Additional voluntary contributions by a pension scheme member to an insurance company or building society chosen by his pension scheme, or to the scheme itself.

A pension payable, subject to scheme rules, to members whose illness prevents them from working normally. The pension helps to offset any fall in income.

the coming into force of an insurance contract.
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Commencement or beginning (eg of cover).

Clause 2.2 of the Perils Clause of the International Hull Clauses (1/11/02) named after a ship that suffered uninsured damage (1887) following a crewman’s negligence. The clause supplements the perils of the sea clause (Clause 2.1) by adding cover for loss or damage to the vessel caused by the socalled Inchmaree perils: bursting of boilers, latent defects in hull machinery, cargo handling accidents, repairer’s negligence, crew negligence and barratry of master, officers and crew.
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Covers losses resulting from latent defect in hull and machinery of vessel and losses resulting from errors in navigation or management of the vessel by master or crew.

Business written by a Lloyd’s syndicate formed to write one class of business but which falls into another class. This is permissible within specified limits.

Non-marine insurance underwritten by a marine insurer that is supplementary or incidental to his marine business.
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Insurances written by a Marine underwriter as an adjunct to his marine insurance account.

Governs the approval and tax treatment of both personal and occupational pension schemes. Section 590 deals with mandatory approval for occupational pension schemes but most schemes are approved as exempt approved schemes that give greater flexibility in terms of the benefits.