1. The term means the insured’s activities as specified in the policy Schedule and will depend on details submitted by the insured. ities outside the description will not be covered. The policy extends the definition to include ancillary activities. 2. For the purposes of the Employers’ Liability (Compulsory Insurance) Act 1969, ‘business’ means a trade or profession or any activity conducted by a body of persons (whether incorporated or not). Certain activities not normally regarded as businesses (e.g. members’ tennis clubs) are within the definition. Domestic ‘servants’ in private households are not employed in a business for the purpose of the Act.
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The volume of premium written.

A general aviation rating class applicable when the aircraft owner is an individual, business or corporation owning and operating an aircraft for both business and pleasure but not employing full-time, professional pilots.

Books of accounts and other business books, documents, etc., can be insured under material damage insurances such as fire policies as a special item. The insurer restricts liability to the cost of stationery plus the cost of writing up.

BCM is concerned with anticipating threats to business survival and the achievement of objectives. It means conducting a business impact analysis to identify the key processes and functions within and beyond organisational boundaries that are essential for continuity. A business continuity plan (BCP) sets out the recovery strategies, priorities and actions that will be needed if a crisis occurs. A crisis could arise from a pure risk such as fire, or loss of a major customer or supplier. BCM reduces the likelihood of a disaster and minimis

loss of gross profit following reduced turnover resulting from, and occurring after, insured property damage. The gross profit indemnity enables the business to pay its standing charges, including payroll, and recover its net profit during the indemnity period, the period selected as being the time needed to restore normal trading levels. Specified working expenses are not at risk and are therefore deducted from turnover before arriving at the gross profit, the item to be insured. The policy also covers increased cost of working, e.g. renting alternative premises, subject to the cost not exceeding the amount of loss thereby avoided. Additional increased cost of working can be insured. The policy may extend to interruptions caused by damage at the premises to customers or suppliers, or resulting from loss of attractions, murder, suicide, food poisoning or infectious/contagious diseases. See AUDITORS’ CHARGES; SPECIAL CIRCUMSTANCES CLAUSE; CUSTOMERS’ EXTENSION; MATERIAL DAMAGE PROVISO; SUPPLIERS’ EXTENSION.

The plan sets out a firm’s objectives and shows in a systematic way how it will approach marketing, operations, finance, management and control. It also includes details of key personnel and covers strengths, weaknesses, threats and portunities. The FSA sees syndicate business plans as central to the ability of Lloyd’s to control and monitor the activities of managing agents. Consequently the FSA monitors the way in which Lloyd’s monitors syndicate business plans. Business plans are also required from intermediaries seeking FSA authorisiation. See LLOYD’S BUSINESS PLAN; FRANCHISE; FRANCHISE BOARD. most

Insurance for business people travelling abroad. It is similar in range of cover to the travel insurance arranged for holidays. As a business traveller travels regularly, at short notice. annual cover may be arranged.

One of three classes of use (class 2) often used by motor insurers in fixing car insurance premiums. The policy covers social, domestic and pleasure use and business use. It excludes commercial travelling and carrying passengers for hire or reward but car sharing is allowed as long as ‘lifts’ where money changes hands are not part of a business arrangement. This limited business class is more costly than Class 1, where the business use element is limited to the policyholder in person, but lower than Class 3 which includes commercial travelling as defined in the policy.