Glossary

Net retained liability is the amount of insurance that a ceding company keeps for its own account and does not reinsure in any way (except in some instances for catastrophe or clash reinsurance).

Net risk is the per occurrence policy limit retained by an insurer after purchase of reinsurance.

The net written premium is the written premium less deductions for commissions and ceded reinsurance.

Newly acquired entities are businesses or organizations an insured purchases during the policy period.

Newsgathering torts refer to torts committed by news personnel during the course of obtaining and covering news events.

New for old is an historic provision in marine insurance contracts stipulating that when repairs are made and new parts are supplied in place of old ones that have been lost or damaged, there is an agreed discount for depreciation.

New source performance standards are uniform national Environmental Protection Agency (EPA) air emission and water effluent standards that limit the amount of pollution allowed from new sources or from modified existing sources.

Nexus signfies a causal connection or link.

No-fault or personal injury protection (PIP) is a type of auto insurance coverage mandated by statute in some jurisdictions.

No-pay, no-play laws are state laws that prohibit uninsured drivers from collecting certain types of damages from negligent insured drivers.