Pension under a money purchase arrangement arising from being contracted out scheme. The benefits are derived from the minimum equivalent payments that would otherwise have been paid to the state second pension but for the contracting out.

Pension purchased with the money from protected rights.

A risk which, as a result of the insurer’s advice or insistence, is protected by loss prevention measures as in fire insurance (e.g. sprinkler leakage system installed) or theft insurance (e.g. intruder alarm installed).
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A property risk which is within the geographical area protected by a fire department.

Mutual associations protecting shipowners in respect of risks not covered in the marine insurance market. The shipowner enters his vessel on a tonnage basis that determines his levy or call at the beginning of the financial year. If claims are heavy a further levy may be demanded. The most important P & I classes are: 1. Protection. Covers shipowner in respect of liability for loss of life or personal injury, damage to immobile objects, onequarter Running Down Clause, oil pollution and life salvage. 2. Indemnity. The basis is ‘pay to be paid’ and means reimbursing shipowners who have indemnified cargo owners for damage caused by negligence of the crew. There are two other classes: war risks and freight war risks. P & I Clubs accommodate 90 per cent of the world’s merchant tonnage. See BAIL CLAUSE.