Government Actuary’s Department. Note the functions of GAD examining periodical returns previously performed for the DTI are now performed by actuaries within the FSA.

Policies that contravene the Marine Insurance (Gambling Policies) Act 1909. It is not legal to enter into a marine insurance without a bona fide interest, or possibility thereof, in the subject matter insured. It is also an offence for a shipowner’s employee, not being a part-owner, to effect a policy on PPI terms. The Act prevents gambling in marine insurance.

Specialised cover for printers and vendors of instant ticket sales and online lottery services. The policy covers: (a) contractual obligations with first party principals; (b) increased cost of failing to conform to these contracts, e.g. print re-runs; (c) printer’s liability following machinery or computer breakdown, etc., not covered under an errors and omissions policy or professional indemnity policy.

Makes all wagering or gaming contracts null and void. An insurance on goods without insurable interest is a wager and therefore unenforceable.

A trigger under a contingent capital arrangement based on trading conditions as benchmarked by changes in the growth rate of the gross domestic product in a defined trading area, e.g. Europe. The insured corporation calls in capital from an insurer when the trigger event occurs, e.g. decline in growth rates of GDP, as it will signify poor economic conditions that hit sales.

annuity business other than pension annuity business or overseas life assurance business. Not a separate tax category since 1991.

Loss through voluntary sacrifice of any part of the ship or cargo, or an expenditure to safeguard the ship and remaining cargo from imminent threat. General average losses include jettison, discharging cargo to refloat a ship, etc. A general average expense may occur when a ship is towed to port. An average adjuster works out the value of each ‘saved interest’ who then make general average contributions, proportionately, to the expenditure and the ‘sacrificed losses. Insurance applies to general average if incurred to avoid an insured peril. See GENERAL AVERAGE ADJUSTMENT; GENERAL AVERAGE AGREEMENT; GENERAL AVERAGE BOND; GENERAL AVERAGE EXPENDITURE; GENERAL AVERAGE FUND.

Adjustment of a general average loss usually carried out by an average adjuster appointed by the shipowner. A statement of losses, values and proportionate contributions is prepared. The cost of the adjustment is part of the general average.
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A statement of losses, values and proportionate contributions prepared by an average adjuster nominated by the ship owner for the purpose of adjusting a general average loss.

Same as GENERAL AVERAGE BOND.
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When a general average occurs the carrier has a lien on the cargo to secure the consignee’s contribution. To remove this the consignee must deposit money or provide an insurer’s guarantee. Collaterally the consignee must execute a general average agreement (or average bond) undertaking to abide by the decision of the average adjuster and to accept liability for the general average contribution.