Institute Cargo Clause obliging the insured to ensure that his rights against the shipowner or other bailees are not allowed to lapse by reason of his tardiness in lodging a claim or any other default. The insurer is entitled to avoid claims where their subrogation rights have been prejudiced by the conduct of the insured. The insurer is not liable for expenses incurred by the insured in complying with the clause.

A contract or an agreement under which one person entrusts his property to another, the bailee, on the understanding that it will later be returned or otherwise accounted for, e.g. delivered to a prescribed destination. The bailee can insure the property on a material damage or a liability basis, or as agent or trustee on behalf of the owner. As public liability policies exclude property in the insured’s custody or control, special policies, overriding the exclusion, are written for hotel proprietors, garage owners, etc.
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The act of delivering property in trust to another for a limited time and specific purpose.
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A bailment is the delivery of goods by one person to another for some purpose, upon a contract that they shall. when the purpose is accomplished, be returned or otherwise disposed of according to the Directions of the persons delivering them. The person delivering the goods is called ‘bailor’ and the person to whom they are delivered is called ‘Bailee.’ (Sec. 148 of the Indian Contract act, 1872).

A table showing the balance of pension that the employer has to purchase for each employee under a pension scheme.

A tax payable by a shipowner who receives a claim payment in excess of the book value of the ship. The excess is deemed to be a taxable profit.

Selling insurance through a bank’s established distribution channels often in association with the bank’s own insurance subsidiaries. It means that banks can offer banking, insurance, lending and investment products to customers. The term has also been used to describe separate banks and insurance companies each selling the other’s products.

The band of total earned income between lower and upper earnings limits on which state second pension and personal NI contributions are based.

Broad policy protecting the first-party liability of leading financial institutions. Key areas of cover embrace: fidelity dishonesty of employees; fraud; forgery of cheques or other instruments; theft or robbery of valuables from own premises or in transit; damage to premises and contents during theft; counterfeit securities and counterfeit currency. The policy may be extended to cover computer fraud, safe deposit liability and kidnap and ransom. Cover is available for banks and financial institutions such as central depositories, processing centres and clearing houses. Standard wordings and manuscript wordings are available.

A reinsurance contract under which premiums are ‘banked’ with the reinsurer for later return to the reinsured with interest.

A bond to guarantee the trustee in bankruptcy appointed by the creditors. If the trustee, who controls the assets of the insolvent party, fails to carry out his duties properly, the surety (e.g. an insurer) will make good the loss.

A contingency cover to protect banks and lessors against their inability to secure full or part payment in respect of their interest under the operator’s aviation policy. It also covers aircraft in the custody or control of the bank or lessor.