The ECGD provides political risks cover against expropriation, war and restrictions on remittances. Breach of contract cover is also considered case by case. Cover protects investors in terms of equity in, or loans to, foreign enterprises. Bank portfolio loans cover is also available to banks in support of bank lending to overseas projects where there is no UK sponsor or UK export. The initial duration of ECGD cover is 15 years.

A public liability policy extension indemnifying any director or employee (including family members) of the insured during temporary visits anywhere in the world on the insured’s business. The extension applies to ‘off duty’ activities outside the scope of the main indemnity clause.

When overtime is worked to merely expedite the repairs so that the owner may more speedily employ the ship, the excess cost is not recoverable from the insurer. However, where liners with advertised sailing dates are involved the insurer admits the overtime expenditure. ‘Liners’ means passenger and cargo vessels.

Occurs where the volume of business written on behalf of a Lloyd’s member exceeds allocated premium limit. In response Lloyd’s demands additional security to back the additional risks underwritten. The increase may be the result of poor administration, a fall in exchange rates or coverholders writing larger volumes of business than expected under binding authorities.

Suppliers who put their own name on the product and give the impression that they are producers. Such suppliers are producers’ for the purpose of the Consumer Protection Act 1987 and may be strictly liable for the damage as defined by the Act.

A term used to describe loss or damage to the insured’s own vehicle under a motor insurance policy. An ‘own damage’ excess may apply under the ‘loss or damage’ section of the policy.
***
In Motor insurance, damage to the insured’s own vehicle.

Excludes liability under liability insurance for ‘damage to property owned or occupied by or in the care, custody or control of the insured or any servant. . .”‘Owned property’, though excluded, is not in any event within the operative clause of a legal liability policy. Such property is normally insured under first party insurance. There is legal liability for property not belonging to the insured that is in his custody of control. See CUSTODY AND CONTROL EXCLUSION.

Protection and Indemnity Clubs; mutual insurance associations carrying on MAT business whose membership is composed of UK and foreign ship owners.

A select mortality table based on data in respect of pensioners that is used in pensions work. The minimum funding requirement mortality basis is PA (90) rated down two years, but experts suggest that it should be rated down by 12 years to reflect improvements in mortality.

FSA term that distinguishes policies made up of risk and investment elements (e.g. life policy, unit trust) from ‘pure’ investment business (e.g. gilts). Product providers dealing with private customers must highlight particular product features in a way that helps the customer make comparisons between different products.