Individual Savings Accounts provide tax-free saving. Individuals can invest a total of £7,000 per year. From this figure, £1000 may go into life insurance, £3000 into cash deposits and £3000 into stocks and shares in a maxi-ISA. The other maxi-ISA combines cash and/or life insurance with stocks and shares as long as the entire package is provided by one company. Mini Cash ISAs and Mini Stocks and Shares each have a limit of £3,000. Mini Insurance ISA’s have a £1,000 limit.

Covers the risk of loss to a reversioner (the owner of property which will revert to him on the determination of a particular estate, e.g. death of a life tenant) caused by the birth of a child to the life tenant. The policy is on an indemnity basis.

a term used in accounting for excess of loss (reinsurance) treaties whereby all claims under policies issued or renewed in the treaty year are covered, no matter in what year they may occur; the reinsurer is at risk until all policies covered by the treaty for that year have expired and all losses have been settled.

Risk of financial loss if the issuer of a security (bank or corporation) defaults on repayments or interest and/or capital repayment.

Annual publication containing information of value to underwriters. It contains photographs, descriptions and performance details of the majority of civil and military aircraft and engines in current production and/or under development.

Clause that may be added to a hull policy in circumstances where hull particular average claims are likely to be frequent. The policy is made ‘free of particular average’ if the partial loss does not equal or exceed 3 per cent of the insured value. The insured warrants that he will remain uninsured for the 3 per cent.
***
A clause applying an excess to a marine insurance policy.

A clause appearing in a contract of affreightment when disputes may be subject to US law. The clause obligates the owners of cargo to contribute to general average in cases of danger, damage or disaster resulting from faults or errors in navigation or in the management of a vessel or its machinery, provided that the owner shall have exercised due diligence to make the vessel in all respects seaworthy, and to have it properly manned, equipped and supplied. The clause avoids the consequences of a US court decision which held that a shipowner could not recover cargo’s proportion of general average arising out of a negligent navigation or error in management.

An insurance in the joint names of Employer and Contractor for the benefit of the Employer. It secures ‘non-negligent’ liability cover and damage to any property other than the contract works and site materials caused by collapse, subsidence, heave, vibration, weakening or removal of support or lowering of the ground water arising out of the works. The insurance is usually required when work involves existing buildings or is close to them. See JOINT CONTRACTS TRIBUNAL.

Cargo or goods that sink when jettisoned. Term also applies to such goods when washed ashore.