The 20 used by motor groups insurers for rating purposes; the higher the group number, the higher the premium. Groups reflect the cost of replacement parts, ease of carrying out repairs, purchase price, performance and level of security. Expensive high performance cars are in the highest group.

Where the passenger receiving a ‘lift’ pays the driver. The Road Traffic Act 1988, s.150, allows the car user to share the running costs with his passenger(s) without this being regarded as ‘hire or reward’ and therefore the subject of a policy exclusion. The vehicle must not be adapted for more than eight passengers and the contributions must not exceed running costs.

Career average scheme under which the benefits are revalued each year by reference to an appropriate index during pensionable service.

Pension scheme under which the benefits for each year of membership are related to the pensionable earnings for that particular year. See CAREER AVERAGE REVALUED SCHEME.

Goods transported aboard a vessel or other conveyance not being provisions, stores, equipment or bunker fuel for use on the vessel. The cargo owner’s insurable interest continues for so long as he has title to the goods. There are other cargo interests. The risk factors in marine insurance: mode of transportation; type of goods; packing; size/weight/value; trip route; trip duration; season; socio-economic environment.
***
Material or goods carried by ship, rail/road or aero plane.

Insurable interest relating to: (a) ownership; (b) freight; (c) insurance charges; (d) anticipated profit, i.e. profit the seller loses when goods perish; (e) partial ownership (Marine Insurance Act 1906, s.8); defeasible interest; (f) contingent interest; (g) bottomry and respondentia; (h) forwarding charges; (i) commission insurable by an agent (Marine Insurance Act 1906, s.5).

The value placed on cargo for insurance purposes when insured under a valued policy. It normally extends to include all charges and profit.

A name for spread loss reinsurance first introduced in the US by a broker named Carpenter.

Enacts the Hague Protocol in the UK.