A periodic warming of the tropical Pacific ocean which affects weather around the world. El Niño results in increased rainfall in southern US and drought in the western Pacific. However, outside the tropical Pacific the effects are unpredictable and this boosts the weather derivatives market. El Niño (‘little boy’ in Spanish) occurs around Christmas.

A fire insurance policy clause excluding loss or damage to dynamos, motors or other electrical apparatus, caused by its own over running, self-heating, etc. These losses are incidental to the running of electrical apparatus but consequential fire damage to other property is covered.

Machinery, plant, motors, accessories and connections thereto powered electrically or mechanically and insurable by engineering insurers against: sudden and unforeseen damage; breakdown; explosion and collapse; accidental damage; and damage to surrounding property. Third party risks are generally covered under public liability insurance. Insurance on plant is usually coupled with in-service inspections, many of which are required by statute.

Perils of the elements, namely storm, earthquake, windstorm and flood.

Period of time during which potential members of a group life scheme may join without evidence of good health.

Entities protected by FSA rules contained in Dispute resolution: Complaints Handling. They are: private individuals; a commercial customer with a group annual turnover below £1m; a charity with an annual income below £1m; and a trustee of a trust with a net asset value of less than £1m.