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== biz/books == |
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'''business''' ▸ {{!}} |
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[[sales & marketing ▸]] {{!}} |
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[[products ▸]] {{!}} |
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[[strategy ▸]] {{!}} |
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'''career''' ▸ {{!}} |
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[[leadership ▸]] {{!}} |
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{{Inline expand | productivity ▸|{{read|[[Atomic Habits]]}} {{read|[[The 7 Habits of Highly Effective People]]}} {{read|[[The Power of Habit]]}} {{read|[[see all ▸]]}}}} {{!}} |
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[[writing ▸]] {{!}} |
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'''investing''' ▸ {{!}} [[value ▸]] {{!}} [[growth ▸]] |
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'''Did you know?''' |
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| 0 = {{:Definition:Bordereaux}} |
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== biz/people == |
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| 1 = {{:Definition:Burning cost}} |
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<div class="main-page-menu"> |
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| 2 = {{:Definition:Commutation (reinsurance)}} |
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'''CEOs''' ▸ {{!}} |
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| 3 = {{:Definition:Finite reinsurance}} |
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{{Inline expand | DOW 30 ▸|{{read|[[Henrique Braun|Coca-Cola]]}} {{read|[[David Solomon|Goldman Sachs]]}} {{read|[[Bob Iger|Walt Disney]]}} {{read|[[Kelly Ortberg|Boeing]]}} {{read|[[Stephen Hemsley|UnitedHealth]]}} {{read|[[CEOs of DJIA companies|see all ▸]]}} }} {{!}} |
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| 4 = {{:Definition:Fronting}} |
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[[CEOs of Nasdaq-100 companies|Nasdaq-100 ▸]] {{!}} |
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| 5 = {{:Definition:Follow-the-fortunes}} |
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[[CEOs of FTSE 100 companies|FTSE 100 ▸]] {{!}} |
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| 6 = {{:Definition:Cut-through clause}} |
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[[CEOs of DAX companies|DAX 40 ▸]] {{!}} |
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| 7 = {{:Definition:Binding authority}} |
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[[CEOs of CAC 40 companies|CAC 40 ▸]] {{!}} |
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| 8 = {{:Definition:Clash cover}} |
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[[CEOs of EURO STOXX 50 companies|EURO STOXX 50 ▸]] {{!}} |
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| 9 = {{:Definition:Attachment point}} |
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[[CEOs of SMI companies|SMI ▸]] {{!}} |
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| 10 = {{:Definition:Exhaustion point}} |
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[[CEOs of S&P/TSX 60 companies|S&P/TSX 60 ▸]] {{!}} |
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| 11 = {{:Definition:Reinstatement premium}} |
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[[CEOs of NIFTY 50 companies|NIFTY 50 ▸]] {{!}} |
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| 12 = {{:Definition:Sliding-scale commission}} |
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[[CEOs of HSI companies|HSI ▸]] {{!}} |
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| 13 = {{:Definition:Profit commission}} |
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| 14 = {{:Definition:Loss portfolio transfer}} |
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'''quotes''' ▸ {{!}} |
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| 15 = {{:Definition:Adverse development cover (ADC)}} |
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{{Inline expand |business ▸|{{read|[[Notable quotes about accounting|accounting]]}} {{read|[[Notable quotes about advertising | advertising]]}} {{read|[[Notable quotes about customers | customers]]}} {{read|[[Notable quotes about employees|employees]]}} {{read|[[Notable quotes about marketing|marketing]]}} {{read|[[Notable quotes about sales|sales]]}} {{read|[[Notable quotes about strategy|strategy]]}} {{read|[[see all ▸]]}} }} {{!}} |
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| 16 = {{:Definition:Aggregate excess-of-loss reinsurance}} |
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{{Inline expand|career ▸|{{read|[[leadership]]}} {{read|[[productivity]]}} }} {{!}} |
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| 17 = {{:Definition:Catastrophe excess-of-loss reinsurance}} |
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{{Inline expand|investing ▸|{{read|[[value]]}} {{read|[[growth]]}} }} {{!}} |
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| 18 = {{:Definition:Per-risk excess of loss reinsurance}} |
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| 19 = {{:Definition:Risks-attaching basis}} |
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| 20 = {{:Definition:Losses-occurring basis}} |
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| 21 = {{:Definition:Claims-made trigger}} |
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| 22 = {{:Definition:Signing down}} |
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| 23 = {{:Definition:Sunset clause}} |
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| 24 = {{:Definition:Utmost good faith}} |
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| 25 = {{:Definition:Contra proferentem}} |
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| 26 = {{:Definition:Incurred but not reported (IBNR)}} |
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| 27 = {{:Definition:Bornhuetter-Ferguson method}} |
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| 28 = {{:Definition:Chain-ladder method}} |
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| 29 = {{:Definition:Stochastic reserving}} |
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| 30 = {{:Definition:Loss development triangle}} |
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| 31 = {{:Definition:Credibility factor}} |
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| 32 = {{:Definition:Allocated loss adjustment expense (ALAE)}} |
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| 33 = {{:Definition:Unallocated loss adjustment expense (ULAE)}} |
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| 34 = {{:Definition:Experience modification factor}} |
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| 35 = {{:Definition:Industry loss warranty (ILW)}} |
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| 36 = {{:Definition:Sidecar (reinsurance)}} |
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| 37 = {{:Definition:Collateralized reinsurance}} |
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| 38 = {{:Definition:Catastrophe bond (CAT bond)}} |
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| 39 = {{:Definition:Retrocession}} |
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| 40 = {{:Definition:Surplus share reinsurance}} |
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| 41 = {{:Definition:Surplus strain}} |
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| 42 = {{:Definition:Surplus relief}} |
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| 43 = {{:Definition:Funds withheld reinsurance}} |
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| 44 = {{:Definition:Modified coinsurance}} |
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| 45 = {{:Definition:Coinsurance penalty}} |
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| 46 = {{:Definition:Anti-concurrent causation clause}} |
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| 47 = {{:Definition:Continuous trigger}} |
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| 48 = {{:Definition:Efficient proximate cause}} |
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| 49 = {{:Definition:Horizontal exhaustion}} |
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| 50 = {{:Definition:Vertical exhaustion}} |
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| 51 = {{:Definition:Sue and labor clause}} |
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| 52 = {{:Definition:Honorable engagement clause}} |
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| 53 = {{:Definition:Hours clause}} |
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| 54 = {{:Definition:Batch clause}} |
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| 55 = {{:Definition:Aggregation clause}} |
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| 56 = {{:Definition:Omnibus clause}} |
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| 57 = {{:Definition:Running down clause}} |
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| 58 = {{:Definition:Warehouse-to-warehouse clause}} |
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| 59 = {{:Definition:General average}} |
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| 60 = {{:Definition:Particular average}} |
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| 61 = {{:Definition:Constructive total loss}} |
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| 62 = {{:Definition:York-Antwerp Rules}} |
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| 63 = {{:Definition:Protection and indemnity (P&I)}} |
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| 64 = {{:Definition:Demand surge}} |
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| 65 = {{:Definition:Social inflation}} |
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| 66 = {{:Definition:Nuclear verdict}} |
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| 67 = {{:Definition:Silent cyber}} |
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| 68 = {{:Definition:Affirmative cyber coverage}} |
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| 69 = {{:Definition:Parametric insurance}} |
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| 70 = {{:Definition:Embedded insurance}} |
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| 71 = {{:Definition:Takaful}} |
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| 72 = {{:Definition:Bancassurance}} |
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| 73 = {{:Definition:Microinsurance}} |
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| 74 = {{:Definition:Captive insurance company}} |
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| 75 = {{:Definition:Cell captive}} |
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| 76 = {{:Definition:Protected cell company (PCC)}} |
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| 77 = {{:Definition:Reciprocal insurance exchange}} |
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| 78 = {{:Definition:Risk retention group (RRG)}} |
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| 79 = {{:Definition:Lloyd's syndicate}} |
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| 80 = {{:Definition:Reinsurance to close (RITC)}} |
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| 81 = {{:Definition:Equitas}} |
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| 82 = {{:Definition:Funds at Lloyd's (FAL)}} |
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| 83 = {{:Definition:Syndicate-in-a-box (SIAB)}} |
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| 84 = {{:Definition:Part VII transfer}} |
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| 85 = {{:Definition:Solvent scheme of arrangement}} |
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| 86 = {{:Definition:Run-off (insurance)}} |
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| 87 = {{:Definition:Demutualization}} |
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| 88 = {{:Definition:Depopulation program}} |
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| 89 = {{:Definition:Probable maximum loss (PML)}} |
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| 90 = {{:Definition:Exceedance probability curve (EP curve)}} |
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| 91 = {{:Definition:Realistic disaster scenario (RDS)}} |
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| 92 = {{:Definition:Monte Carlo simulation}} |
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| 93 = {{:Definition:Copula}} |
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| 94 = {{:Definition:Bühlmann model}} |
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| 95 = {{:Definition:Cape Cod method}} |
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| 96 = {{:Definition:Extra-contractual obligation (ECO)}} |
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| 97 = {{:Definition:Loss in excess of policy limits (XPL)}} |
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| 98 = {{:Definition:Doctrine of reasonable expectations}} |
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| 99 = {{:Definition:Longevity swap}} |
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Latest revision as of 22:46, 12 March 2026
Did you know?
⚓ General average is a centuries-old principle of marine insurance and maritime law under which all parties to a sea voyage — the shipowner, cargo owners, and sometimes the charterer — share proportionally in the financial sacrifice made to save the vessel, its cargo, or crew from a common peril. When a ship's master jettisons cargo, incurs extraordinary expenses at a port of refuge, or takes other deliberate measures to preserve the venture, a general average is declared, triggering a formal loss-sharing process that predates modern insurance by millennia.
📋 Once declared, an average adjuster — a specialized professional — calculates each party's contributing value and allocates the sacrifice accordingly. Cargo owners cannot reclaim their goods at the destination port until they post a general average guarantee or cash deposit as security for their share. An insurer that has written cargo insurance covering general average will typically issue the guarantee on behalf of its policyholder and later reimburse the assessed contribution, provided the policy's terms are met. The adjustment process can take years on complex casualties, with costs running into hundreds of millions of dollars — as demonstrated by high-profile incidents involving container mega-ships.
🌍 Despite its ancient origins, general average remains highly relevant to modern hull and cargo underwriters. Large container-ship fires and groundings have produced some of the most expensive general average declarations in history, testing insurers' reserves and straining relationships between carriers and cargo interests. Critics argue the doctrine is outdated and disproportionately burdens cargo owners, yet it continues to be codified in the York-Antwerp Rules and enforced worldwide. For marine insurers, the ability to model and price general average exposure — including the risk of escalating salvage and towage costs — is an essential part of underwriting ocean-going risks.
Related concepts: