Engineering insurance normally includes an inspection service by engineer surveyors. There are detailed statutory requirements that call for periodic inspections of boilers and pressure vessels, lifts, cranes and other lifting plant, etc. The service usually runs in conjunction with insurance on the item concerned. The insured can opt for more than the basic statutory service. A full technical service includes advice, reports, tests and the like.

There are three types: (a) Institute Cargo Clauses (A) cover all risks’ of loss or damage, subject to the specific exclusion of certain non-fortuitous losses; (b) Institute Cargo Clauses (C) covers loss or damage reasonably attributable to named major casualties (fire, explosion, stranding, sinking, etc.); (c) Institute Cargo Clauses (B) cover is as per C above but adding ‘earthquake, volcanic eruption or lightning’ and ‘wet damage’ from the sea, lake or river but also covering theft, shortage or non-delivery. All three sets cover general average sacrifice or contribution, salvage and sue and labour charges and contain the war exclusion but (A) does not exclude piracy. The

Clauses The Institute Container Clauses (Time) provide ‘all risks’ cover subject to the exclusion of named non-fortuitous losses. Loss or damage to the container’s machinery is covered only when the container is a total loss or the damage is caused by a named (major) peril. Ordinary damage (scrapes and bumps) is not covered. Confiscation is excluded under the War Risks Exclusion but is insured under the Institute War and Strikes Clauses Containers – Time.

Professional body representing actuaries in England and Wales. Formed in 1848 it received its Royal Charter of Incorporation in 1884. See FACULTY OF ACTUARIES.

Founded in 1884 the ILU has a worldwide influence, but membership is confined to companies underwriting in the London market. It is now a part of the International Underwriters Association where its work in compiling and revising the standard Institute Clauses continues.

IRM is an educational body and members’ organisation for risk management professionals. It seeks to represent an increasingly broad and diverse set of stakeholders on a worldwide basis. The IRM’s key objectives are: education; qualifications; good practice; and partnership. It has combined with AIRMIC and ALARM to publish the Risk Management Standard.

A revised version of the Institute Time Clauses (Hulls) was issued on 1 November 1995. ITC hull clauses work on a named perils basis and each clause has its own name, e.g. Perils Clause. Cover for war and strikes for hull insurance can be obtained under the Institute War and Strikes Clauses (Hulls-Time). As the cover is intended for an annual contract, war and strikes cover can be cancelled at short notice (seven days) or even automatically. The International Hull Clauses 1/11/02 are the latest revision, but the 1995 version is still used as underwriters choose from the alternative versions case by case.

Standard trading limits for ships not engaged in regular services. Used in hull insurances, the warranties mainly restrict navigational areas as without them the underwriter risks granting cover unwittingly in hazardous areas worldwide. Breach of warranty is held covered, subject to payment of an additional premium and any change of conditions imposed by the underwriter. Five warranties spell out restrictions on areas as to times of year when restrictions apply while a sixth restricts the carriage of Indian coal in terms of both time and place.

Institutions such as insurance companies, pension funds, unit trusts, investment trusts and banks who invest on behalf of their policyholders and private investors. They provide an indirect way for investment by individuals in a range of securities including equities.

Formed in 2001 to unify the back office support for the London Insurance Market. It is owned by Lloyd’s (25 per cent), the International Underwriting Association (25 per cent) and by Xchanging (50 per cent). The company has combined the separate processing and settlement operations of Lloyd’s Policy Signing Office and the IUA’s London Processing Centre into a single service for syndicates, insurance companies and brokers. The company also has an e-business infrastructure to enable market participants to continue to compete effectively globally. Xchanging is a company owned by General Atlantic Partners LLC, a leading investor in IT, Internet and Internetenabled business.