Insured as ‘contents’ under commercial material damage policies up to £10,000 in respect of the material costs and the cost of reproducing them. Liability for loss of such records is similarly insured under ‘Loss of Documents’ cover for computer consultants.

The placing of a significant proportion of the assets of a pension fund in any single investment. PA95 lays down compulsory reporting requirements for specific amounts and levels of concentration.

Occurs when one party (the customer or the insurer/intermediary) accepts an offer made by the other, e.g. when a customer accepts an insurer’s quotation.

Two or more causes operating together to produce the loss. If an insured peril combines with an excepted peril and the effects cannot be separated, the excepted peril applies. If an insured peril combines with an uninsured peril, the insured peril applies unless the insurer has modified the operation of proximate cause by covering ‘losses solely and independently’ caused by the insured peril as in the case of personal accident policies. See CONSECUTIVE CAUSES.
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Causes of a loss which occur together.

Cover of the same particular risk under two or more policies although they may vary in amount or policy period.
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Where two or more Insurance policies which cover the same property in the same manner and subject to identical conditions though they may differ in amount or Policy dates.

Damage caused by a violent shock as in the case of an explosion. The standard fire policy covers explosion damage caused by domestic boilers or the explosion of gas used for domestic purposes or used for lighting or heating the building (provided it is not a part of a gas works).

the FSA’s Threshold Conditions manual, the minimum standards for becoming and remaining authorised.

Assignment of a life policy that is not absolute but is dependent upon certain conditions. It typically happens when a policy is given as security for a loan or mortgage as on repayment the original insured has the right to have the policy reassigned to him.

The Courts and Legal Services Act 1990 permits conditional fee agreements in certain categories of proceedings under which solicitors and counsel only receive a fee, and then at an enhanced rate, if the case is won (no win, no fee). Conditional fees are most commonly employed in personal injury cases. In all litigation solicitors are permitted to act whereby they receive no fee if the case is lost but the usual fee if they win. See ACCESS TO JUSTICE ACT 1999; AFTER THE EVENT INSURANCE.