1.When provided by the insured for the benefit of his employees, these services are stated to be a part of the ‘Business’ See ANCILLARY ACTIVITIES. 2. The Health and Safety (First Aid) Regulations 1981 oblige employers to provide adequate and appropriate equipment and facilities to facilitate first aid treatment for employees and provide an ‘appointed person’ to take charge.

The first layer of excess of loss cover. Example: the first £300,000 in excess of the reinsured retention of £100,000. The term has also been used in the LMX market to refer to the first excess (i.e. additional deductible) that the reinsured retains for its own account before the excess of loss reinsurer becomes liable.

A property insurance for an amount known to be less than the value of risk. It is used when it is inconceivable that all property would be lost in a single claim, e.g. theft of total stock of heavy steel. The insurer pays all losses up to the agreed sum insured unless the insured has understated the value at risk in which case a form of average will be applied.

The seller must pay all charges, including import duty, freight and other costs including insurance to time of delivery of the goods into buyer’s warehouse.

Sale of Goods Act 1979, s. 14(3), implies that when goods are sold by a trader, they must be reasonably fit for the buyer’s own particular purpose, provided the buyer made his purpose known (expressly or by implication) and reasonably relied on the seller’s expertise. Where goods are bought for their usual purpose, notification of the buyer’s purpose is implied. Fitness for purpose is also an aspect of satisfactory quality.

Reinsurance commission payable at an unchanging rate with no adjustment for profit or performance on the treaty.

An amount deducted from a sum payable on death if death occurs within a specified term. If the life insured survives the policy term the full sum insured is payable. The fixed debt has largely been superseded by the diminishing debt. See DEBT 1.

Harbours piers, wharves, buoys and similar fixed objects with which a ship may collide. The shipowner’s resultant collision liability is insured by Protection and Indemnity Clubs.
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In Marine Hull Liability insurance a distinction is drawn between “collision” with vessels and contact with “fixed objects” such as piers, wharves and fastened buoys, the latter not being covered by collision clauses.

Additions to buildings ‘therein or thereon’, usually considered a part of the building. The landlord’s fixtures and fittings are insured as part of the building but if installed by the tenant they are insured as ‘contents’. In regard to any particular fixtures or fittings it is necessary but not sufficient to ascertain who installed them as fittings installed by a tenant may be become landlord’s fixtures. Pointers include purpose of the addition, the degree of actual attachment to the building and the terms of any lease.