1. Anyone connected to the Internet for business faces the risk of claims for libel, slander, breaches of intellectual property and confidentiality rights. The policy pays for legal liability and defence costs arising out of ‘e-activities’ broadly meaning ‘the transacting, disseminating or enabling the marketing, buying, selling or distribution of goods, services or information through electronic networks. Additional clauses cover cost of replacing records, financial losses due to fraud, legal fees for enforcing intellectual property rights, loss of profits due to interruption in trading through viruses, hacking, etc., claims by employees, brand protection, etc. 2. Internet service providers insure their Internet liability arising out of the provision of Internet services. Risk management is an important response to all Internet risks.

Information and research portal for global weather derivatives market. Gives access to LIFFE trading and the OTC weather risk market. It is a consortium formed between Intelligent Finance Systems Ltd, LIFFE, and Intellectual Resources Exchange Ltd (WIRE). The portal contains weather data from all major contract sites worldwide. World-wide

Reports on the potential for interruption of a business as a result of fire, breakdown or any other peril covered or to be covered; the business interruption equivalent of a fire survey. The report covers: (a) the effect of ‘damage’; (b) how long it will take to recover from the interruption; (c) how the insured might be assisted to keep the business going during the period of interruption. The report assists in fixing the rate and assessment of the estimated maximum loss (EML) and risk improvement. The report should take account of external dependencies.

New cause that intervenes into a sequence of events that is not the reasonable, natural or probable consequence of the preceding cause. It breaks the chain of causation. Even if the chain started with an insured peril there will be no liability for losses occurring after the occurrence of the intervening cause which changes the outcome and destroys the cause and effect relationship between the insured peril and the loss. See PROXIMATE CAUSE.

In terms of the conduct of designated investment business an individual appointed by a provider firm or appointed representative whose role is simply to effect introductions or distribute non-real time financial promotions e.g. leaflets and brochures. The introducer should not give any investment advice except discreet advice to the effect that the client should consider making an investment and recommending a suitably authorised individual or firm he or she may consult. Introducing is also regulated under ICOB as part of arranging non-investment insurance contracts.

An appointed representative appointed by a provider firm and whose scope is limited to: effecting introductions; distributing non-real time financial promotions, e.g. leaflets, brochures. Such a representative can have an unlimited number of principals.

Warranty whereby the insured under a commercial policy must: install an intruder alarm system as specified; inspect and maintain the system in accordance with specified standards by a NACOSS or other approved installer; put the system into full and effective operation whenever the alarmed portion of the building is closed or unattended. All keys must be removed from the premises when closed or unattended except for a part of the premises residentially occupied.

Means taking effect for the benefit of a particular party. Reinsurance contracts may provide that other reinsurances, applied first to the loss, are to ‘inure to the benefit of the reinsurer. If the other insurances are to be disregarded they ‘inure to the benefit’ of the reinsured.

diffuse term often applied to a single premium whole of life or endowment policy providing minimal guaranteed death benefits and with little or no contractual penalty for early surrender; often applied to a ‘cluster’ of identical life policies designed to facilitate flexibility on making partial surrenders.