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



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


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&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&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&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


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


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/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/A joint account
JHC Joint Hull Committee


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&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


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


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


XPL Loss in Excess of Policy Limits
2rw two risk warranty


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


qs Quota Share
qtly quarterly


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


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


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


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


VAT value added tax
vop value as original policy


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


xl excess of loss reinsurance
xol excess of loss reinsurance
xs excess
xs pt excess point


Y2K year 2000