The term, according to the decision in Oldfield v. Scott and Jackson (third party) (Oldham County Court, 24 July 2002), refers to persons with whom the policyholder normally resides at home. Miss Oldfield’s injury was caused by her holiday companion, Scott, who arranged travel insurance that excluded claims by members of the insured’s household. Oldfield did not reside with him and was not therefore a member of his household. The insurer could not benefit from the exclusion. The term is defined in some policies.

Most insurers allocate fixed or maximum sums insured that are usually index-linked. Cover may be on an accidental basis in respect of buildings, outbuildings, etc. Additional coverage areas include: alternative accommodation following insured damage; trace and access faults; lock replacement; property owners’ liability; emergency repairs. There will invariably be an unoccupancy clause.

Contents are defined and can be insured ‘new for old’ or on an indemnity basis against named perils or against ‘accidental damage’ basis. Sums insured are fixed at the outset but index-linked. There is limited cover for contents in the open and theft from outbuildings. Additional coverage areas include: alternative accommodation; loss of water; freezer contents; temporary removal; business equipment; personal liability; occupiers’ liability; employers’ liability for domestic employees. The policy contains an unoccupancy clause. High risk property is subject to an inner limit sum insured and a single article limit.

Private dwellings insurance on buildings and contents. Policies are either ‘comprehensive’, i.e. covering a range of named perils, or on the wider accidental damage basis. ‘New for old’ cover is available in connection with contents. See HOUSEHOLD BUILDINGS COVER; HOUSEHOLD CONTENTS COVER; HIGH RISK PROPERTY.

Covers the contents of a house during the house removal process. Household contents policies apply only to property ‘temporarily removed’; also they do not apply to furniture removed to a depository. Removal is usually ‘all risks’ cover and may be subject to a condition that the removal or the packing is carried out by professional removers. Cover applies for up to seven days but may be restricted to 48 or 72 hours.

Amphibious vehicles insurable against accidental, fire and theft. Cover operates during road transit in trailer or on low loader. Third party and passenger liability applies. Special terms apply for racing and/or business use. The Hovercraft (Civil Liability) Order 1986 amends earlier legislation in matters relating to civil liability for injury to passengers and loss/damage to baggage.
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The insurance of air cushion vehicles in respect of damage to hull or liabilities.

A marine insurance syndicate that specialises in hull insurance to the exclusion of other forms of insurance.

Structural framework of a vessel, aircraft, hovercraft or boat, or anything that floats or moves. Permanently moored floating devices (except offshore structures for oil production) such as floating lighthouses, buoys and markers are not normally insured in the marine hull market. ‘Hull’ originally meant insurance on the ship and its masts but not the machinery, ship’s stores, nets, ropes, equipment and bunkers. The policy now covers hull and machinery including disbursements and a running down clause. Risk factors in marine insurance include: year of construction; type (tanker, tug, etc); tonnage; construction; flag; trade; trading limits (coastal, ocean going); propulsion; socio-economic environment. Ships are normally insured for yearly periods under the Institute Time Clauses or the International Hull Clauses.

Method to reduce the work and expense in preparing reinsurance treaty accounts. It obviates the preparation of separate accounts each showing the reinsurer’s individual proportion of premiums and losses. Instead a statement shows the hundred per cent treaty amounts of every item on the account with a copy submitted to each reinsurer with only its proportion of the final balance shown thereon. See CLEAN CUT BASIS.

1. Occupational pension scheme in which the ultimate benefit depends which, of two combined elements performs better, a final salary scheme or a money purchase scheme. 2. An occupational scheme that offers money purchase benefits to some members and final salary benefits to others.