Marine insurer’s clause agreeing to return a certain part of their premium in return for a subsequent improvement in the character of the risk or in respect of a reduction in their potential liability under the policy. For example, cargo may be carried by a safer route than the one initially contemplated.

Aviation insurers pay total losses on aircraft on an agreed value basis rather than on the basis of the replacement value of the aircraft taking account of its age and condition. The agreed value is also used as the basis of settling partial loss claims. Insurers normally allow an agreed value of 10 per cent more or less than the market value when arranging the cover.

These vehicles, including trailers when attached, are separately rated and insured by motor insurers depending on the nature of the machine and its value.

Stocks held by farmers. As values fluctuate the item is made subject to the special condition of average.

Part of the Department of Transport, Environment and the Regions, AAIB is responsible for the investigation of civil air accidents and serious incidents within the UK. AAIB’s home page provides accident report procedures and the text of the Civil Aviation (Investigation of Air Accidents and Incidents) Regulations 1996 plus report bulletins. www.aaib.dft.gov.uk.

Travel as a fare-paying passenger with recognised airlines is not excluded under personal accident policies. Private flying is excluded, but cover can be specially arranged.

The contract of carriage between a shipper and an air carrier. It serves the same purpose as a bill of lading on a vessel but is not a negotiable instrument.

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A bill of landing that covers both international and domestic lights transporting goods to a specified destination. This is a non-negotiable documents of air transport that serves as a receipt for the shipper, indicating that the carrier has accepted the goods listed and obligates itself to carry the consignment to the airport of destination according to specified conditions.

Public liability policy exclusion ensuring that aviation and marine risks are not covered unwittingly. The exclusion is overridden in respect of any liability attaching to the insured arising out of business entertainment on or in craft belonging to others, or in handpropelled boats. Work by the insured in or on aircraft or vessels (e.g. cleaning) should not normally be excluded.

Specified in paragraph 5 of Part I of Schedule 1 to the Regulated Activities Order (Contracts of general insurance) as the insurance upon aircraft or upon the machinery, tackle, furniture or equipment of aircraft.

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Coverage for the insured in the event that the insured’s negligent acts and/or omissions result in losses in connection with the use, ownership, or maintenance of aircraft.