Conditions in a compulsory insurance policy (motor and employers’ liability) that are prohibited for the purpose of the legislation (e.g. ‘things to be done after the event’ such as reporting the incident and not admitting liability).

1. Prohibits the continuation of work until specified improvements have been carried out. Notices are issued by HSE inspectors. Contravention of the order risks prosecution for the employer and/or company officers responsible. 2. An order by Opra banning an individual from being a trustee of one particular occupational pension scheme.

A technique whereby a major project is insured by the ECGD with reference to the viability of the project and its cashflow rather than by reference to the general financial strength or creditworthiness of the buyer or borrower. The foreseen earnings provide the essential security for the lender and the insurer.

A policy used with large construction projects. The principal effects a policy on the project as a whole to avoid the multiplicity of policies that occurs when each party arranges his own insurance. The policy applies to the more conventional material damage and liability policies (except employers’ liability and motor risks which are governed by legislation), but does not usually include professional indemnity risks.

Required by the Pension Scheme Surpluses (Valuation) Regulations 1987 and relates only to the calculation of the actuarial liability. The actuarial liability is based on service up to the valuation date and allows for projected earnings. Actuarial assumptions and methodology are prescribed in the regulations. Except in certain prescribed circumstances the longest period for eliminating any statutory surplus is five years.