pnoc provisional notice of cancellation |
| pol policy |
| pr pro rata, proportional (reinsurance) |
| prem premium |
| prof com Profit Commission |
| prop r/I Proportional Reinsurance |
| prov provisional |
| Q |
| qs Quota Share |
| qtly quarterly |
| R |
| R/cess Retrocession |
| RACE Institute Radioactive Contamination Exclusion Clause |
| RNR renewal not required |
| ROJA reinsurance of joint account |
| RSI repetitive strain injury |
| Re reinsurance company |
| Ritc reinsurance to close (Lloyd’s) |
| ra risk attaching |
| re return on equity |
| reinst reinstatement |
| res reserve |
| ret retained; retention |
| retro r/i retrocessional reinsurance |
| roe rate of exchange; return on equity |
| rol rate on line |
| row removal of wreck |
| rp return premium |
| rtba rate to be agreed |
| S |
| SEPTIC single event pollution trigger insurance clause |
| SPI system performance insurance |
| SRCC strike, riot, civil commotion |
| s/p surplus |
| si sum insured |
| sir self insured risk; self insured retention |
| sl stop loss (reinsurance) |
| surp surplus |
| syn syndicate |
| T |
| TAC treaty accounts statement |
| TIV total insured value |
| TPFT third party, fire and theft (insurance) |
| TPL third party liability |
| TWP Third World Pool |
| tba to be agreed; to be advised |
| tbi to be identified |
| tl(o) total loss (only) |
| to turn over |
| tsi total sum insured |
| tty treaty |
| U |
| ULAE unallocated loss adjustment expenses |
| ULR ultimate loss ratio |
| UNL ultimate net loss |
| u/a underwriting account |
| u/l underlying |
| u/w Underwriter |
| ucb unless caused by |
| unltd unlimited |
| V |
| VAT value added tax |
| vop value as original policy |
| W |
| WC workers’ compensation |
| WCA Workmen’s Compensation Act |
| w/cvr working cover |
| w/l written line |
| w/w worldwide |
| wdg contract wording |
| wef with effect from |
| wp without prejudice |
| wro war risk only |
| wtd warranted |
| wty warranty |
| X |
| xl excess of loss reinsurance |
| xol excess of loss reinsurance |
| xs excess |
| xs pt excess point |
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Peter of Lime Street 