Marine term describing a settlement agreed between the insurer and the insured where the cost of carrying out repairs is uneconomical nothwithstanding that the cost is less than the full insured value. When appropriate the principle is also adopted in other forms of property insurance.

A regulated activity order which means making arrangements for another person (as principal or agent) to buy, sell, subscribe for or underwrite a particular investment which is: a designated investment, funeral plan contract, underwriting capacity of a Lloyd’s syndicate, a pure protection contract, general insurance contract or rights to or interests in particular investment categories.

Defined in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 as ‘arranging for a person to enter a particular insurance contract with an insurer [and] making arrangements with a view to another person, who takes part in these arrangements, buying an unspecified insurance contract’. ‘Arranging insurance’ is distinguished from introducing insurance. The FSA decides case by case what constitutes ‘introducing? Those who arrange insurance will be regulated by the FSA in 2005. See INTRODUCER APPOINTED REPRESENTATIVES.

Arrests, restraints and detainments of all kings, princes and people, of what nation, condition, or quality whatsoever’ are defined in the Rule for Construction of the Policy (No. 10) as referring to political or executive acts, and not including a loss caused by riot or by ordinary judicial process. As goods were held to be lost when they could not be forwarded to their destination because of these perils (e.g. siege of a city), insurers introduced the frustration clause, the effect of which is to relieve the insurer of liability for a claim based on ‘arrests’ etc.

A note on a report or claim to indicate that the vessel has completed the voyage or partvoyage, or cargo has reached its destination after the transit covered by the policy. Sometimes the term is used colloquially to refer to the successful completion, with no loss or claim, of a non-marine cover.

Gross wholesale value after freight, import charges, duty, etc., to represent the value that cargo would have had if it had arrived safely at the place where the adventure ended.

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What the value of cargo would have been if it had arrived undamaged at the place where the adventure terminates.