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Main Excepted Causes

Are (i) Cessation of work which is similar to the exclusions under RSMTD Clause of Standard Fire and Special Perils Policy i.e., mere inaction by employees in furtherance to demands; (ii) Failure of utilities like water, gas and power supply (iii) Operation of the plant beyond design specification and capacity ratings. (iv) Normal wear and tear (v) Defective design (vi) Leakage of overflow of contents is not considered a direct damage. Hence, excluded. (vii) Seepage and Pollution. However, deliberate damage to insured property in order to prevent or mitigate the pollution hazard or threat resulting directly from a damage to property insured is covered. Excluded property is similar to Industrial All Risks Insurance. Add On covers available. Capital addition to the extent of 5% automatically covered. Shut down and startup costs covered. The policy also covers increase or decrease in value up to 10% without any adjustment in premium. Business interruption and marine covers follow the coverage under the respective policies.

Main term

1. When coding a diagnostic statement, identifies the condition, disease, or injury word(s) to look up in the alphabetical index of the International Classification of Diseases, Ninth Revision, Clinical Modification (ICD-9-CM) code book. 2. Alphabetical major headings printed in boldface that appear in the “Index,” which is the last section of the annually published Current Procedural Terminology code book. These main terms relate to procedures, services, organs, other anatomical sites, conditions, synonyms, eponyms, and abbreviations.

Mainstream financial activity

The FSA regulates professional firms that carry on mainstream financial activity as per the Regulated Activity Order. It includes direct advice to clients on investment and pension products, discretionary investment management and certain types of corporate finance activities such as listing and public offers. Broadly it means standalone investment advice as opposed to advice as an adjunct to the provision of professional services, e.g. legal services. Such firms must become authorised professional firms. A professional firm not conducting mainstream financial activity, whose advice is incidental to a professional activity, can become an exempt professional firm regulated by a designated professional body.

Maintenance Bond

A Bond guaranteeing against defects in workmanship or materials for a stated time after the acceptance of the completed work. Two years is a common term for a construction bond.
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Guarantees that faulty work or defective materials charged to the bond principals will be corrected or replaced. A maintenance bond may be included among the terms of a performance bond.
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UK: Performance bond under which the surety guarantees that the contractor will fulfil his obligations during the maintenance period that follows completion.

Maintenance period

The period after completion of a construction contract during which the contractor is responsible for maintenance issues and defects. During this period (commonly 12 months), the contractor should maintain his insurance as required by contract. Different levels of cover are available (visits maintenance, extended maintenance guarantee maintenance) depending on the specifics of the contract. See JOINT CONTRACTS TRIBUNAL; CONTRACT WORKS.