An Institute Time/International Hull Clause enabling the insurer to cancel the policy in the event of the vessel being sold or transferred to new management during the currency of the policy if they do not approve the change. If the vessel has sailed, the cancellation is suspended until arrival at the port of final discharge.

Requires that the reinsured does not, after arranging the reinsurance treaty, change its underwriting practices with regard to the business covered by the treaty without the reinsurer’s consent.

Voluntary change of the ship’s destination from the contemplated voyage that occurs after the commencement of the risk, under a hull or cargo voyage policy. The insurer’s liability ends immediately the decision is made and it is immaterial that a loss occurs when the ship is still on the original course. Institute Cargo Clauses provide that a change of voyage is held covered at a premium to be agreed if prompt notice is given to the insurer.
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Section 47 of the Marine Insurance Act provides that (01) where, after the commencement of the risk the designation of the ship is voluntarily changed from the destination contemplated by the Policy, there is said to be a change of voyage. (02) Unless the Policy otherwise provides, where there is a change of voyage the Insurer is discharged from liability as from the time of change that is to say, as from the time when the determination to change is manifested; and it is immaterial that the ship may not in fact have left the course of voyage contemplated by the Policy when the loss occurs.

Occupational schemes approved under ICTA 1988, Chapter I, part XIV. They include: individual arrangements; Hancock annuities; ex-gratia benefits, i.e. lump sum payments when an employee is not already a member of an occupational or personal pension scheme in respect of the employment giving rise to the payment; earmarked schemes; self-invested personal pension schemes; small self-administered schemes; self-managed funds; simplified defined contribution schemes; unfunded schemes; FSAVCs; death in service life or group life schemes; statutory schemes, e.g. public sector schemes e.g. schemes for the Civil Service, NHS, Police, Local Government, Teachers, etc.

ICTA 1988, part XIV, sets out the approval requirements for personal pensions, including stakeholder pensions. Defined contribution occupational schemes can be approved under Chapter IV or Chapter I. Most occupational schemes are approved under Chapter I.

Occur when certain payments are made from packaged life and investment products, e.g. certain life policy payments, bond withdrawals. They may or may not give rise to a tax charge but if they do, any resultant tax liability falls within normal income tax rules.

The gains made on a chargeable event, i.e. the excess of returns over investment from certain package products. The gains are chargeable to higher rate income tax but not the basic rate or capital gains tax (see top slicing).

An agreement for the hire of a vessel or aircraft. See CHARTER PARTY.
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Usually the same as article of incorporation. This is the grant of rights from a State or Central Government such as the right to incorporate and transit business.

Contract between the owner of a vessel and the charterer. The contract covers, inter alia, the charterer’s responsibility for loss/damage to the vessel, duration of the agreement, freight rate and ports involved during the voyage(s).

The freight payable by the charterer to the shipowner under the charter party whereby the vessel (or space therein) is hired for a voyage or period. See FREIGHT INSURANCE.
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The hire paid or payable to a ship owner for the use of the entire ship for a voyage or for a period.