Policy covering a ship during construction, including launching and trial trips, until delivery to her owners. Construction of small commercial craft, e.g. fishing vessels, work boats, etc., can be insured under an open cover.

Fire insurances are often rated separately for the buildings and contents. The terms ‘building rate’ and ‘contents rate’ have emerged as a result.
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A Fire Insurance term which refers to the rates as buildings rather than as the contents of the building. Refer: “Contents rate.”

UK’s leading centre of expertise on building construction, energy, environment, fire and risk. It provides consultancy, testing and commissioned research services covering all aspects of the built environment and associated industries. BRE makes significant contributions to the development of national and international standards and codes for construction and fire safety. Its sister company, BRE Certification, provides certification to UK, European and international standards as well as CE marking and product approval. (www.bre.co.uk).

A block or master policy under which a large number of buildings, mainly private dwellings, are insured on a ‘householders’ comprehensive’ basis. The buildings insured at any one time are those listed in a schedule maintained by the society. Individual property owners are not given a policy but are supplied with full details of the cover. The insurance is index-linked.

Where a mortgagee grants a high loan in relation to value (e.g. in excess of 75 per cent of property price) the mortgagee insures the excess against loss due to borrower default. The premium, known as the ‘high value to loan’ fee or indemnity guarantee premium, is passed on to the borrower.

An alternative to a conventional ‘with profits’ policy. The investment element of the premium is concentrated in designated building society investments.

1. In household policies it is the home (the dwelling, outbuildings and garage), fixtures and fittings, patios, terraces, footpaths, tennis courts, drives, walls, swimming pools, fences, gates, hedges, service tanks, pipes, permanently connected cables and central heating oil tanks, within the boundaries of the home. Trees and plants are not included unless the policy has been extended to cover damage to garden. 2. Under the standard fire policy used by businesses, buildings are defined as: buildings including the landlord’s fixtures and fittings therein and thereon, unless otherwise stated constructed of brick stone or concrete and roofed with slates tiles metal concrete asphalt or sheets or slabs composed entirely of mineral ingredients. Unless specifically insured, Buildings includes annexes, small outside buildings, conveyors, wires, service pipes and other equipment that is the property of the insured (or for which he responsible), walls and gates and fences. incombustible