Legal document issued to the Insured, setting out the terms of the contract of insurance.

Additions or changes made by a lessee, at his own cost, to a building which he is occupying which enhances its value. These become part of the realty and require special insurance consideration.

A Society of insurance Underwriters based in London, Lloyd’s of London takes its title from a coffeehouse run by a Mr. Edward Lloyd. The coffeehouse was frequented habitually by private insurance Underwriters during the 18th century. The foundation of the Society of Lloyd’s was established in an agreement dated December 13, 1771.

Provision in a marine hull policy that provides for a return of premium when the ship is laid up in protected waters for not less than a specified number of days.

A formal social device for reducing risk by transferring the risks of several individual entities to an Insurer. The Insurer agrees, for a consideration, to assume, to a specified extent, the losses suffered by the Insured.

A warranty that is not expressed in the policy specifically but which is understood by both parties to be incorporated in the insurance contract.

Maximum amount a policy will pay either overall or under a particular coverage.

Termination of a policy because of failure to pay the premium.

Acceptability of an applicant for insurance to the Insurance Company.

Insurance on the ship, its machinery and equipment.