Extended Operational and Trade Vocabulary

Marine Insurance Markets, Captives and Reinsurance glossary

Vocabulary of the marine reinsurance and Lloyd’s markets: annual aggregate retention, excess of loss treaties, accumulation control, acquisition cost, the active underwriter and slip acceptance, additional premium for increased risk, and captive structures. Grounds each term in the cession, pricing and binding mechanics of hull, cargo and energy reinsurance business.

252 defined terms.

Showing 250 on this page (page 1 of 2).

A

AAR: Average Adjuster's Report; settlement document apportioning general average contributions.
Acceptance, Lloyd's: The formal binding of a risk by a Lloyd's syndicate via the leading underwriter's stamp on the slip.
Accumulation: aggregation of exposures from a single event affecting multiple insured risks.
Acquisition Cost: brokerage and commission paid to place the risk.
Active Underwriter: The individual at a Lloyd's syndicate with authority to bind risks, named in the syndicate's business plan filed with Lloyd's.
Additional Premium (AP): extra premium charged for held-covered situations, breach of warranty, deviation, or change of voyage.
Adjuster, Average: A professional who apportions general average and salvage between hull, cargo, and freight interests under York-Antwerp Rules.
AFB Marine Hull Wording: The Antwerp Marine Hull form used in the continental European hull market as an alternative to Institute Time Clauses Hulls.
Agency Agreement: contract between an insurer and an agent setting underwriting authority limits.
Aggregate Excess of Loss: A reinsurance form that attaches once a cedent's annual ultimate net loss exceeds a stated aggregate.
AIG Marine: American International Group's marine unit, a leading cargo and hull writer in the US admitted market.
AIMU: American Institute of Marine Underwriters, the US trade body for ocean marine insurers, publisher of AIMU clauses and statistics.
AIMU Cargo Clauses: Standardized US ocean cargo wordings published by AIMU, including the AIMU 2004 Cargo Clauses for all risks.
All risks cover: ICC(A) Institute Cargo Clauses A.
Allianz Global Corporate and Specialty (AGCS): A leading global marine insurer publishing the annual Safety and Shipping Review.
American Club: Common name for the American Steamship Owners Mutual Protection and Indemnity Association, Inc., a New York-based International Group P&I club founded in 1917.
Antares Underwriting: Lloyd's Syndicate 1274, a marine and specialty writer owned by QIC Global.
Aon Captive and Insurance Management: Aon's captive consulting and management arm advising on Bermuda, Cayman, Vermont, and Guernsey domiciles.
Apollo Underwriting: Lloyd's Syndicate 1969 (Apollo), a specialty writer including marine cargo and hull.
Argo Group: Bermuda-based specialty insurer with Lloyd's Syndicate 1200 (Argo) writing marine lines.
Asia Captive Conference: Annual captive insurance event held in Singapore and Labuan for Asia-Pacific captive owners.
Atrium Underwriting: Lloyd's managing agent operating Syndicate 609, owned by Stone Point Capital and Northshore Holdings, writing marine and energy.
Attachment Point: the loss level at which an excess of loss reinsurance layer begins to respond.
AXA XL: The specialty division of AXA formed from the 2018 acquisition of XL Catlin, a major marine hull and cargo carrier and Lloyd's Syndicate 2003.

B

Back-to-Back Cover: reinsurance written on identical terms to the original direct insurance.
BAR Form: Builder's All Risks form covering shipbuilders' risks, including launching and trials.
Beazley: Lloyd's managing agent operating Syndicates 623, 2623, 3622, and 3623, writing marine, cargo, war, and political violence.
Berkshire Hathaway Specialty Insurance: A specialty marine writer launched in 2013, expanding cargo and hull worldwide.
Bermuda Captive Conference: Annual captive event held in Bermuda, the largest captive domicile by premium.
Bermuda Market: Hub for catastrophe reinsurance and captives, hosting Renaissance Re, Everest Re, and Arch.
Bermuda Monetary Authority (BMA): The regulator of Bermuda's insurance market, including the Class 1, 2, 3, and 3A captive categories.
Binding Authority: contract under which an underwriter delegates authority to a coverholder to bind risks on its behalf.
Bordereau: A schedule of risks or claims provided periodically by a coverholder, broker, or reinsured to the underwriter.
Box, the: The historic underwriting space at Lloyd's where syndicates sit and brokers present risks.
Brit: Lloyd's managing agent operating Syndicate 2987, owned by Fairfax Financial, writing marine and energy.
Broker, Lloyd's: A firm accredited by the Corporation of Lloyd's to place business at Lloyd's, governed by the Lloyd's broker byelaw.
Burning Cost: ratio of incurred losses to premium used for pricing reinsurance treaties.

C

Cape Town Convention: International treaty applicable to mobile equipment, not extended to ships, which remain under flag state mortgage regimes.
Captive Insurance: A wholly owned insurance subsidiary established by a shipowner or corporate group to retain risk.
Captive Insurance Companies Association (CICA): A US trade group representing captive owners, with an annual conference each March.
Cargo Insurance: insurance of goods in transit, traditionally written on Institute Cargo Clauses.
Catlin: The marine and specialty group acquired by XL in 2015, forming XL Catlin, then AXA XL in 2018.
Cayman Islands Monetary Authority (CIMA): Regulator of the second largest captive domicile, with the Class B and C captive licenses.
Cedent: The insurer transferring risk to a reinsurer under a reinsurance contract.
Cefor: The Nordic Association of Marine Insurers, headquartered in Oslo, publishing market statistics and supporting NMIP.
CEFOR Hull Index: A Nordic hull claim frequency index produced from member data, widely cited in IUMI presentations.
Cession: The transfer of risk from a cedant to a reinsurer under a reinsurance contract.
Chaucer: Lloyd's managing agent operating Syndicate 1084, owned by China Re's overseas vehicle.
China Re: China Reinsurance Group, the largest reinsurer in Asia, with a marine portfolio and ownership of Chaucer.
CL 370: Termination of Transit Clause (Terrorism), a cargo terrorism endorsement.
CL 380: Institute Cyber Attack Exclusion Clause, excluding loss arising from the use of computer systems as a means of inflicting harm.
Class of Business: Lloyd's classification under the Risk Code system, including marine hull, cargo, and energy classes.
Co-Insurance: An arrangement in which several insurers each subscribe to a portion of the risk on identical terms, common in Lloyd's slip placements.
Combined Ratio: Losses plus expenses divided by net earned premium; a key marine market profitability metric reported by IUMI.
Commutation: The negotiated extinguishment of outstanding reinsurance liabilities for a lump sum payment.
Container Insurance: Cover for marine and intermodal containers, often written on Institute Container Clauses, including Time and Voyage versions.
Contingent Cargo Cover: Coverage purchased by a freight forwarder or NVOCC stepping in if the primary cargo insurance does not respond.
Convex Group: Bermuda-based specialty insurer and reinsurer founded by Stephen Catlin in 2019, writing marine through Lloyd's Syndicate 1985.
Corporation of Lloyd's: The statutory body that oversees the Lloyd's market under the Lloyd's Act 1982.
Cover-Holder: A firm authorized to bind risks on behalf of Lloyd's underwriters under a binding authority.

D

Deductible: amount of each claim borne by the assured before the policy responds, also called franchise or excess.
Delegated Authority: The market segment where Lloyd's syndicates underwrite via coverholders and managing general agents.
Direct Insurance: Insurance written on a policy issued directly to the assured, distinct from reinsurance.
Discovery Period: The post-cancellation period during which losses occurring earlier may still be reported.
Domicile: The legal connection of a party to a jurisdiction relevant to jurisdiction rules under Brussels I Recast and parallel regimes.
Dual Trigger Cover: A coverage that responds only when two specified events both occur, used in some marine cyber and contingent products.

E

Earned Premium: portion of premium relating to the expired portion of the policy period.
East African Marine Insurance: Regional cargo and hull market centered on Mombasa and Dar es Salaam.
EBITDA, Insurer: Earnings before interest, tax, depreciation and amortization; a profitability measure used by listed insurers.
Endorsement: written amendment to the policy.
Errors and Omissions Clause: provision protecting assured or cedant against inadvertent failure to declare or notify.
Estimated Maximum Loss (EML): underwriter's assessment of the worst probable single loss.
Everest Re: Bermuda-based reinsurer writing marine treaty and facultative business globally.
Excess Layer: A reinsurance layer attaching above an underlying layer or primary cover.
Excess of Loss (XL): A reinsurance form covering losses above a stated retention up to a limit, per risk or per event.
Exclusion: Removal of a symptomatic food handler from duty until 48 hours after resolution of symptoms.
Expense Ratio: Operating expenses divided by net written premium, part of the combined ratio.
Experience Rating: Pricing reinsurance based on the historical loss experience of the cedent.

F

Facultative Reinsurance: reinsurance of an individual risk negotiated separately for that risk.
FD&D: Freight, Demurrage, and Defense cover, a class providing legal costs cover for marine commercial disputes not falling within P&I.
Fidelis Insurance: Bermuda-based specialty insurer and reinsurer writing marine through its Lloyd's Syndicate 3123 (Pine Walk) and direct platforms.
Flat Rate: Worldscale published nominal dollars-per-ton value for a tanker voyage at which percentage assessments are anchored.
Fleet Hull Rate: The premium rate charged per dollar of insured value for a shipowner's fleet hull program.
FOB: Free on Board, Incoterm 2020.
Following Underwriter: An underwriter who subscribes to a slip on the terms negotiated by the leader.
Franchise: minimum percentage or amount of loss before the policy responds, the policy then paying the full loss.
Free of Capture and Seizure (FC&S): warranty excluding war risks from standard hull and cargo cover.

G

GAREAT: French terrorism reinsurance pool, relevant where French marine interests are insured.
General Average (GA): voluntary sacrifice or extraordinary expenditure intentionally and reasonably made for the common safety, codified in the York-Antwerp Rules.
General Insurance Association of Singapore (GIA): Industry body for non-life insurers in Singapore, including marine.
Global Cargo Insurance Market: Estimated by IUMI at around 18.6 billion US dollars in gross premium for 2023.
Global Hull and Machinery Market: Estimated by IUMI at around 9.2 billion US dollars in gross premium for 2023.
Great American Insurance Group: A US specialty insurer with a marine division writing ocean cargo and inland marine.
Gross Net Earned Premium Income (GNEPI): The reinsurance premium base for excess of loss treaties after acquisition costs but before reinsurance.
Guernsey Financial Services Commission (GFSC): Regulator of Guernsey's captive market, the largest European captive domicile.
Guernsey Insurance Company: A captive licensed in Guernsey under Category 1, 2, or 3 of the Insurance Business Law 2002.

H

Hannover Re: Hannover Rück SE, a German reinsurer in the top five global rankings with a marine and aviation segment.
HDI Global: Talanx Group's industrial insurer writing marine hull and cargo.
Helvetia: Swiss insurer writing marine cargo and transport, with the Helvetia Marine Cargo wording.
Hiscox: Lloyd's managing agent operating Syndicates 33 and 3624, writing marine cargo and specialty.
Hold Harmless Agreement: contractual indemnity often reviewed for the contractual liability extension of P&I.
Hong Kong Insurance Authority (HKIA): Regulator of Hong Kong's insurance market, including captives under the captive insurance regime.
Hospitalisation Cover, Crew: Insurance for seafarer medical costs, typically arranged through a P and I club or specialist crew insurer.
Hull and Machinery (H&M): insurance of the ship and her machinery against physical loss or damage.
Hull Cyber Clause, JCC: Joint Cargo Committee clause excluding cyber as a cause of physical hull loss.
Hull War Cover: Insurance against war perils for vessels, written by specialist marine war underwriters.

I

IBNR: incurred but not reported losses, a reserve held for late-reported claims.
ICC (A) 2009: Institute Cargo Clauses A, the broadest all-risks cargo wording published by LMA and IUA in 2009.
ICC (B) 2009: Institute Cargo Clauses B, a named-perils cargo wording with intermediate coverage.
ICC (C) 2009: Institute Cargo Clauses C, a minimum-perils cargo wording with the narrowest cover.
Inchmaree Clause: A hull clause originating from the Inchmaree case, extending cover to losses caused by latent defects in machinery and certain crew negligence.
Institute Bulk Oil Clauses: Cargo clauses tailored to the carriage of bulk oil cargoes, addressing contamination and shore-tank measurement issues.
Institute Frozen Food Clauses: Cargo clauses governing temperature-sensitive cargo, with cover for refrigeration breakdown.
Institute Strikes Clauses: A separate cargo or hull endorsement covering strikes, riots and civil commotions.
Institute Time Clauses Hulls 1983: A widely used hull wording, often referred to as ITCH 83.
Institute Voyage Clauses Hulls: Hull clauses for individual voyages rather than time periods.
Institute War Clauses (Cargo): A separate cargo war risk wording, normally paired with ICC (A), (B), or (C).
International Group of P&I Clubs: Association of 12 mutual P&I insurers.
International Hull Clauses 2003: A modern hull wording introduced by the JHC and JCC, intended to replace ITCH 83 but less widely used.
International Underwriting Association (IUA): The London company market trade body, working alongside the LMA on standard wordings.
IUA Wordings: Joint wordings published by the IUA and LMA, including Institute Cargo and Hull Clauses.
IUMI: International Union of Marine Insurance, co-author of BIMCO cyber guidelines.
IUMI Conference: The annual IUMI conference held each September, rotating between member country host cities.
IUMI Eye: IUMI's monthly newsletter circulated to member associations and the marine market.
IUMI Statistics Forum: The IUMI working group publishing global cargo, hull, energy, and liability premium and loss statistics each year.

J

JC 2010 Cyber Exclusion: Joint Committee 2010 cyber endorsement excluding loss from cyber-related causes, predecessor to LMA 5400 series.
JCC: Joint Cargo Committee, the body of LMA and IUA underwriters publishing cargo clauses including JCC Hull Cyber and JCC Cargo Cyber.
JCC Hull Cyber Clause: The hull-side cyber exclusion published by the Joint Cargo Committee.
JHC: Joint Hull Committee, the body of LMA and IUA hull underwriters issuing market guidance and clauses including the IHC 2003.
Joint Excess Loss Committee (JELC): The London market committee publishing standard excess of loss reinsurance clauses.
Joint War Committee (JWC): Lloyd's/IUA committee publishing listed areas for war/strikes risk.
Jumbo Risk: A particularly large marine risk requiring substantial facultative reinsurance support.
JWLA: The Joint War Committee Listed Areas list of high-risk waters where additional premium applies, updated periodically.

K

Kiln: Lloyd's managing agent operating Syndicate 510, owned by Tokio Marine HCC, writing marine and specialty.
Korean Re: Korean Reinsurance Company, the only Korean reinsurer, with a global marine portfolio.

L

Labuan FSA: Labour Financial Services Authority regulating the Labuan captive market in Malaysia, with around 200 captives.
Labuan IBFC: Labuan International Business and Financial Centre marketing the jurisdiction for Asian captives.
Lancashire Holdings: Bermuda and London specialty insurer and reinsurer writing marine and energy through Lloyd's Syndicate 2010 (LSM).
Latent Defect: defect in machinery or hull not discoverable by due diligence, addressed by ITC Hulls 1/10/83 clause 6.2.2 (Inchmaree-style cover).
Layer: tranche of cover in an excess of loss program.
Leader, Slip: The underwriter who first signs and sets terms on a Lloyd's slip.
Letter of Undertaking (LOU): security letter issued by a P&I club to secure release of a ship from arrest.
Liberty Specialty Markets: Liberty Mutual's London specialty operation, including marine hull and cargo, with Lloyd's Syndicate 4472.
Lloyd's: insurance market in London operating under the Lloyd's Act 1871 and 1982.
Lloyd's Aggregate Report: The annual report on Lloyd's market performance published by the Corporation of Lloyd's.
Lloyd's Class of Business: A risk code system used to classify Lloyd's premium for performance and regulatory reporting.
Lloyd's Coverholder: A firm authorized to underwrite on behalf of Lloyd's syndicates under binding authorities.
Lloyd's Joint Working Party (LJWP): A working group of market participants drafting wordings and clauses.
Lloyd's Market Association (LMA): The trade body for Lloyd's managing agents, publishing clauses including the LMA 5000 series.
Lloyd's Open Form (LOF): Standard salvage agreement with no-cure-no-pay basis and SCOPIC.
Lloyd's Premium Trust Fund: The trust into which syndicate premiums are paid, used to settle claims and expenses.
LMA 5390: The Cargo War Cancellation Clause used in cargo war risk wordings.
LMA 5400: A series of marine cyber endorsements, including the cyber exclusion clauses for hull and cargo.
LMA 5402: Marine Cyber Endorsement modifying CL 380 application in marine policies.
LMA 5403: Marine Cyber Endorsement for hull and machinery, port packages, and offshore energy.
London Market: The combination of Lloyd's and IUA company markets in the City of London, the leading global specialty insurance hub.

M

Managing Agent: The Lloyd's entity authorized by the Corporation of Lloyd's to manage one or more syndicates and underwrite on behalf of members.
Mapfre Re: Spanish reinsurer, the reinsurance arm of Mapfre, with a marine portfolio in Europe and Latin America.
Marine Insurance Act 1906 (MIA 1906): The UK statute codifying English marine insurance law, applicable to most London market policies.
Marine Reinsurance: Reinsurance of marine cargo, hull, energy, and liability portfolios.
Markel International: Specialty insurer with Lloyd's Syndicate 3000 writing marine cargo, hull and liability.
Marsh Captive Solutions: Marsh's captive consulting and management practice, the largest independent captive manager.
Maximum Foreseeable Loss (MFL): The largest theoretical loss from a worst-case scenario for an insured location.
Mitsui Sumitomo Insurance: Japanese marine insurer with Lloyd's Syndicate 3210 (MS Amlin).
MMI Energy: Munich Re's energy and marine division writing facultative reinsurance.
MS Amlin: Lloyd's managing agent operating Syndicate 2001, owned by MS and AD Insurance Group, writing marine and specialty.
MS Amlin AG: The Swiss reinsurance arm of MS Amlin, in run-off since 2019.
Munich Re: Munich Reinsurance Company, the world's largest reinsurer by gross premium, with a substantial marine reinsurance book.
Munich Re Syndicate 457: Lloyd's Syndicate 457 managed by Munich Re Syndicate Limited (renamed Munich Re Specialty), writing marine and specialty.
Mutual Insurance: insurance by an association of members for their common account, the structural form of P&I clubs.

N

Named Perils Cover: Coverage limited to listed perils, as in ICC (B) and (C).
Net Retained Lines Clause: A reinsurance clause confining cover to risks net of other reinsurance.
Newcomer Captive: A first-time captive owner setting up a vehicle, often in Vermont, Bermuda or Cayman.
NoMIS: Nordic Marine Insurance Statistics, the CEFOR database underpinning hull claim trend reporting.
Nordic Marine Insurance Plan: A consolidated marine insurance contract used by Nordic hull and cargo insurers, updated periodically by CEFOR and member insurers.
NorthStandard: An International Group P&I club formed in February 2023 by the merger of North of England Protecting and Indemnity Association and the Standard Club.

O

Ocean Marine Insurance: The US term for blue-water marine insurance, distinct from inland marine.
Off-Hire Insurance: Loss of hire insurance covering charter income lost while a vessel is undergoing covered repairs.
Open Cover: contract under which underwriters agree to accept all cargo shipments meeting agreed criteria during a stated period.
Order, Underwriter's: The Lloyd's instruction signing a risk and recording the line written.

P

P&I Club: Mutual insurance association covering protection-and-indemnity risks.
Pari Passu Clause: A reinsurance clause aligning timing and basis of payment with the underlying.
Partner Re: A Bermuda-based reinsurer with a marine portfolio, owned by Covea.
Peak Re: Hong Kong-based reinsurer with a marine line, owned by Fosun.
Pen Underwriting: A managing general agent with marine cargo and hull capacity, part of Arthur J Gallagher.
Pine Walk: Fidelis Insurance Group's managing general agent platform underwriting via its Lloyd's syndicate.
Pollution Liability: The body of strict liability under CLC, the Bunker Convention, and national statutes such as OPA 1990.
Port Risk Insurance: hull cover for vessels remaining in port and not at sea.
Premium Volume: The total premium written by a market or insurer, reported by IUMI by line of business.
Pricing, Reinsurance: The actuarial or experience-based method of setting reinsurance premium.
Probable Maximum Loss (PML): A statistical estimate of the largest credible loss to an insured exposure.
Profit Commission: A reinsurance commission paid back to the cedent if treaty results exceed targets.
Proportional Reinsurance: reinsurance in which premium and losses are shared in fixed proportion, including quota share and surplus share.
Protected Cell Company (PCC): A captive structure used in Guernsey, Bermuda and other domiciles, with segregated cells for separate participants.

Q

QBE: Australian global insurer with Lloyd's Syndicate 386 writing marine cargo, hull and energy.
Quota Share Reinsurance: A proportional reinsurance treaty under which the reinsurer takes an agreed percentage of each risk and corresponding premium.

R

RAA: Reinsurance Association of America, the US trade body for reinsurers, publisher of US reinsurance market statistics.
RACE II Clause: The Radioactive Contamination, Chemical, Biological, Bio-Chemical and Electromagnetic Weapons Exclusion Clause, used in many marine wordings.
Reinstatement: The restoration of a reinsurance limit after it has been eroded by a loss, usually for an additional premium.
Reinsurance: insurance of insurance, by which insurers transfer part of accepted risk.
Renaissance Re: Bermuda-based reinsurer with a marine treaty book and Lloyd's Syndicate 1458.
Retention: amount of risk retained net for own account before reinsurance responds.
Retrocession: reinsurance of reinsurance.
Risk Code: The classification code identifying the type of marine risk for regulatory and market reporting.
Risk Retention Group (RRG): A US captive form authorized by the Liability Risk Retention Act 1986, used for liability lines only.
Risk Transfer: Treatment in which risk is shifted to another party, for example through insurance.

S

Sanctions Limitation and Exclusion Clause (JC 2010 / LMA 3100): A clause confirming no cover or payment where it would breach sanctions, used market-wide.
SCOR: Scientific Committee on Oceanic Research, an ICSU body coordinating ocean science.
Self-Insured Retention (SIR): The amount of loss retained by the insured before insurance responds, similar to a deductible but settled by the insured directly.
Settlement: payment in discharge of the claim.
Shipowner's Mutual Strike Insurance Association: A specialist mutual covering strike-related loss for shipowners.
Shipowners P and I Club: A small ship mutual in the International Group based in Luxembourg.
Sidecar: A special purpose vehicle assuming a quota share of a reinsurer's book, common in catastrophe reinsurance.
Singapore Reinsurers' Association (SRA): The trade body for reinsurers operating in Singapore.
Skuld: Assuranceforeningen Skuld, a Norwegian-headquartered International Group P&I club founded in 1897.
Slip: Allow to run; berth for a small craft.
Slip Leader: The first underwriter to sign the slip and set terms, with authority on quotations and endorsements.
Society of Lloyd's: The legal entity of Lloyd's under the Lloyd's Act 1982, the regulator and franchise body of the market.
Specialty Lines: Non-standard insurance lines including marine, energy, aviation, political risk and cyber.
Standard Club: The Standard Steamship Owners' Protection and Indemnity Association, founded in 1884, which merged with North of England in February 2023 to form NorthStandard.
Steamship Mutual: P&I club operating PEME scheme through approved clinics worldwide.
Stop Loss Reinsurance: A non-proportional reinsurance covering aggregate losses above a stated percentage of premium or amount.
Sue and Labour Clause: clause requiring the assured to take reasonable measures to avert or minimize loss, with expenses recoverable; ITC Hulls 1/10/83 clause 11.
Surplus Treaty: A proportional reinsurance treaty under which the cedent retains a fixed line and cedes the surplus to the reinsurer.
Swiss Re: Swiss Reinsurance Company, the second largest reinsurer globally, with a marine and aviation portfolio.
Syndicate: A group of Lloyd's members joined to underwrite insurance, managed by a managing agent.

T

Talbot Underwriting: Lloyd's managing agent operating Syndicate 1183, owned by AIG, writing marine cargo, hull, war and political violence.
Terms of Trade: The Incoterms governing transfer of risk in cargo transit, relevant to who insures and when.
Tokio Marine Kiln: Lloyd's managing agent operating Syndicate 1880, part of Tokio Marine Group.
Total Loss Only (TLO): cover responding only to actual or constructive total loss.
Trans Re: Transatlantic Reinsurance Company, owned by Alleghany Corporation, with a marine reinsurance book.
Treaty Reinsurance: reinsurance covering classes of business under a single contract.

U

UK P&I Club: United Kingdom Mutual Steam Ship Assurance Association, founded 1869, International Group member.
Ultimate Net Loss (UNL): The total loss paid by an insurer net of all recoveries, the typical reinsurance loss definition.
Underwriter, Marine: An individual or entity assessing and accepting marine risks for premium.
Underwriting Year: The twelve month period to which a P&I policy and its calls relate, traditionally beginning at noon on 20 February.
Unrecovered Aggregate: The portion of an aggregate excess of loss treaty layer not yet eroded by losses.
USL and H: United States Longshore and Harbor Workers' Compensation Act, requiring specialized US marine workers' compensation cover.

V

Vanuatu Financial Services Commission (VFSC): Regulator of the Vanuatu captive insurance market, a small Pacific domicile.
Vermont Captive Insurance Association (VCIA): The Vermont captive trade body, hosting an annual conference in Burlington each August.
Vermont Captive Insurance Division: The Vermont Department of Financial Regulation's captive division, regulating the largest US captive domicile.
Voluntary Cession: A facultative reinsurance offer the reinsurer may accept or decline at its discretion.

W

WAR Risk Insurance: Cover for war and strikes perils excluded from hull policy.
War Risks Mutual: Various mutuals covering hull war risks for shipowner members, including the Hellenic War Risks and the Combined Group of P and I Clubs War Risks facility.
Warranty, Marine: A condition strictly to be complied with by the insured, with breach voiding cover under MIA 1906 prior to the Insurance Act 2015 reforms.
West of England P&I: International Group P&I club founded 1870.
Willis Towers Watson (WTW): A global broker with a marine practice and captive consulting unit, rebranded to WTW in 2022.
Written Premium: Premium written by an insurer in a period, as opposed to earned premium.

X

XL Catlin: Marine insurer instructing external counsel; rebranded AXA XL after 2018 acquisition.

Y

York-Antwerp Rules: CMI-drafted rules for adjustment of general average; current editions 1994, 2004, 2016.