Re-published in 2003 following the Higgs Report and the Smith Guidance on Audit Committees. The Code raises corporate governance standards for listed companies, and incorporates the Turnbull report on internal control, the Smith guidance and good practice guidance from Higgs. Directors should at least annually conduct a review of the effectiveness of all internal controls including financial, operational, compliance and risk management. The FSA’s Listing Rules underpin the Code by obliging companies to state in their annual reports how they have applied the principles of the Code (www.frc.org.uk).

Policy combining two or more types of liability insurance in one document, e.g. public liability, products liability and employers’ liability.
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A policy combining employers liability and public liability cover.

A single limit of protection on a liability policy for all sections of cover, i.e. bodily injury, property damage and passenger liability, in contrast to a policy with split limits, i.e. specific limits for each section. This approach applies in aviation insurance where one overall limit applies to three separate sections.
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Total liability due to bodily injury and property damage combined, as one single sum of coverage.

Materials likely to take fire and burn. The actual materials that insurers consider will ignite first are: waste and rubbish; combustible elements in structure and fittings; electrical insulation; textiles; flammable liquids; packing and wrapping.

For FSA purposes, it is a policyholder or potential policyholder who is not a retail customer. At the pre-sale stage commercial customers must be given sufficient information to enable them to make an informed decision about the proposed contract including details of premiums, fees and charges. Post-sale the policy document must be supplied promptly and notification of renewal or nonrenewal must be given in good time before expiry. Intermediaries must also disclose their commission if requested. Certain commercial customers are eligible complainants from a complaints perspective. See CUSTOMER TYPES.

Fidelity guarantee insurances indemnifying the insured against financial loss resulting from acts of dishonesty by employees. Collective policies cover named employees with separate amounts for each. Floating policies cover unnamed employees up to one overall amount. Blanket policies guarantee the staff generally. Positions policies guarantee the position (e.g. chief accountant) and not the individual by name. The insurer considers the previous history of named employees and, in all cases, the type of work undertaken and the system of check.
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Insurance policies provides to reimburse employers defrauded by employers.

Provides businesses with legal advice and covers legal expenses to enforce or defend legal rights in a range of disputes. Cover is available under various sections: court attendance expenses; tax/VAT disputes; prosecution defence; data protection liability; contract disputes; personal injury or property claims; premises disputes; employment disputes and awards; licence disputes.

A general term referring to the insurance of goodscarrying vehicles, buses and coaches, agricultural and forestry vehicles, mobile plant and other special types.

ICOB Rules require insurance intermediaries dealing with general commercial customers to disclose, if requested to do so, their commission plus any commission received by any affiliated companies. See DISCLOSURE 4.