A transaction may depend upon a life insurance policy, share certificate or other document that is missing. An indemnity given by an insurer may enable the transaction to proceed as the insured is then covered against any loss resulting due to another person subsequently producing the document and basing a claim upon it.

Ship deemed to be missing when, after extensive enquiries, it is officially posted as ‘missing’ at Lloyd’s. It is then considered an ‘actual total loss’ and both hull and cargo claims are settled accordingly. During peacetime the cause of loss is deemed to be an insured peril but war peril during wartime.
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A ship that has been posted at Lloyd’s as ‘missing’, because, despite an enquiries, she cannot be traced. A missing ship is deemed to be an actual total loss.

Marine policy covering the subject-matter for the voyage and a period of time thereafter, such as a period in port.

Lloyd’s syndicates made up of both corporate and individual members. Generally spread vehicles write on these syndicates alongside names. See PARALLEL SYNDICATES.

Specimens produced by the OPB and/or the Inland Revenue for certain categories of pensions to facilitate approval and/or the issue of a contracting out certificate or an appropriate scheme certificate.

The process of making dirty money (money obtained illegally) legitimate through a process of placing, layering and integrating that money into the financial system.
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The act of changing the appearance of money that comes from illegitimate sources so that it appears to be legitimate money.

A defined contribution the scheme where member’s contributions (and those of the employer) are invested to build up a pension fund from which a retirement annuity and other benefits can be taken subject to IR limits. The contributions are usually a percentage of the member’s earnings.

An insurer’s definition of money includes cash, bank notes, cheques, postal orders, postage stamps, national savings certificates and holidays with pay stamps, luncheon vouchers and VAT purchase invoices. Cover is ‘all risks’ subject to specific limits depending on the circumstances of the loss, e.g. from a locked safe or a directors home. Insurers normally cover personal assault and theft by employees, primarily a fidelity guarantee risk, is covered only if discovered within 14 days.

Separately capitalised insurer that focuses wholly on one type of business, e.g. bond credit insurance. They are product speciality insurers often working on a wholesale basis.