UMBRELLA LIABILITY POLICY – a policy that pays for liability losses in excess of those covered in the primary liability policies (e.g., motor and public liability).

UNDERINSURANCE – When an insurance policy is effected for an amount that is less than the value at risk there is underinsurance.

UNDERWRITER – (1) A person trained in evaluating risks and determining the rates and coverages that will be used for them. (2) An agent, especially a life insurance agent, who might qualify as a "field underwriter." In theory, the agent is supposed to do some underwriting before submitting the case to the home office underwriter; i.e., to make a decision on the basis of facts known to him on whether or not the risk is sound and to report all facts known to him that might affect the risk.

UNDERWRITING – The process of evaluating a risk for the purpose of issuing insurance coverage on it.

UNDERWRITING AGENT – An agent of an insurance company who underwrites business on behalf of the company.

UNITISATION – The practice of placing several packages of cargo into a single unit or container in order to expedite and make easier the loading, stowage or discharge of such goods.

UNSTUFFING – The practice of removing goods from a cargo container. Sometimes termed ‘stripping a container’.

UTMOST GOOD FAITH - Insurance contracts are one of a limited class that requires the parties (insurer and insured) to exercise the utmost good faith in their dealings with each other. Specifically the proposer of an insurance must disclose all material facts which would influence a prudent insurer in deciding whether to accept the insurance and if so on what terms.