It is implied in all aviation policies that aircraft are maintained to specified standards following procedures laid down by the aircraft manufacturers in conjunction with the relevant civil aviation authority. The airline must keep maintenance records. Aircraft and engine manufacturers also specify the parameters for an aircraft’s operation. If an airline breaches any of these requirements the policy may be invalidated.

ALARM assists, advises and represents public sector organisations in the development of risk management strategies. In collaboration with the Association of Insurance and Risk Managers and the Institute of Risk Management ALARM has developed a new Risk Management Standard.

Policy may warrant that an approved alarm system be kept in operation. In De Maurier (Jewels) Ltd v. Bastion Insurance Co. Ltd and Coronet Insurance Co. Ltd (1967), a warranty in a jewellers’ ‘all risks’ insurance stated ‘alarms on road vehicles be kept in operation… Held: ‘in operation means the system must be switched on in circumstances where the user has reason to believe that switching it on makes it fully operative. It does not mean “fully operative”. If, because of an unknown fault, it fails to operate there will be no breach of warranty by the insured.

A phrase in the basic specification wording of the standard fire policy to extend cover to forms of property otherwise excluded. The term includes money and stamps, national insurance stamps, documents, manuscripts and business books, computer systems records, patterns, moulds, plans and designs, employees’ pedal cycles and personal effects. Monetary limits are usually applied to the majority of these items and cover in respect of plans, documents, etc., is limited to the cost of labour in writing them up and not their market values.

This means something possible of accomplishment regardless of cost but dependent on the state of knowledge at the time. For example, regulations under the Health and Safety at Work Act 1974 provide that all practicable steps shall be taken to ensure that no person employed shall be in the space between any moving part of a self-acting spinning mule and any fixed part of the machine towards which it is traversing. Compare with properly maintained and reasonably practicable.

An alternative name for an in and out insurance policy.

Group of perils commonly added to a standard fire policy. They are otherwise called additional perils, defined perils or special perils. They embrace dry perils (aircraft, explosion, riot, etc.), wet perils (storm, flood, burst pipes, etc;) and miscellaneous perils (impact, subsidence, etc).

The part of a Lloyd’s member’s overall premium limit that is allocated to a syndicate in the relevant year of account.

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This may refer to a member’s allocated capacity or syndicate allocated capacity.

The limit as to the premiums that may be accepted on behalf of a Lloyd’s underwriting member, i.e. Name or corporate member. It is expressed as the maximum permissible amount of a member’s premium income which can be allocated to any year of account. See OVERWRITING OF PREMIUMS.