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.

The gains made on a chargeable event, i.e. the excess of returns over investment from certain package products. The gains are chargeable to higher rate income tax but not the basic rate or capital gains tax (see top slicing).

An agreement for the hire of a vessel or aircraft. See CHARTER PARTY.
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Usually the same as article of incorporation. This is the grant of rights from a State or Central Government such as the right to incorporate and transit business.

Contract between the owner of a vessel and the charterer. The contract covers, inter alia, the charterer’s responsibility for loss/damage to the vessel, duration of the agreement, freight rate and ports involved during the voyage(s).

The freight payable by the charterer to the shipowner under the charter party whereby the vessel (or space therein) is hired for a voyage or period. See FREIGHT INSURANCE.
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The hire paid or payable to a ship owner for the use of the entire ship for a voyage or for a period.

The insurance industry’s professional educational body open to individuals wholly or mainly engaged in insurance. Examinations lead to the designations of Cert CII, Dip CII and ACII. Fellowship (FCII) is based on knowledge, experience and achievement. The chief objective is to promote efficiency and improvement in insurance practice. There are 90 local institutes in the UK with 50 affiliated institutes overseas. See SOCIETY OF FINANCIAL ADVISERS; DIPLOMA IN INSURANCE; ADVANCED DIPLOMA IN INSURANCE.
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The first Insurance Institute was formed in Manchester. In 1897 the various local institutes then existing formed a federation which later became a Unitary Body to which in 1912 a Royal Charter was granted under the name of the Chartered Insurance Institute. The Chartered Insurance Institute (also known as the CII) is a United Kingdom based professional organisation for those working in the insurance and financial services industries. The institute provides accreditation and professional qualifications to UK and international members. Designated qualifications include (in ascending level order): Cert CII, Dip CII, Advanced Dip CII (ACII-previously called Associate ship CII) and Fellowship CII (FCII). ACII and FCII accredited members are eligible to apply for election to Chartered Insurer status, which is based on experience in the insurance industry alongside these qualifications. These titles may be used by any person upon completion of the required level of qualification and confirmation from the institute.