Active Underwriter
The person with principal authority to accept Risks on behalf of the Members of the Syndicate. Rob Childs is the Active Underwriter at Hiscox.
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Agent
There are three types of Agent. Managing Agents, for example Hiscox, are responsible for all aspects of running Lloyd's Syndicates. Member's Agents advise individual Members of Lloyd's on their underwriting commitments and provide a link between them and their Syndicates. Licensed Lloyd's advisers perform a similar function on behalf of Corporate Members. Lloyd's Agents, the 'eyes and ears' of Lloyd's, provide worldwide shipping information and assist Underwriters in the settlement of Claims.
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All Risks
Wider cover than given under a normal property insurance policy. Covers any loss or damage apart from exclusions stated in the policy. Hiscox 606 is an ‘all risks’ policy.
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Annual Venture
The system used for running a Lloyd’s syndicate under which each “year of account” is treated separately. Members own capacity on a syndicate for a “year of account” and the results are declared when the year is closed by the RITC mechanism, usually after 3 years.
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Any One Claim (AOC) limits
The limit of cover you buy is available for each claim you make and unlimited during the policy period. Therefore should you be unfortunate enough to suffer from a number of different claims, you will always be covered up to your full indemnity limit.
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