An offer that a Lloyd’s member or group of members holding 75 per cent of a syndicate’s capacity must make to acquire the syndicate’s residual capacity. In practice it means that corporate members aligned to a syndicate are obliged to make an offer to buy out the unaligned members who are not obliged to accept. See MAJOR SYNDICATE TRANSACTION.

MHR apply to virtually every form of employment. Employers should avoid manual handling whenever reasonably practicable’ otherwise they must make a risk assessment based on the task, the load, the environment and the person. The employer’s duty is to make the task safe while the employee should use the systems of work for handling operations. A breach by the employer amounts to a criminal offence and may provide the basis for an injured employee to claim damages.

Policy form used in the London market to which the standard Institute Clauses must be attached. The form sets out the agreement to insure in simple terms leaving cover to be defined by the standard clauses.

(War Risks) Act 1952 Empowers the UK government to reinsure British ships and aircraft against war risks and, when in the UK, cargo, foreign ships and aircraft. In the absence of an alternative, the government can also provide primary war risk insurance if the UK is at war. This is important as war risks cover in the commercial markets is subject to cancellation at short notice at time of war or terrorism. The government used its powers during the Gulf war and again following ‘September 11’. It formed a company, Troika, to provide war and terrorism cover for airlines and service providers pending the return of commercial reinsurers to the war risks market.

Public liability exclusion of risks insurable in the marine and aviation markets. The exclusion is of liability arising out of the ownership, possession or use by by the insured of aircraft, hovercraft or watercraft other than barges, motor launches and non-powered craft used on inland waterways. The ownership or use of small craft is not excluded. Also the insurer modifies the exclusion so that any contingent or vicarious liability associated with craft not owned or operated by the insured is covered.

Evidence that an individual consignment is insured. Banks will only discount the bills of exchange on production of this certificate.

A fire insurance clause excluding property which is insured or would but for the existence of the fire policy be insured by a marine policy except for any excess beyond the amount which would be paid by a marine policy.

Cargo policy clause extending the warehouse to warehouse clause. It provides continuous cover during any deviation, delay, reshipment, trans-shipment or other interruption in the course of transit beyond the control of the insured. The policy is extended during the delay but does not add delay as an insured peril.