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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.


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.

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.

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.

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.


A person appointed by the insured to assess and agree on the settlement of a claim under an insurance policy, the insurer’s appointee is called an adjuster


Same as Insured.


A policy condition that requires the amount of a claim payment to be reduced proportionately if the policyholder has not insured his property for the full amount of its value or replacement cost.

Annual Report 2016

Annual Report Download report