The Insurance Mediation Directive requires intermediaries to give customers a statement of their demands and needs. Where advice is given, the statement must also explain the reasons for the intermediary’s recommendation. The FSA’s ICOB Rules will require a demand and needs statement from: intermediaries and insurers when selling to retail customers, whether advice is given or not; intermediaries and insurers for advised sales to commercial customers; intermediaries only for non-advised sales to commercial customers. The statement must be given in a durable medium before the contract is concluded. However, it can be given orally: where the customer requires immediate cover or the customer requests that it be given orally. For advised and non-advised sales see ADVISING AND SELLING STANDARDS.

An extension in motor traders’ road risks policies to include driving of the trader’s vehicles by prospective customers and persons undergoing driving tuition.

1. A penalty or storage charge for cargo or containers held beyond the allowed number of free days at a warehouse due to late collection. 2. The liquidated damages payable to the shipowner if the lay days allowed by the charter party for loading or discharging are exceeded. 3. Loss of hire or use of ship following collision damage. See DETENTION.
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Penalty levied against cargo that is held beyond the generally allowed number of days “free time” of storage, or against a vessel at port of loading or discharge longer than agreed.