Public liability clause imposing strict conditions on the insured’s involvement in ‘hot work. Typically where electric oxy-acetylene or similar welding equipment or cutting equipment is used the area of work must be adequately cleared and combustible materials moved at least 6 metres from the work. The warranty also requires, inter alia, that fire extinguishers should be available. Upon completion of each period of work and at regular intervals for at least one hour after the completion of the work there should be thorough fire safety checks. Other conditions govern the use of blowlamps and blowtorches. The use of asphalt, bitumen, tar, pitch or lead heaters is also controlled. See HOT WORK; BURNING OF DEBRIS CONDITION.

An additional peril added to fire and household policies to cover damage caused by an escape of water from any tank, apparatus or pipe. The repair of the item that burst, overflowed or leaked, is not covered. The insurance is subject to an excess and cover is usually suspended when the building is unoccupied for a defined period, usually 30 days.

1. The term means the insured’s activities as specified in the policy Schedule and will depend on details submitted by the insured. ities outside the description will not be covered. The policy extends the definition to include ancillary activities. 2. For the purposes of the Employers’ Liability (Compulsory Insurance) Act 1969, ‘business’ means a trade or profession or any activity conducted by a body of persons (whether incorporated or not). Certain activities not normally regarded as businesses (e.g. members’ tennis clubs) are within the definition. Domestic ‘servants’ in private households are not employed in a business for the purpose of the Act.
***
The volume of premium written.

A general aviation rating class applicable when the aircraft owner is an individual, business or corporation owning and operating an aircraft for both business and pleasure but not employing full-time, professional pilots.

Books of accounts and other business books, documents, etc., can be insured under material damage insurances such as fire policies as a special item. The insurer restricts liability to the cost of stationery plus the cost of writing up.

BCM is concerned with anticipating threats to business survival and the achievement of objectives. It means conducting a business impact analysis to identify the key processes and functions within and beyond organisational boundaries that are essential for continuity. A business continuity plan (BCP) sets out the recovery strategies, priorities and actions that will be needed if a crisis occurs. A crisis could arise from a pure risk such as fire, or loss of a major customer or supplier. BCM reduces the likelihood of a disaster and minimis

loss of gross profit following reduced turnover resulting from, and occurring after, insured property damage. The gross profit indemnity enables the business to pay its standing charges, including payroll, and recover its net profit during the indemnity period, the period selected as being the time needed to restore normal trading levels. Specified working expenses are not at risk and are therefore deducted from turnover before arriving at the gross profit, the item to be insured. The policy also covers increased cost of working, e.g. renting alternative premises, subject to the cost not exceeding the amount of loss thereby avoided. Additional increased cost of working can be insured. The policy may extend to interruptions caused by damage at the premises to customers or suppliers, or resulting from loss of attractions, murder, suicide, food poisoning or infectious/contagious diseases. See AUDITORS’ CHARGES; SPECIAL CIRCUMSTANCES CLAUSE; CUSTOMERS’ EXTENSION; MATERIAL DAMAGE PROVISO; SUPPLIERS’ EXTENSION.

The plan sets out a firm’s objectives and shows in a systematic way how it will approach marketing, operations, finance, management and control. It also includes details of key personnel and covers strengths, weaknesses, threats and portunities. The FSA sees syndicate business plans as central to the ability of Lloyd’s to control and monitor the activities of managing agents. Consequently the FSA monitors the way in which Lloyd’s monitors syndicate business plans. Business plans are also required from intermediaries seeking FSA authorisiation. See LLOYD’S BUSINESS PLAN; FRANCHISE; FRANCHISE BOARD. most

Insurance for business people travelling abroad. It is similar in range of cover to the travel insurance arranged for holidays. As a business traveller travels regularly, at short notice. annual cover may be arranged.