Uberrima fides

Also uberrimae fidae. See Utmost good faith.

Ullage

The natural loss of liquid when transported, quantified in marine insurance so that only the excess becomes payable as a claim for leakage.

Umbrella cover

A difference in limits or difference in conditions policy for liability insurance arrangements. See also master policy.

Underinsurance

The situation that arises when an insurance on tangible property is effected for a sum insured that represents less than the full value of the property. See Average, Average Condition, First loss insurance, Reinstatement memorandum.

Underwriter

(a) An insurer.

(b) An individual who decides whether to accept an insurance proposal and, if so, on what terms. See also Lloyd's underwriter.

Uninsured loss recovery services

Services provided by intermediaries, agents and specialist accident management companies to recover losses incurred by an insured that are not recoverable under their own policy, frequently found in motor insurance accident situations. See also Credit hire.

Uninsured working expenses

See Specified working expenses.

Unliquidated damages

Amounts of damages that are assessed by the courts rather than pre-determined sums (liquidated damages) defined in a contract.

Utmost good faith

The duty of positive disclosure that the parties have when negotiating an insurance contract. For the proposer it is a duty voluntarily to disclose all facts material to the risk (whether requested or not).