Glossary

Glossary of insurance related terms used by Lloyd's and market participants. The following definitions are intended for general guidance. They do not override or qualify any definition that appears in any Lloyd’s byelaw or regulation, in any contract or in any other document.

An asterisk indicates that there is a legal definition of the relevant term in the Lloyd’s Definitions Byelaw. It should be noted that other byelaws may have legal definitions of terms that do not appear in the Definitions Byelaw. Copies of Lloyd’s byelaws may be found here. 

Hard market

When the availability of some or all classes of insurance or reinsurances is limited relative to demand for such insurance or reinsurance resulting in increased premiums and coverage restrictions.

Hazard

Something that causes an exposure to injury, loss or damage.

Hazardous pursuits

Certain sports and activities are termed hazardous pursuits and are excluded from travel insurances although it may be possible to have them included on payment of an additional premium.

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