The return completed by Lloyd’s for FSA regulatory purposes, covering the activities of all Lloyd’s syndicates. When the returns are consolidated Lloyd’s publish the Lloyd’s market underwriting results.

UK: Acting honestly. It means the absence of fraud, but falls short of the doctrine of utmost good faith.
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Lack of fraudulent acts or intentions. In general all contracts are subject to good faith. Compare with “Utmost good faith.”
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Most ordinary contracts are good faith contracts. Insurance contracts are agreements made in the utmost good faith. This implies a standard of honesty greater than that usually required in most ordinary commercial contracts.

In marine insurance this means ‘goods in the nature of merchandise. It does not include personal effects or provisions and stores for use on board (Marine Insurance Act 1906, Schedule, Rules for Construction of Policy, rule 17). This rule also provides that deck cargo and living animals must be specifically insured and not insured as goods unless it is customary to do so.
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Goods mean goods in the nature of merchandise and does not include personal effects or provisions and stores for use on board.

‘Goods in trust’, when written in a policy, does not imply a technical trust but includes holding goods as a bailee. ‘Goods held on commission’ has a more restricted meaning and refers to property entrusted to the insured for the purpose of sale. The phrase as a whole is wide enough to cover not only the insured’s interest but also the full value of the goods. Any sum the insured recovers above his own interest is held in trust for the owners. See GOODS IN TRUST OR ON COMMISSION FOR WHICH THE INSURED IS RESPONSIBLE; ON GOODS.

Covers goods in transit by land (or by land and sea). Cover is either on (a) the goods protecting the owner’s interest; or (b) the liability when a road haulier carries customers’ goods. The goods owner insures ‘all risks’ cover up to an amount per specified vehicle or per consignment when using other transport modes. The haulier can insure on a specified vehicle basis or, on a declaration basis, by estimating annual haulage charges with a selected limit of indemnity. Cover, within the territorial limits, applies during loading, carriage, unloading or temporary garaging of vehicles or trailers. Insurance may include loss/damage to sheets, ropes, clearing up, repackaging and re-sorting following an accident. See ROAD HAULAGE ASSOCIATION CONDITIONS OF CARRIAGE; HAULIERS LIABILITY POLICY.
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A typical Insurance in one which cover all risks of loss or damage from time goods began to be loaded on to a vehicle until the time that unloaded at destination. On the other hand, as an alternative, to cover only specified perils such as damage by Fire, loss or damage by theft, or pilferage and of limited do damage by Fire, loss or damage by theft, or pilferage and limited to damage caused by collision or overturning of the vehicle. Policies may be extended to cover transshipment or storage at the end of a transit or at destination.

The addition of the phrase ‘for which the insured is responsible’ to the phrase ‘goods in trust or on commission’ restricts cover to the interest of the insured and does not extend to cover the proprietary interests of other persons in the goods. The owners of goods were not protected when a fire occurred at the insured’s warehouse as the insured item protected only the warehouse proprietor’s interest (North British and Mercantile Insurance Co. v. Moffat (1871).

Required for special managers in bankruptcy, trustees under deeds of arrangement, liquidators and those concerned with dutiable goods. See CUSTOMS AND EXCISE BONDS.

Pension scheme under which benefits are related to earnings in each year of membership. An alternative term is salary grade scheme.

Causes that result in loss over time, e.g. rust, corrosion and normal wear and tear. No fortuitous element is present and compensation for the reduction in value would contravene the principle of indemnity. Wear and tear, etc., is specifically excluded from all risks’ policy but ‘new for old’ and reinstatement policies modify the principle of indemnity.

A rule of construction meaning that in construing a policy the ordinary rules of grammar and punctuation will apply, although a court has a discretion to correct obvious slips. The draftsmen of policies and legal documents try not to rely on punctuation to convey their meaning.