Marine insurance clause that entitles both the insurer and the insured to take measures to rent or reduce loss without prejudice to their respective rights. They do not by their actions take up a fixed position on abandonment or a constructive total loss.

Health/life policy option whereby the insurer waives premiums when the insured is incapacitated through sickness or disability. Similar provisions are available in personal pension schemes when the provider agrees to credit ongoing premiums for the benefit of the scheme member.
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A provision that under certain conditions the Insurance Policy will be kept in full force by the Insurance Company without the payment of premium. It is used quite often as a total and permanent disability benefit and may be available in certain other cases.
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A provision included in some policies which exempts the insured person from paying premiums under loss-of-income policies while the insured is collecting loss-of-income benefits or during a period of total disability, and under some hospital and surgical expense policies while the insured (or spouse) is totally disabled.

‘Armed conflict of states in which each seeks to impose its will upon the other by force. It is not a blind struggle between mobs of individuals without guidance or coherence, but a conflict of organised masses moving with a view to cooperation, acting under the impulse of a single will and directed against a definite objective.’ (F.H. Jones).

Non-marine insurance companies and Lloyd’s underwriters agreed not to cover the consequences of war risks on land. Consequently the government provides cover in times of war. A standard exclusion of war (and civil war) appears in non-marine policies other than life. War risks cover is available in the marine and aviation markets. See WAR RISKS INSURANCE; WATERBORNE AGREEMENT.
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An agreement between Lloyd’s underwriters and non-marine insurance companies that they will not cover certain war and civil war risks on land.

Cover on ships or cargo against war risks, derelict mines, torpedoes, bombs etc.. Cover is under the Institute War Clauses (Cargo) and the Institute War and Strikes Clauses (Hulls-Time). Cargo is covered under a voyage policy only while on board the oversea vessel except for restricted cover while in craft. War risks and strikes cover for hulls is on a time policy but cover terminates automatically if there is war between the major powers, or the vessel is requisitioned, otherwise it can be terminated at seven days’ notice. Open covers and floating policies are also subject to seven days’ cancellation. The waterborne agreement brings marine insurance into line with non-marine insurance (i.e. excludes war risks on land-based property). See WAR AND CIVIL WAR EXCLUSION AGREEMENT; WAR RISKS.

War, hijacking and similar risks are underwritten in a specialist market and in the marine and aviation market. Cover for war risk liabilities is underwritten in the aviation market only.

Fundamental risks connected with political and related matters capable of causing widespread damage. War risks are excluded from material damage policies covering property on land and more usually covered under central government schemes. War perils include: war, civil war (q.v), rebellion, insurrection, usurped power, military or usurped power, civil commotion, martial law. See WAR AND CIVIL RISKS EXCLUSION ON AGREEMENT.

Clause within the Duration Clause of the Institute Cargo Clause providing that cover attaches when the cargo leaves the warehouse at the starting place and ends at final port on the basis of the soonest of delivery: (a) at final warehouse at named destination; (b) at any other warehouse elected by insured at, or prior, to destination; or (c) 60 days after discharge overside at final destination.
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Marine cargo clause which provides coverage from the originating warehouse to the terminating warehouse with certain limitations and also subject to the law of insurable interest.

Disciplinary notice detailing the FSA’s proposed course of action in regard to alleged unsatisfactory conduct by an authorised person. The recipient can respond by stating why no action should be taken against him. If unconvinced the FSA can proceed to a decision notice. See PRIVATE WARNINGS.

Marine insurance term applied when the policy does not cover partial loss other than a general average loss. Since the introduction of the Institute Cargo Clauses (1/1/82), the words ‘particular average’ no longer appear in policies but the term lives on in marine insurance circles where its meaning is well known.