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Business use

One of three classes of use (class 2) often used by motor insurers in fixing car insurance premiums. The policy covers social, domestic and pleasure use and business use. It excludes commercial travelling and carrying passengers for hire or reward but car sharing is allowed as long as ‘lifts’ where money changes hands are not part of a business arrangement. This limited business class is more costly than Class 1, where the business use element is limited to the policyholder in person, but lower than Class 3 which includes commercial travelling as defined in the policy.

Businessman’s All Risks Insurance Policy

A personal package policy designed for executives and/or businessman. Policy covers (I) Laptop/portable computer due to any unforeseen loss or damage due to any cause whilst anywhere in the world, subject to an excess. (II) Cellular Phone: Loss and/or damage including theft, burglary, malicious or accidental damage (III) Loss of Cash: Loss of cash due to accident or misfortune when the insured is on official duty or on outstation tour subject to a maximum per event limit (IV) Baggage Insurance: Loss or damage to baggage due to accident or misfortune whilst on journey anywhere in the world (V) All Risks for Jewellery and Valuables (VI) Personal Accident (VII) Health Insurance (VIII) Personal Liability.

Businessowners policy (BOP)

A package policy that provides both property and liability coverage for eligible small businesses. BOPs are written on special coverage forms that are generally very similar to their monoline property and liability form counterparts, but they typically have some unique features that make them especially advantageous for businesses that qualify. Both the American Association of Insurance Services (AAIS) and the Insurance Services Office, Inc. (ISO), offer BOP programs for use by their member insurers. Also, many insurers have their own BOP programs.
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A package of property and liability insurance for small and medium size businesses, the BOP owes its origin to the success of the homeowners policy.

But for test

A test to help determine whether the claimant’s injury was in fact caused by the defendant’s negligence. It assists the court in rejecting those factors that could not have had any causal effect and should therefore be regarded as being too remote. ‘If the damage would not have happened but for a particular fault then that fault is the cause of the damage; if it would have happened just the same, fault or no fault, the fault is not the cause of the damage’ (per Denning L.J. in Cork v. Kirby Maclean Ltd (CA, 1952). The test does not work when there are two concurrent causes each of which is sufficient to cause the damage. The test would eliminate both causes and that cannot be correct, as both could have produced the result.

Buy and Sell Agreement

An agreement made between the owner of a business and a potential purchaser of that business. The agreement is made while the owner of the business is alive. In the event the owner becomes totally or permanently disabled and/or dies, the agreement goes into effect. This allows the owner to protect himself or herself against the risk of loss due to the inability to sell the firm for its full value.

Buy back

1. A payment to reinstate a contracted out person into the state second pension. 2. Reinstatement of life insurance cover after payment of a critical illness claim that would terminate the policy unless the death risk is bought back. 3. The payment of additional premium to secure cover in respect of a risk (e.g. motor cycling under a personal accident policy) specifically excluded from the cover.
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In the context of general insurance this refers to the purchase of cover in respect of an otherwise excluded peril by means of the payment of additional premium.

Buy Back Deductible

A deductible which may be eliminated for an additional premium in order to provide full coverage.
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Deductible under which the insured has the option, by paying an extra premium any time during the Policy period, to reduce the amount of a per-loss deductible applicable to any future insured losses.

Buy out (Section 32 policy)

The policy bought by pension scheme trustees to transfer an individual’s accrued benefits to a standalone insurance policy. Unlike a personal pension plan, the policy guarantees that if a transfer payment includes an element relating to contracting out of the state second pension, then a guaranteed minimum pension will be provided at retirement age. Also, unlike a personal pension plan, benefits in retirement from an s.32 policy are subject to maxima based on the limits laid down in the occupational pension scheme from which the entitlement was transferred.