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Footsie

Popular name for the FT-SE 100 Share Index, the UK’s main benchmark index. It measures the daily share price performance of Britain’s top 100 limited companies ranked by their size.

Force Majeure

In French, this term means “superior force” and is an unexpected and uncontrollable event so severe it can release a party to a contract from his or her obligation. For example, suppose Fun Time Meeting Planners has negotiated a national convention in New Orleans. The contract calls for Fun Time to pay a $100,000 penalty to the New Orleans Tourist and Visitors Bureau if the convention cancels. Thirty days prior to the convention, a major hurricane hits New Orleans and the city is virtually uninhabitable for six months. This is a “force majeure” and releases Fun Time from its obligation to pay the penalty.
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UK: Literally means ‘greater force’; a clause designed to protect the insured against his failure to perform contractual obligations when caused by certain events beyond his control, such as a natural disaster or war.
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This term is not a French version of “Vis Major.” It is a term of wider import. Strike, breakdown of machinery though not included in “Vis Major” are included in “force majeure.” By the use of the term “force majeure” the intention is to save the performing party from the consequences of anything over which he has no control.

Force majeure –

From the French, literally translates as superior force. It applies to things that cannot be controlled such as war, extreme weather, labor stoppages, and other things that are uncontrollable and make it difficult or impossible to carry out normal business. Force majeure clauses are often used in contracts to absolve the company from liability in the event it cannot fulfill the terms of the contract for reasons beyond its control. For example, a contractor may not be able to complete renovations on a building because of shutdowns due to a global pandemic. In simple terms, a force majeure is basically an unforeseen event that prevents a party to a contract from fulfilling his part of the bargain. So if a builder said he’s going to build a house but there is a nail shortage so the builder can’t get his hands on nails so he can’t build the house, that’s force majeure.

Force majeure insurance

Contingency cover, issued in the engineering department, in respect of a project owner’s debt obligations to banks in the event of late completion or abandonment of a project due to ‘force majeure’. It also applies to a contractor’s ‘out-of-pocket’ expenses when an overseas project is abandoned.

Forced sale of cargo

Sale of cargo to obtain funds needed to prosecute the voyage for the common good. Any loss is admitted as a general average sacrifice. However, this only applies when cargo can be forwarded in no other way and is preferable to remaining on board until the voyage can be completed.

Forcible and violent entry

Theft insurance wording to distinguish theft involving an ‘attack’ on the premises from theft without such an attack. The insurer generally covers theft following upon forcible and violent entry or followed by forcible or violent exit’. The words eliminate shoplifting or entry via an open door. The word ‘violence’ is used in its ordinary sense, meaning that an entry, where force might otherwise have been minimal, should be by a physical act characterised as violent. See FULL THEFT COVER.