An industrial life policy clause that legally enables the insurer to pay the sum due under the policy to the spouse of the insured or another relative by blood or marriage. It is also known as the Da Costa clause.

Published by Lloyd’s Aviation as Lloyd’s Confidential Record of Civil Aviation. It lists owners of aircraft and gives fleet details, accident history and other information of value to underwriters and others.

A term referring to Lloyd’s Shipping Index.

Marine insurance to provide loss or damage cover, third party cover and passenger liability cover for all types of small vessels used for private purposes or carrying passengers for hire. They include yachts, sailing dinghies cabin cruisers, motorboats, houseboats. speedboats, skiffs, etc. In some cases, a standard clause (e.g. Institute Yacht Clauses) may be used. Cover for some vessels can be added to a household policy.

A general term for all steam or fluid pressure plant subject to the risks of explosion and collapse, including steam boilers, economisers and superheaters. The policy covers damage to the plant itself, surrounding property and liability for third party injury. Business interruption risks can also be covered under engineering consequential loss. Boiler and pressure plant equipment has to be examined at prescribed intervals. See INSPECTION CLASSES.

The switching of money in a life insurance bond from one fund to another controlled by the same insurer. See SWITCHING FACILITIES.

Dutiable goods in respect of which a bond for the payment of the duty has been given to Customs and Excise. See CUSTOMS AND EXCISE BOND.

Where goods are normally sold in bond, the bonded price is considered to be the ‘gross value. However, The Marine Insurance Act 1906, s.71(4) defines gross value as the wholesale price or estimated value ruling on the day of sale after freight, landing charges and duty have been paid.

An approved warehouse for goods upon which excise duty has not been paid. The warehouse owner becomes the subject of a government bond, i.e. a general or warehouse bond or a removal bond. This guarantees payment of the duty to HM Customs & Excise in the event that goods removed from the warehouse without payment of the duty. are
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A Warehouse storage area of manufacturing facility in which imported goods may be stored or processed without payment of customs duties.

Single savings contracts issued by insurance companies. They are collective investments that create a fund whose manager aims to secure growth. An increase or decrease in the value of the fund is reflected in the value of the investors’ units. The fund is treated differently in terms of taxation from unit trust funds as most taxation (income tax and capital gains) takes place within the fund. These single premium bonds are either: income/distribution bonds; with profits bonds; equity bonds (investing exclusively in company shares); managed bonds (spread risk by investing in shares, gilts and property).