The life policy clause identifying the persons to whom the policy moneys are payable – the insured or his executors, administrators or assigns; or possibly the representatives or assigns of the insured.

Holding back someone else’s property. The detainment clause in the Institute War and Strikes Clauses (HullTime) provides that a vessel detained 12 months or more is treated as a constructive total loss. However, clause 5 excludes detainment by or under the order of the government or other public of the country in which the vessel is owned or registered. It is also excluded if detainment is due to infringement of any trading or customs regulations.

1. Occurs when governmental authorities prevent a vessel and/or cargo leaving port, particularly during hostilities. 2. Where demurrage is paid for an agreed number of days any further delay is ‘detention’ for which the shipowner can claim unlimited damages.

Insurance of stock stored in a freezer and/or refrigerator against the risk of loss through deterioration following: (a) breakdown of plant; (b) non-operation of thermostatic or automatic controlling devices; (c) action of escaping refrigerant fumes from any cause; or (d) failure of the public electricity supply. See DETERIORATION OF STOCK.

Engineering insurance covering damage to perishable stock in cold stores directly consequent upon an accident to cooling or climatising equipment insured under a machinery breakdown policy. The widest form of cover insures loss caused by any rise or fall in temperature. See DETERIORATION OF CONTENTS.

Set out in Chapter 5 of IPRU (INS). The liabilities, as calculated, are set against the assets as valued (Valuation of Assets Rules) for required minimum margin (RMM) purposes. Liabilities for general insurance business are calculated along the lines of general accounting principles and practices, but long-term business liabilities are subject to complex rules calculated by the appointed actuary guided by his professional body and the Government Actuary’s Department.

The loss development potential of a hazard. Risk surveyors are concerned not only with the likelihood of a loss (the inception hazard) but whether the development of a loss will be minimal or severe. Risk mapping correlates probability and severity.

(1) in one year accounting, in relation to any underwriting year, any year or years following the end of that year until the claims for that year have been run off, (2) in general business funded accounting the year or years between the underwriting year and the closing of the account.