THE COMPANY

Reinsurance
Terms

  • Warranted No Known or Reported Losses

    In ocean marine insurance, a statement made on application for excess or catastrophe reinsurance, which is being backdated, to protect the reinsurer from placement of reinsurance after a loss has occurred.

  • Wellington Agreement

    An agreement between insurers and asbestos producers that established a claims handling center to agree on and coordinate payments to claimants and arbitration procedures between producers and insurers.

  • Working Excess

    A contract covering a type of excess reinsurance (per risk) in which loss frequency is anticipated, as opposed to loss severity. Thus, a working cover would usually have a low indemnity and would attach above a relatively low retention. See Per Risk Reinsurance.

  • Written as Such

    Insurance written to cover a specific peril and specifically referred to as such, as opposed to insurance which may incidentally cover the peril, e.g., flood insurance written under a flood insurance policy v. a personal property floater, which would cover flood among a myriad of other perils.