All of the policies, procedures and processes established to ensure that business objectives are achieved in a cost effective manner. The Turnbull Report on Compliance with the Combined Code of Best Practice in Corporate Governance requires the board in a listed company to give high level meaningful information in its annual report on, inter alia, its responsibility for internal control and confirm that there is an ongoing process for identifying, evaluating and managing significant risks.

A business interruption term referring to internal activities and situations which, if interrupted by material loss or damage, would adversely affect the firm’s ability to maintain turnover. One small machine could be of such strategic importance it could hinder or stop production runs. Compare with EXTERNAL DEPENDENCIES.

System which must be included in an occupational pension scheme for dealing with members’ concerns and complaints. It must be used by a member before taking a case to the Pensions Ombudsman or OPAS.

Motor trader’s version of a public liability policy but adapted to cover custody and control of customers’ cars, the sale of parts and defective workmanship, if required.

Promotes safe, regular and economical air transport and is a means of collaboration amongst air transport operators. IATA has drawn up standard conditions relating to the carriage of passengers and baggage setting out limits of liability. Carriers are always free to use their own conditions. The IATA Inter-Carrier Agreement on Passenger Liability has ‘modernised’ the Warsaw Convention.
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Association formed in 1945, following the Chicago Convention of 1944 The main objects of the Association are:(a) to promote safe, regular and economical air transport for the benefit of the world, to foster air commerce, and to study the problems connected therewith; (b) to provide means for collaborating among the air transport enterprises engaged directly or indirectly in international air transport services; and (iii) to co-operate with International Civil Aviation Organizations and other international organizations.

Represents insurance supervisory authorities from about 100 jurisdictions. It promotes cooperation among insurance regulators; sets international standards for insurance supervision; provides training for its members; coordinates work with regulators in other financial sectors and international financial institutions. (Visit www.iais.org).
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IAIS is the forum which represents the Association of Insurance Regulators worldwide. IAIS represents Insurance Regulators an Supervisors of some 190 jurisdictions in nearly 140 countries, constituting 97% of the world’s insurance premiums. IAIS has drafted insurance core principles (ICPs), which provide the globally accepted framework for insurance sector. This has become a guidance document for the insurance regulators globally and the level of development of regulatory framework in a country is measured with reference to the benchmarks set by IAIS in the form of core principles.

Sets standards and makes recommendations for international air navigation. The international aspects involved make a high level of standardisation and cooperation between nations essential.

Fills gap arising from 1992 CLC regime that compensates only for oil pollution spillages from the cargo or bunkers of laden oil tankers. The Convention extends civil liability to pollution caused by oil spills from the bunkers of general cargo ships. The Convention follows 1992 CLC in most respects and includes compulsory insurance. The strict liability of CLC has already been extended to non-tankers and tankers in ballast in the UK by the Merchant Shipping (Salvage and Pollution) Act 1994.

Standard clauses that are used with the MAR 91 form. IHC reflects current practices, the increased importance of the International Safety Management Code, flag states and classificiation societies in connection with ship safety. The pollution hazard clause has been extended. The new clauses emphasise the consequences of breaching policy conditions. Part 1 sets out the Principal Insuring Conditions, Part 2 sets out additional frequently required clauses including Clauses 40 to 44 (4/4ths collision liability, fixed and floating objects, returns for lay up, general average absorption and additional perils otherwise excluded in Part 1) only apply when agreed by the underwriter. Part 3 contains claims provisions.

First International Chamber of Commerce anti-crime bureau and has observer status with Interpol and cooperates with governments and law enforcement agencies generally. Its task is to prevent fraud in international trade and maritime transport, reduce the risk of piracy, assist law enforcement agencies, protect crews and investigate insurance losses. See IMB PIRACY REPORTING CENTRE.
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To answer to the problems of international maritime frauds a non-governmental body known as the International Maritime Bureau was formed in London in 1981. Four preventive functional services are being offered by the Bureau (i) education service to supplement members’ present training programs on the prevention of maritime fraud; (ii) providing a general information through the regular publication of a bulleting containing latest developments in various parts of the world ; (iii) advisory services on whether potential trading partners are known to have previously been involved in fraudulent or suspect practices; and (iv) authenticating trading documents for banks and others that may need such assistance.