The committee that recommended the replacement of the regulatory and market boards at Lloyd’s by a single franchise board. Lloyd’s acts as franchisor and the managing agents as franchisees. Another key outcome was the replacement of the three-year accounting system with GAAP accounting.

A court bond guaranteeing the performance of receivers and managers appointed by the Chancery Division of the High Court. The receivers and managers may deal with the preservation of property or collection revenue arising from property. Receivership may arise: pending litigation; during the minority of an infant; to prevent dissipation of assets by persons having immediate or partial interest in it, or to whom it is entrusted by law. The Chancery division fixes the amount of the guarantee and the remuneration of the receiver.

Fire policy exclusion in respect of damage to perishable goods caused by a change in temperature resulting from destruction or disablement by an insured peril of the cold store or refrigerating plant. The risk can be bought back for an additional premium.
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An exclusion in a fire policy on goods in a cold store of damage to perishable goods caused by a change in temperature.

Signifies that the original insured’s interest in subject matter of insurance has been taken over by a new party who is the new insured. The latter normally completes a new proposal form prior to being accepted. See NOVATION; PERSONAL CONTRACTS.

An Institute Time/International Hull Clause enabling the insurer to cancel the policy in the event of the vessel being sold or transferred to new management during the currency of the policy if they do not approve the change. If the vessel has sailed, the cancellation is suspended until arrival at the port of final discharge.

Requires that the reinsured does not, after arranging the reinsurance treaty, change its underwriting practices with regard to the business covered by the treaty without the reinsurer’s consent.

Voluntary change of the ship’s destination from the contemplated voyage that occurs after the commencement of the risk, under a hull or cargo voyage policy. The insurer’s liability ends immediately the decision is made and it is immaterial that a loss occurs when the ship is still on the original course. Institute Cargo Clauses provide that a change of voyage is held covered at a premium to be agreed if prompt notice is given to the insurer.
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Section 47 of the Marine Insurance Act provides that (01) where, after the commencement of the risk the designation of the ship is voluntarily changed from the destination contemplated by the Policy, there is said to be a change of voyage. (02) Unless the Policy otherwise provides, where there is a change of voyage the Insurer is discharged from liability as from the time of change that is to say, as from the time when the determination to change is manifested; and it is immaterial that the ship may not in fact have left the course of voyage contemplated by the Policy when the loss occurs.

Occupational schemes approved under ICTA 1988, Chapter I, part XIV. They include: individual arrangements; Hancock annuities; ex-gratia benefits, i.e. lump sum payments when an employee is not already a member of an occupational or personal pension scheme in respect of the employment giving rise to the payment; earmarked schemes; self-invested personal pension schemes; small self-administered schemes; self-managed funds; simplified defined contribution schemes; unfunded schemes; FSAVCs; death in service life or group life schemes; statutory schemes, e.g. public sector schemes e.g. schemes for the Civil Service, NHS, Police, Local Government, Teachers, etc.

ICTA 1988, part XIV, sets out the approval requirements for personal pensions, including stakeholder pensions. Defined contribution occupational schemes can be approved under Chapter IV or Chapter I. Most occupational schemes are approved under Chapter I.

Occur when certain payments are made from packaged life and investment products, e.g. certain life policy payments, bond withdrawals. They may or may not give rise to a tax charge but if they do, any resultant tax liability falls within normal income tax rules.