UK: Property sacrificed for the common safety of the maritime adventure. The owner of sacrificed cargo may claim directly against his insurer under the Institute Cargo Clauses, or, after completion of the voyage, seek general average contributions from the ‘saved interests. See GENERAL AVERAGE.
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The sacrifice of one of the interests in a marine venture made to preserve the other interests from a total loss.
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The voluntary destruction of part of the vessel or the cargo, or the deliberate expenditure of funds in time of grave peril, which is successful in avoiding total disaster.

General average contribution is secured by a general average bond, general average deposit or general average guarantee. The vessel owner’s interest is also secured when the cargo owner supplies documents to replace the shipowner’s lien on the cargo.

Exceptions listed in a comprehensive or hybrid policy that apply to all sections of the policy. Also, each section has its own specific exceptions.

the classes of insurance business set out in Part I of Schedule 1 to the Regulated Activities Order and consisting of various types of indemnity insurance, as distinct from long term insurance (including life insurance).
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See: “Insurance, General Insurance.”

Eighteen classes of insurance specified under FSMA (Regulated Activities) Order 2001, Schedule 1, Part I as being regulated activities. They are the classes of accident; sickness; land vehicles; railway rolling stock; aircraft; ships; goods in transit; fire and natural forces; damage to property; motor vehicle liability; aircraft liability; liability for ships; general liability (i.e. does not include liability relating to motor vehicle, aircraft or ships); credit; suretyship; miscellaneous financial loss; legal expenses; assistance. The classes are then grouped for accounting purposes. For example, accident and sickness classes combine to form group 1 (accident and health) and a liability (group 6) comprises liability relating to motor vehicles, aircraft, ships and general liability. See LONG-TERM BUSINESS.

Term in FSMA (Regulated Activities) Order 2001, Schedule 1, Part I, describing 18 types of general business as opposed to long-term business listed as regulated activities under FSMA, Part IV permissions. Such general insurance business include accident, aircraft, motor, legal expenses, etc.

Regulates the selling, advising and servicing of its members in relation to general insurance business conducted. It is an independent, non-statutory organisation, funded by its 6,500 members who include general insurers, intermediaries, agents and those acting for them. The main purpose of GISC is to ensure that general insurance customers are treated fairly. GISC’s role will be taken over by the FSA in 2005. (Visit www.gisc.co.uk).

1994 A general duty is placed on all suppliers of consumer goods. They must supply products that are safe in normal or reasonably foreseeable use. Safety takes into account factors such as the product’s characteristics, instructions and warnings and the categories of consumers at serious risk when using the product, particularly children. Relevant British or European standards can be taken into account in assessing safety. Breaches are punishable by fines and/or imprisonment. GPSR largely replaces the general safety requirement under Consumer Protection Act 1987 (s.10).

FSMA, s.19, states that no person may carry on a regulated activity in the UK, or purport to do so, unless he is an exempt person or authorised person. Any breach amounts to a criminal offence.

A person resident in the UK designated as the representative of an insurance company with a head office outside the UK, who is authorised to act generally and accept the service of documents.
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A person appointed by Lloyd’s to represent Lloyd’s and Lloyd’s underwriters in a particular country or territory. A General Representative may be a natural person or a company. An agreement between Lloyd’s and the General Representative sets out the General Representative’s duties and responsibilities.