Covers loss of customers’ money carried in armoured cars and physical loss or damage to customers’ property whilst on insured premises, in transit, on a pavement or at an automatic telling machine. Underwriting and rating takes account of: premises to be insured; company’s history; five-year loss history; number of armoured vehicles; physical security measures applied to vehicles and premises; annual revenue figures; estimated value of cash to be carried during year.

Marine term describing a settlement agreed between the insurer and the insured where the cost of carrying out repairs is uneconomical nothwithstanding that the cost is less than the full insured value. When appropriate the principle is also adopted in other forms of property insurance.

A regulated activity order which means making arrangements for another person (as principal or agent) to buy, sell, subscribe for or underwrite a particular investment which is: a designated investment, funeral plan contract, underwriting capacity of a Lloyd’s syndicate, a pure protection contract, general insurance contract or rights to or interests in particular investment categories.

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.