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A. A/ A1 A2 A3 A4 A5 A6 A7 A8 A9 Aa Ab Ac Ad Ae Af Ag Ah Ai Aj Ak Al Am An Ao Ap Aq Ar As At Au Av Aw Ax
Arb Arc Are Arg Arh Ari Arm Arr Ars Art

Arranging insurance

Defined in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 as ‘arranging for a person to enter a particular insurance contract with an insurer [and] making arrangements with a view to another person, who takes part in these arrangements, buying an unspecified insurance contract’. ‘Arranging insurance’ is distinguished from introducing insurance. The FSA decides case by case what constitutes ‘introducing? Those who arrange insurance will be regulated by the FSA in 2005. See INTRODUCER APPOINTED REPRESENTATIVES.

Arrears

Status of an insurance policy on which the monthly premiums have not been paid by a subscriber or member and are past due but which has a grace period that has not expired.

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Overdue premiums.

 

Arrests, restraints and detainments

Arrests, restraints and detainments of all kings, princes and people, of what nation, condition, or quality whatsoever’ are defined in the Rule for Construction of the Policy (No. 10) as referring to political or executive acts, and not including a loss caused by riot or by ordinary judicial process. As goods were held to be lost when they could not be forwarded to their destination because of these perils (e.g. siege of a city), insurers introduced the frustration clause, the effect of which is to relieve the insurer of liability for a claim based on ‘arrests’ etc.

Arrival, arrived (arrd.)

A note on a report or claim to indicate that the vessel has completed the voyage or partvoyage, or cargo has reached its destination after the transit covered by the policy. Sometimes the term is used colloquially to refer to the successful completion, with no loss or claim, of a non-marine cover.

Arrived Damaged Value

The value of cargo which has been damaged in transit, at the time of its arrival at the place where the adventure terminates.

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UK: The depreciated value of cargo on arrival at the place where the voyage terminates following damage in transit. A formula is used to establish the percentage depreciation.

 

 

Arrived sound value

Gross wholesale value after freight, import charges, duty, etc., to represent the value that cargo would have had if it had arrived safely at the place where the adventure ended.

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What the value of cargo would have been if it had arrived undamaged at the place where the adventure terminates.

 

 

Arson

Willful, deliberate, and malicious act of setting fire to property.

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The intentional setting a fire of property. The illegal burning of a building or other property, the crime of setting fire to something.

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UK: The criminal act of setting fire to property deliberately. The resultant damage is covered by a fire policy unless the insured is the arsonist.

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The burning of a structure with intent to commit a felony. There are many types of arson but the only type the adjuster must be concerned with as a fraud is arson for profit. Most arson fires are not profit but are rather spite, revenge – or jealousy – inspired fires.

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US: The willful and malicious burning of, or attempt to burn, any structure or other property, often with criminal or fraudulent intent.