INSURANCE ACRONYMS

2 A B C D E F G H I J K L M N O P Q R S T UV W X Y Z

2
2RW Two Risk Warranty
A
A/C Account
AAD Annual Aggregate Deductible
ABI Association Of British Insurers
AC Audit Committee (Lloyd's)
ACC Accident, Acceptance, Accepted
ACII Associate Of The Chartered Insurance Institute
ACV Air Cushioned Vehicle
ADR Alternative Dispute Resolution
AGG Aggregate
AGGS Aggregate
A&H Accident & Health
AIF Acts In Force (Clause)
ALAE Allocated Loss Adjustment Expenses
AMD Additional Machinery Damage Deductible
ALM Association of Lloyd's Members
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
APH Asbestos, Pollution, Health Hazards (Claim)
APPD Approved
AR All Risks
ARM Aggregate Reinsurance Monitoring
ARPLOD All Risks of Physical Loss or Damage
ART Alternative Risk Transfer
ATE After the Event
ATL Actual Total Loss
B
B/AUTH Binding Authority
 BA Binding Authority
BBB Banker'S Blanket Bonds
BBU Bulk Carrier
BC Burning Cost
BCRD Business Conduct Review Department
BDI Both Dates Inclusive
BI Business Interruption, Bodily Injury
BIS Brockbank Insurance Services
BISC Broker & Intermediary Security Committee (XLLM)
BOC Basis of Cover
BOW Breach of Warranty
BP Business Plan
C
C&R Cancelled & Replaced
C&U Custom And Usage
C/F Carried Forward
CA Confidentiality Agreement
CAD Canadian Dollar
CANC Cancelled
CAR Contractors' All Risk; Constructors' All Risks
Cash Dec Cash Declaration
CAT Catastrophe; Category
CAT XL Catastrophe Excess Of Loss
CC Civil Commotion; Cancellation Clause; Ceding
Commission; Claims Control
CCC Custody, Care or Control
CED Cash Earning Declaration
CIF Cost, Insurance And Freight
CII Chartered Insurance Institute, London
CIL Coming into Line
CIS Cash In Safe
CIT Cash In Transit
CL Clause, Cash Loss, Consequential Loss
CLM Claims Made
CM Claims Made
CML Credible Maximum Loss
COD Cash On Delivery
COLL Collision
COMP Comprehensive / Composite / Compensation
 COSS Claim Oustanding Settlement System
COW Control of Well
CPM Contractors Plant Machinery
CR Combined Ratio
CRO Cancelling Returns Only
CRTF Canadian Reinsurance Trust Fund
CSL Combined Single Limit
CTL Constructive Total Loss
D
D&O Directors' And Officers' Liability
DAC Deferred Acquisition Costs
DAC Delegated Authority Committee (XLLM)
DED Deductible
Ded / DED Deductable
DIC / DC Difference in Conditions
DID Difference In Deductible
DIL Difference In Limits
DIP Difference In Peril
DISB Disbursements
DOL Date of Loss
DPP Deferred Premium Payments
DPR Daily Pro Rata
DTBA Date To Be Advised
DTI Department Of Trade & Industry (UK)
DV Dual Valuation
DWT Deadweight
E
E&O Errors And Omissions
EAR Erection All Risks
ECO Extra Contractual Obligations
ECR Enhanced Claims Review
EDI Electronic Data Internchange
EDP Electronic Data Processing
EEA Each And Every Accident
EEL Each And Every Loss
EEPI Estimated Earned Premium Income
EER Each And Every Risk
EIL Environmental Impairment Liability
EL Employers' Liability
 EML Estimated Maximum Loss
EMPL Estimated Maximum Probable/Possible Loss
ENG Engineering
EOY End Of Year
EPA Environmental Protection Agency (US)
EPI Estimated Premium Income
EPL Employment Practice Liability Insurance
EPS Earnings Per Share, Electronic Placing System
EPT Excess Profits Tax
EQ Earthquake
EST Estimated
EUR Euro
EXCL Excluding
EXPD Expired
F
F&AP Fire And Allied Perils
FAC Facultative
FAC R/I Facultative Reinsurance
FAC-OBL(IG) Facultative Obligatory Reinsurance Contract
FAL Funds at Lloyd's
FAPIL Full Annual Premium if Loss
FCA For Common Account
FC&S Free of Capture & Seizure
FCII Fellow Of The Charted Insurance Institute
FCOD Fire, Collision, Overturning And Derailment
FDA Food And Drugs Administration
FDO For Declerations Only
FDWT Formula Deadweight
FG Fidelity, Guarantee
FGU From Ground Up
FIA Full Interest Admitted
FLE Fire, Lightning And Explosion
FLEXA Fire, Lightning, Explosion, Aircraft
FOB Free On Board
FPAABS Free of Particular Average Absolutely
FPAUCB Free of Particular Average Unless Caused By
FPIL Full Premium If Lost
FRO Fire Risk Only
FSL Full Signed Line
 FV Fishing Vessel
FWD Forward
FWL Full Written Line
G
GA General Average
GAAP Generally Accepted Accounting Principles
GAAS Generally Accepted Auditing Standards
GC General Cargo
GEO Geographical scope of the cover
GISC General Insurance Standards Council
GIT Goods in Transit
GL General Liability
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)
GRD General Review Department
GRT Gross Registered Tonnage
GUA General Underwriters' Agreement
H
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
HPR Highly Protected Risk
HWD Heavy Weather Damage
I
IACS International Association of Classification Societies
I/V Increased Value
IBNER Incurred But Not Enough Reserved
IBNR Incurred But Not Reported
IBRC Institute Builders' Risk Clauses
ICC Institute Cargo Clauses / International Chamber Of
Commerce
ICS International Chamber of Shipping
IF In Full
IFSL International Financial Services, London
IGS Inert Gas System
 ILR Incurred Loss Ratio
ILU Institute Of London Underwriters
IMO International Maritime Organisation
INCEP Inception
INSTAL Instalment
IP Insured Peril
IPO Initial Public Offering
IPT Insurance Premium Tax
IRO In Respect Of
ISM International Shipmanagement Code
ITC Institute Time Clauses
IUA International Underwriters Association (Former
Lirma+Ilu)
IUMI International Union Of Marine Insurance
IVC Institute Voyage Clauses
IW Institute Warranties
IWSC Institute War and Strikes Clauses
J
J/A Joint Account
JHC Joint Hull Committee
K

L
L/R Leading Reinsurer
L/U Leading Underwriter
LAE Loss Adjustment Expenses
LATF Lloyd's American Trust Fund
LCO Lloyd's Claim Office
LCTF Lloyd's Canadian Trust Fund
LDD Lossess Discovered During
LDF Loss Development Factor
LDG U/W Leading Underwriter
LDR Leader
LDTF Lloyd's Dollar Trust Fund
LGT London General Terms
LIAB Liability (Insurance)
LIMIT London Insurance Market Investment Trust
LIMNET London Insurance Market Network
LIRMA London International Insurance And Reinsurance
Market Association
 LMC London Market Clauses
LMP London Market Principles
LMW London Market Wording
LMX London Market Excess (Of Loss)
LNG Liquified Natural Gas Carrier
LOB Losses Occurring Basis
LOC Letter Of Credit
LOD Loss Occurring During
LOH Loss of Hire
LOI Limit Of Indemnity
LOP Loss Of Profits
LPG Liquified Petroleum Gas Carrier
LPL Lawyers' Professional Liability
LPSO Lloyd's Policy Signing Office
LR Loss Ratio
LRSC Loss Ratio Stabilisation Clause
LSA (London) Salvage Association
LST Local Standard Time
LSW London Standard Wording
LTA Long Term Agreement
LTD Long Term Disability
LTR Long Term Risk
M
M&D Minimum And Deposit (Premium)
MAP Mortgagees Additional Perils
MAR Marine, Movable All Risks
MAT Marine, Aviation & Transport
MD Material Damage (=Property Damage); Malicious
Damage
MED EX Medical Expenses
MED MAL Medical Malpractice
MFL Maximum Foreseeable Loss
MIA Marine Insurance Act
MII Mortgagees Interest Insurance
MKT Market
MLS Master Line Slip
MM Medical Malpractice
MP Minimum Premium
MPL Maximum Possible Loss, Maximum Probable Loss
N
NA Not Applicable, Net Absolutely, No Advice, No
Account
NCAD Notice Of Cancellation At Anniversary Date
NCAR No Claim For Accident Reported
NCB No Claims Bonus
NCR No Claims Return (US)
ND No Discount
NE Not Exceeding
NTU Not Taken Up
NEG Negligence
NEREC Nuclear Energy Risks Exclusion Clause
NLOW No Limit Or Warranty
NLUR No Lay Up Returns
NM Non Marine
NMA Lloyd's Non-Marine Underwriters' Association
NOC Notice Of Cancellation
NOP Net Original Premium
NOR Net Original Rate
NP Non-Proportional (Reinsurance); Named Perils; Net
Premium
NPI Net Premium Income
NRPI Net Retained Premium Income
NWR No War Rate
O
O/A On Account Of
O/C Off Cover; Open Cover
O/S Outstanding
OBL(IG) Obligatory
OBR Original Bureau Reference
OCA Outstanding Claims Account; Outstanding Claims
Advice
OCC Occurrence
OCR Outstanding Claims Reserve
OG On Gross
OGP(I) Original Gross Premium (Income)
OGR Original Gross Rate
ONP(I) Original Net Premium (Income)
ONR Original Net Rate
ONRL Original Net Retained Line
 ONRP(I) Original Net Retained Premium (Income)
P
PA Particular Average
P&I Protection & Indemnity
P&I CLUB Shipowners' Mutual Protection & Indemnity Society
P&L (ACC) Profit And Loss (Account)
PA Personal Accident
PB Pay Back
PBC Pure Burning Cost
PC Profit Commission
PD Paid, Property Damage; Physical Damage
PDC Portfolio Diversification Credit
PI Personal Injury; Professional Indemnity; Premium
Income
PIF Paid in Full
PI Limit Premium Income Limit
PL Public Liability; Professional Liability, Partial Loss
PLC Pure Loss Costs
PLR Paid Loss Ratio
PML Probable Maximum Loss; Possible Maximum Loss
PNOC Provisional Notice Of Cancellation
POL Policy
PPI Policy Proof of Interest
PPNL Proportional
PR Pro Rata, Proportional (Reinsurance)
PREM Premium
PROP R/I Proportional (Reinsurance)
PROV Provisional
PSA Profit Share Arrangement
PT Portfolio Transfer / Premium Transfer
PTD Permanent Total Disablement / Paid to Date
Q
QQS Qualifying Quota Share
QS Quota Share (Reinsurance)
QTLY Quarterly
R
R/I RI Reinsurance
RA Risk Attaching
RAC Risk Assessed Capital
 RACE Institute Radioactive Contamination Exclusion Clause
RAT Risks Attaching During
RBC Risk Based Capital
RDC Running Down Clause
RDS Realistic Disaster Scenario
RE Reinsurance Company
REF Reefer Vessel
REINST Reinstatement
RES Reserve
RET Retained; Retention
RETRO Retrocessional Reinsurance
RIBD Reinsurance Bad Debt
RIP Reinstatement Premium
RISC Reinsurance Security Committee (XLLM)
RITC Reinsurance To Close (Lloyd's)
RMC Risk Monitoring Committee
RMS Risk Management Solutions
RNR Renewal Not Required
RO Run Off
ROC Run Off Committee (XLLM)
ROC Return on Capital
ROE Return On Equity; Rate Of Exchange
ROJA Reinsurance Of Joint Account
ROL Rate On Line
RORO Roll on Roll off Vessel
ROW Removal Of Wreck
RP Return Premium
RSI Repetitive Strain Injury
RTBA Rate To Be Agreed
S
S, SC, S&L Salvage, Salvage Charges, Sue & Labour
SBF Syndicate Business Forecast
SCM Syndicate Claims Message
SDD Settlement Due Date
SEPTIC Single Event Pollution Trigger Insurance Clause
SI Sum Insured
SIR Self Insured Risk; Self Insured Retention
SL Stop Loss (Reinsurance)
SLTF Surplus Lines Trust Fund
 SNKORL Subject No Known or Reported Losses
SQR Syndicate Quarterly Report
SRCC Strike, Riot, Civil Commotion
SSR Syndicate Select Reference
SURP Surplus
SYN Syndicate
T
TA Transatlantic
TBA To Be Agreed; To Be Advised
TBI To Be Identified
TDI Trade Disruption Insurance
TEO Till Expiry Only
TIV Total Insured Value
TL(O) Total Loss (Only)
TLO Total Loss Only
TOBA Terms of Business Agreement
TOR Terms of Reference
TP Transpacific
TPA Third Party Agreement
TPFT Third Party, Fire And Theft (Insurance)
TPL Third Party Liability
TSI Total Sum Insured
TTA Tanker
TTY Treaty
U
U/A Underwriting Account
U/L Underlying
U/W Underwriter
UCB Unless Caused By
UCC Container Ship
ULAE Unallocated Loss Adjustment Expenses
ULCC Ultra Large Crude Carrier
ULR Ultimate Loss Ratio
UMR Unique Market Reference
UNL Ultimate Net Loss
UPM Underwriting Performance Measures (XLLM)
UPTIA Underwriters Pay Tax if Applicable
USD US Dollar
USM Underwriting Syndicate Message
 UWR Underwriter
V
VLCC Very Large Crude Carrier
VOP Value As Original Policy
W
W/L Written Line
W/W Worldwide
WA Whole Account
WBS Without Benefit of Salvage
WC Workers' Compensation
WCA Workmen'S Compensation Act
WDG Contract Wording
WEF With Effect From
WNKORL Warranted No Known or Reported Losses
WP Without Prejudice
WRO War Risk Only
WTD Warranted
WTY Warranty
X
X/L XOL Excess of Loss
XPL Loss In Excess Of Policy Limits
XS Excess
XS PT Excess Point
Y
Y2K Year 2000
YOA Year of Account
Z