Search our reinsurance online glossary of terms or click a letter to view terms in that category...

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 versus a personal property floater, which would cover flood among a myriad of other perils.