The liability of a tenant under contract or tort for loss or damage to the premises leased to him. The custody and control exclusion in a public liability policy is overridden in connection with property leased to the insured to give cover. The tenant’s liability section of a household contents policy indemnifies the insured in respect of liability for buildings damage when caused by insured peril.

International Hull Clause enabling the insurer to take tenders for repair after notification of a loss. The insurer can decide where repairs are carried out and veto a particular place of repair or particular ship-repairing firm. The insurer makes an allowance (30 per cent of insured value) for time lost between invitations to tender and acceptance.
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A clause in a Marine Hull Policy which provides for immediate notification of accident and gives the insurers various rights in connection with repairs, including one to take tenders for repairs.

Lloyd’s members wishing to surrender their capacity. They enter a tender bid into the capacity auction, stipulating the minimum amount (the floor limit), in multiples of 0.1p per pound of capacity they are prepared to accept. Subsequently, tender bids are matched against bids submitted by subscribers to ascertain the amount of capacity to be transferred and the price of the transaction. See CAPACITY TRANSFER MARKET.

life assurance under which benefit is payable only on death of the life assured on a predetermined date; sometimes called temporary assurance.
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A simple form of life assurance whereby in return for a premium an Insurer agrees to pay a fixed sum if the proposer should die within a stated period. No benefit is payable if the proposer survives the period. Under a decreasing term assurance, the benefit payable decreases from year to year.

Life policy that pays the sum insured only if death occurs within the policy term. If the life insured survives the term, there is no survival benefit. Decreasing term insurance and convertible term insurance are forms of term insurance.

An additional bonus added to existing life insurance benefits when a ‘with profits’ policy becomes a claim by death or survival of the policy term. See BONUSES.
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UK: the share of surplus allocated to holders of with-profits policies at the insurer’s discretion to policies maturing or otherwise terminating.

Pension arrangement, not common in the UK, except for a discretionary payment to meet the present value of a benefit when that benefit is due to commence.

The onset of a terminal illness is treated under some life policies as an insured event. It means that the sum insured is paid prior to death.

In certain circumstances, e.g. war, the shipowner is able to terminate the contract of affreightment at a place other than the original destination. Provided notice is given to the cargo insurer and any additional premium paid, the goods are held covered until sold and delivered at the place of termination or during forwarding or delivering to the policy destination to a limit of 60 days after discharge at the final port.
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A clause in a cargo policy which continues the cover the adventure is terminated short of destination in circumstances beyond the insured’s control.