Clause referring to particular average used in the discarded SG form. The object was to free underwriters from liability for particular average in respect of certain classes of goods that were particularly susceptible to damage by insured perils. In respect of other goods and the ship and the freight, it applied a franchise (a percentage of damage) which had to be reached before a particular average claim was payable by the insurer.

Extends strict liability for oil pollution damage to all ships carrying persistent oil whether as fuel or cargo. In the event of discharge or release the shipowner is strictly liable for: damage outside the ship by contamination; the cost of preventative measures; and damage caused by the preventative measures. The right of shipowners to limit their liability is not affected. The Act recommends liability insurance but, unlike CLC, does not make it compulsory.

A consolidating Act dealing with, inter alia, liability for oil pollution, compulsory insurance, the International Oil Pollution Compensation Fund and the liability of shipowners and others. The Act embodies the 1976 Convention on the Limitation of Liability for Maritime Claims. It also enables the government to act when a shipping casualty threatens large scale oil pollution in UK waters. Government-caused damage to vessels is covered under the International Hull Clauses.

Section 16 adds to s.192 of the Merchant Shipping Act 1995 a provision enabling the Secretary of State to regulate compulsory third party liability insurance for all British merchant ships and foreign ships visiting British ports.

Malignant industrial disease caused by asbestos exposure. Tumours erupt from the mesothelial cells in the linings of the lungs. It is a terminal condition and life expectancy, once the condition has been diagnosed, averages 12 to 18 months. The long-tail from exposure to diagnosis is between 20 and 50 years.

Extension applying the insured’s fire policy cover on plant and machinery to the premises of any machine maker, engineer, founder, metal worker, customer, agent or subcontractor and whilst in transit by road, rail or inland waterway in Great Britain and Ireland. The extension does not apply to premises occupied by the insured and has a maximum liability under the extension and a maximum any one location.

Any class of business that has a ‘run off’ of more than three years but less than ten years. See LONG-TAIL BUSINESS.

This includes ‘not only the acts of foreign enemies engaged in warfare within the realm or of subjects of the Crown engaged in internal warfare, but also the acts done by forces of the Crown in repelling the enemy or suppressing a rebellion. There must be something in the nature of warfare, something more in the nature of war or civil war than of riot or civil commotion. The risk is excluded in standard property insurance on the grounds that governmental authorities are responsible for law and order.

Minimum benefit set in a pension scheme. It means that a member, whose actual pension falls below the minimum, will receive the minimum amount.

Contributions payable to an appropriate personal pension scheme or to a FSAVC scheme by the DWP in respect of a member who has contracted out. The contributions are the flat rate rebate plus the age-related rebate of national insurance contributions and basic rate tax relief on the employer’s share of the rebate where paid into a personal pension plan. The term also describes any minimum amount that a member must contribute in order to be a member of an occupational or personal pension scheme, or in order to make additional voluntary contributions.