Support activities so closely related to the ‘Business of the insured that they are regarded as integral to it. The definition of ‘Business’ in liability policies extends to include ownership, maintenance and repair of premises, the provision and management of canteens, social, sports or welfare organisations for the benefit of employees and the insured’s ambulance, first aid (excluding medical practitioners) and fire services. The private work clause brings in a non-business situation, i.e. cover applies to the execution of private work by employees for any director or senior official of the insured.

For an insurer, authorised by the FSA to insure a principal risk under one of the general classes of insurance, it means a risk included in another class that is connected with the principal risk. Ancillary risks can be insured (a) when concerned with the object covered against the principal risk, and (b) when included in the same policy covering the principal risk. However, risks arising under credit insurance, suretyship and legal expense insurance cannot be treated as ancillary risks but legal expenses cover permitted as ancillary in travel policies, or when connected with the use of sea-going vessels.

In marine insurance practically all return premiums by agreement are and arrival’. This means that an underwriter will not be liable to pay the return unless the ship is safe at expiry of the policy.

Anglers insure their liability for accidents to the public, personal accident benefits for the anglers themselves and loss or damage to tackle up to a specified limit. Where the angler engages a gillie in the course of a business, employers’ liability cover is compulsory. If the gillie is a ‘domestic’ employee, the liability section of the household contents policy applies.

Provides that, where damage is caused by an animal of dangerous species the keeper, subject to exceptions, will be strictly liable. In the case of an animal of non-dangerous species the keeper will be liable for the damage that, to the keeper’s knowledge, that particular animal is likely to cause (s.2). A trespasser cannot generally recover damages (s.5(3)). The keeper of a dog is strictly liable for killing or injuring livestock subject to certain defences.

The clause in a standard fire policy on buildings that brings outbuildings and the like within the scope of the cover.

accounting for general insurance business whereby a result is determined at the end of the accounting period reflecting the profit or loss from providing insurance cover in that period (compare with fund basis).

1. All listed companies should conduct an annual review to confirm that the company, through its directors and officers, has followed sound practices in terms of corporate governance. The directors must report on key risks facing the company and state how the risks are controlled or avoided. See TURNBULL REPORT. 2. An annual review is also required of managing and members’ agents at Lloyd’s to demonstrate their commitment to, and achievement of, recognised compliance standards.

Statement issued each year of the benefits a member has earned and, based on forecasts, it estimates the pension benefits at retirement age.

This is the official formula for measuring the price of money the true interest rate. APR is the total credit cost expressed as an annual percentage rate of charge.