The extra charges for the handling of insured cargo because of its damaged condition.
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Increased in the charges for handling insured cargo resulting from the fact that the cargo has been damaged.

‘The process by which organisations assess, control, exploit, finance and monitor risks from all sources for the purpose of increasing the organisations short and long term value to shareholder’ (Casualty Association). It combines a whole range of financial risks with insurance risks and seeks to optimise the manner of its risk taking.

General commercial and business risk that is usually accepted as a part of the firm’s normal operations in the market place. Profit is the reward for entrepreneurial risks.

Theft insurances cover loss by ‘entry’ when it is by forcible and violent means. Actual entry means the insertion of any part of the body, even if it is only a finger, into the premises, but the qualifying words preclude claims when people enter without having to break down the defences of the premises.

Main provisions: creation of the Environment Agency (England and Wales) and the Scottish Environment Protection Agency; the contaminated land regime; protection of the aquatic environment; air quality management; and producer responsibility with the aim of recycling packaging waste significantly.

A formal assessment of the total environmental effect of a project, process, product or development. It is a legal requirement for some specific projects.

Claims-made policy covering legal liability to third parties for bodily injury or property damage arising out of gradual pollution. It also covers mandatory clean-up costs for both sudden and gradual pollution of the insured’s own and third party sites. Cover is sitespecific based on risk assessments. Multiple premises cover extends to product liability and work away risks. Some insurers reimburse voluntary costs incurred by the insured in taking emergency preventive action. Fixed premium policies can be written for up to five years. See CONTAMINATED LAND.

Aims to establish a framework whereby environmental damage will be prevented and restoration carried out. Environmental damage is widely defined and includes water pollution, land contamination that poses a threat to human health and biodiversity damage in areas protected by European and national legislation. The person causing the damage is liable for the restoration. Insurance is not compulsory, although the proposal requires member states to encourage operators to use insurance or other forms of financial security. The proposed directive covers activities such as releasing heavy metals into water or the air, installations producing dangerous chemicals, landfill sites and incineration plants.

Risk management approach to eliminate/control environmental risks. The systems should cover: organisational structure, responsibilities, pracresources for tices, processes and implementing and maintaining environmental management. Insurers underwriting environmental impairment liability cover look more favourably on companies with EMS.

Uses integrated pollution control to prevent pollution from emissions to air, land or water from scheduled processes. Authorisation to operate relevant processes must be obtained from the enforcing authority which for the more heavily polluting industries is HM Inspectorate of Pollution. Control of pollution to air from less heavily polluting processes is through the local authority. The regulations also place a duty of care on all those involved in the management of waste.