When a ship is insured ‘from’ the port of departure, the insurance commences when she breaks ground intending to proceed on her voyage.

REINSURANCE “Arrangements by which an insurer, for a specified fee or premium, issues its policies to cover certain risks underwritten or otherwise managed by another insurer or reinsurer. The insurer then transfers all, or substantially all, of the liabilities thereunder to such insurers by means of reinsurance.
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UK: an arrangement whereby one insurer agrees to accept business on behalf of others, or to cede the business to others; such an arrangement may be used in markets where the fronting company is well established and finds it easier to obtain business than the companies for which it agrees to front, or to conceal the identity of the company to which the business is being channelled.”
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“Often the entities an insured does business with want a policy written by a major carrier with an acceptable rating with Best’s or another insurance rating service. If the insured is using a captive, this can present a problem.Many insurance companies will “”front”” for the captive. That is, the policy is written on the company’s paper, but the company reinsures the majority of the risk with the captive.

For example, a commercial developer may want a building contractor to provide liability insurance with an A++ rated insurance company before building a new 10-story office building. If the contractor is covered by a captive, he or she pays a fee to an A++ company who then issues the liability policy. The fee covers, other than just expenses, the risk that the rated company will not be able to collect from the captive in the event of a loss.”
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UK: The issue of a policy by an authorised insurer who cedes 100 per cent (or nearly that amount) to a second insurer or a reinsurer who is not an admitted insurer in the state concerned. The authorised insurer ‘fronts’ the risk for a specified fee or premium.
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The practice, in reinsurance, of the ceding company retaining only a small portion of a risk and ceding the remainder to a reinsurer.

Marine war risks cargo insurance clause stating that there is no loss because of the termination (or frustration) of the transit due to an outbreak of hostilities. The property is not irretrievably lost but is prevented from reaching its destination. There must be actual physical loss/damage to the cargo to constitute an insured loss.
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A marine Policy clause which excludes claims based on frustration of the adventure by the operation of war perils.

the Financial Services Authority’s handbook of rules and guidance which contains regulatory material relating to the financial services industry.

Presents and gives guidance on rules made under FSMA. Each of five blocks contains sections dealing with all aspects of financial services authorisation, compliance and enforcement, market structure, operation and oversight by the FSA. Block 1 sets out High Level Standards, applicable to firms and approved persons. Block 2 covers Business Standards applicable to firms. Block 3 covers Regulatory Processes, i.e. authorisation; supervision; enforcement; and decision-making. Block 4 deals with redress, i.e. particularly, compensation for investors, depositors and policyholders. Block 5 covers Specialist Sourcebooks, containing specialist information on areas such as: insurance; collective investment schemes; recognised exchange and clearing houses.

Regulatory returns sent annually to the FSA and prepared for each regulated operating insurance company. FSA returns comprise detailed financial information on solvency, investments, business mix, claims and premiums, etc., and are publicly available. The FSA returns are prepared differently from the reports and accounts filed with Companies House.

A concept introduced in the Pensions Bill of 2004 that will be legislated in 2005. It will oblige solvent employers who wind up defined benefit pension schemes to meet their in pension promises in full by buying out members’ benefits.

Hull policy clause making the entire premium fully earned if the insurer pays a total loss for the insured vessel, i.e. no return to the insured for the unexpired period.