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Frozen Products Food/Meat Clauses

01.01.0986 (Institute of London Underwriters) : This insurance covers all risks of loss of or damage to the subject matter insured other than loss or damage resulting from any variation in temperature howsoever caused. Loss of or damage to the subject matter insured resulting from any variation in temperature is covered if attributable to (i) breakdown of refrigerating machinery resulting in its stoppage for a period of not less than 25 consecutive hours (ii) fire or explosion (iii) vessel or craft being standard grounded sunk or capsized (iv) overturning or derailment of land conveyance (v) collision or contract of vessel craft or conveyance with any external object other than water (vi) discharge of cargo at a port of distress. Since it covers temperature variation losses arising out of machinery breakdown of refrigerated machinery, inherent vide exclusion is not applicable for such losses. Rest of the exclusions are same as ICC-B. The risk attaches from the time the cargo pass into the cooling and/or freezing chamber of the works at the place named herein. Also the time limit till which the insurance will remain in force after getting discharged from the overseas vessel has been altered from 60 days under ICC to 30 days for cargo moving to US and Europe and 15 days for other geographies. Also, there is an adjustment provision which allows the assured to get indemnity where the cargo or a part of cargo does not get boarded on the vessel due any peril.

Frustration

The premature determination of a contract owing to the occurrence of an intervening event or a fundamental change in circumstances not contemplated by the parties at the outset.

Frustration clause

Marine war risks cargo insurance clause stating that there is no loss because of the termination (or frustration) of the transit due to an outbreak of hostilities. The property is not irretrievably lost but is prevented from reaching its destination. There must be actual physical loss/damage to the cargo to constitute an insured loss.
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A marine Policy clause which excludes claims based on frustration of the adventure by the operation of war perils.

FSA

Abbreviation that means flexible spending account. See dependent-care spending account .
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UK: See: Financial Services Authority.

FSA Handbook of Rules and Guidance

Presents and gives guidance on rules made under FSMA. Each of five blocks contains sections dealing with all aspects of financial services authorisation, compliance and enforcement, market structure, operation and oversight by the FSA. Block 1 sets out High Level Standards, applicable to firms and approved persons. Block 2 covers Business Standards applicable to firms. Block 3 covers Regulatory Processes, i.e. authorisation; supervision; enforcement; and decision-making. Block 4 deals with redress, i.e. particularly, compensation for investors, depositors and policyholders. Block 5 covers Specialist Sourcebooks, containing specialist information on areas such as: insurance; collective investment schemes; recognised exchange and clearing houses.

FSA Returns

Regulatory returns sent annually to the FSA and prepared for each regulated operating insurance company. FSA returns comprise detailed financial information on solvency, investments, business mix, claims and premiums, etc., and are publicly available. The FSA returns are prepared differently from the reports and accounts filed with Companies House.

FSAP

The Financial Sector Assessment Program of the International Monetary Fund is a comprehensive assessment of a country’s financial sector. This includes a financial stability assessment and, in developing and emerging markets, a financial development assessment. In jurisdictions with financial sectors deemed by the IMF to be systemically important, financial stability assessments under the FSAP are a mandatory part of surveillance under the IMF’s Articles of Agreement, and are supposed to take place every five years; for all other jurisdictions, participation in the program is voluntary. In developing and emerging market countries, FSAPs are conducted jointly with the World Bank.

FSB

The Financial Stability Board was established by the G-20 countries to coordinate the work of national financial authorities and international standard setting bodies at the international level and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies in the interest of financial stability.