Covers ongoing liability of a tenant to a landlord after assigning the lease. The outgoing tenant, i.e. the assignor, may be liable to the landlord for defaults by the new tenant. The standard policy is premises-specific and is for one year, but up to three years can be arranged. Cover is in respect of liability to pay rent, interest on rent and damages and claimant’s costs and ‘own costs. There is an annual aggregate limit of indemnity in the range £50,000 to £500,000. The underwriter assesses the lease, the assignment, the financial history of the new tenant and references.

An FSA regulated activity in so far as it relates to the administration and performance of insurance policies. It includes helping policyholders make insurance claims, such as notifying a claim to an insurer and negotiating the settlement on behalf of the policyholder.

Two or more closely associated employers who are allowed to participate in the same pension scheme arrangements. An employee who transfers from one company to another company associated in this is treated as having had continuous service.

Where a person has worked for more than one of the associated employers. This means that the service and salary of that person are amalgamated for pension purposes.

The ACII designation is available to CII members who have successfully completed the Advanced Diploma in Insurance qualification. (www.cii.co.uk).

Captives that underwrite the risks of members of an industry or trade association.

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UK: A captive insurer owned by the members of a sponsoring organization or group, such as a trade association.

An association of independent practitioners. It sets examinations for those engaged in marine insurance as average adjusters. Founded in 1869, it promotes the correct principles in the adjustment of Averages and uniformity among Average Adjusters? The association’s expert committees serve the marine insurance community, and may, by a panel of referees, act as arbitrators in the case of dispute. All members are practising average adjusters. See also UK SOCIETY OF UK AVERAGE ADJUSTERS.

The trade association for insurance companies, whose 400 members transact 95 per cent of the business of UK insurers. It speaks out on issues of common interest, participates in debates on public policy issues and promotes high standards of service. Its policy work centres on: general insurance, life and pensions, financial regulation, taxation and investment affairs. It has expert committees and represents the industry externally, involving central government, media affairs, European and international activities. (www.abi.org.uk).

Trade association for independent financial advisers (IFAs). It is the key point of contact between the IFA community and the FSA. AIFA’s principal objective is to influence the nature and shape of policies affecting its members. It also monitors the regulatory and political issues and keeps members informed as to how those issues will affect them.

A forum for the exchange of data and opinion between insurance and risk managers in industry and commerce. AIRMIC has over 160 corporate members and nearly 1,000 individual members. It updates members on technical matters and current practice. It promotes the under standing of the nature and purpose of risk management and represents a body of informed opinion in dealings with trade and market associations and with government. In 2002 AIRMIC collaborated with ALARM and the Institute of Risk Managers to produce a new Risk Management Standard.