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.

UK: a legal or equitable financial interest, in property or in the happening of some event; such an interest is essential for the validity of a contract of insurance; in life insurance the policy holder must have a financial interest in the life assured at the time the policy is issued.
***
UK: A principle of insurance whereby a policy is not valid unless the insured person stands to suffer a financial loss if the insured event occurs (e.g. loss or damage to property or creation of a liability), or benefit from the non-occurrence of the event, i.e. the property being preserved or no liability being created. Generally, an insurable interest must exist when the policy is issued and at the time of loss except in the case of marine insurance, when interest is required only at the time of loss, and in life insurance when interest is required only at the inception. See GAMBLING ACT; POLICY PROOF OF INTEREST.
***
US: An interest by the insured person in the value of the subject of insurance, including any legal or financial relationship. Insurable interest usually results from property rights, contract rights, and potential legal liability.
***
MEDICAL,USA: Concern of an insured or beneficiary in property or the life of an individual in which there would be financial loss if the insured died or if the property is damaged or destroyed. For example, if an individual sells an automobile and is paid in installments, he or she has an insurable interest in the automobile in proportion to how much money remains unpaid. The buyer also has an insurable interest.
***
If an insured wishes to enforce a contract of insurance before the Courts he must have an insurable interest in the subject matter of the insurance, which is to say that he stands to benefit from its preservation and will suffer from its loss. In non-marine insurances, the insured must have insurable interest when the policy is taken out and also at the date of loss giving rise to a claim under the policy. In life insurance the insured must have insurable interest must when the policy is taken out and in marine insurance the insured must generally have insurable interest at the date of loss giving rise to a claim under the policy.
***
Insurable interest means the legal right to insure that is to say that it arises out of a relationship between the proposer and the subject matter of Insurance. For insurable interest to exist there must be property, rights, interest, life or liability which must be insured and the insured should have a legally recognized relationship thereto. He benefits by the safety of the property or is prejudiced by its loss. Insurable interest could arise in a number of ways such as (01) ownership (02) mortgagee (03) trustee (04) Bailee, or (05) lessee. In all general Insurance contracts, other than Marine, the insurable interest must be present both at the time of taking out the Policy and also at the time of loss. That is to say the insurable interest must prevail throughout the currency of the Policy. In marine Insurance, the insurable interest must exist at the time of loss.
***
The interest an individual or company has in an insured item that would cause him or her financial harm if a loss were to occur.
***
The potential for financial loss associated with damage or destruction of property. It is the principle of insurance interest that keeps insurance from becoming gambling. Most carriers require an insured to have insurable interest in the property before agreeing to provide coverage.

A term often used to describe investment bonds. They contain an insurance element and are single premium policies issued by insurance companies.

A full-time intermediary offering a service on the basis of professional expertise and competence. The broker offers advice and arranges the insurance normally as agent for the insured but is usually remunerated by a commission from the insurer. From January 2005, insurance brokers will be regulated by the FSA.
***
An individual or firm that acts as agent for an individual, body or firm in arranging insurance cover and in presenting claims under such cover. At present only Lloyd’s brokers may arrange cover directly with or on behalf of underwriters in the underwriting room.

(qv) rules relating to the conduct of insurance business. The FSMA empowers the FSA to make rules prohibiting an authorised person, who has permission to effect or carry out contracts of insurance, from carrying on a specified activity. Another rule empowers the FSA to make rules in relation to contracts entered into in the course of carrying on long-term insurance business particularly in regard to linked-policies (s.141(4)). It means that where the FSA has determined that a particular index is no longer permissible it can stop new policies being linked to that index. It can also require that existing linked policies should substitute a new index for the prohibited one.

Insurance suppliers incorporated under the Companies Act. This includes: 1. Proprietary companies, i.e. limited liability companies generally constituted under the Companies Act with a subscribed share capital. The shareholders have the ultimate rights to the profits, but in the case of a life insurance company provision has to be made for a share of the profits to go to ‘with profits’ policyholders. 2. Mutual companies. These are notionally owned by the policy holders who share in the distributable profits in proportion to the sums assured and conditions of their policies. Such companies have been common in life insurance but some have demutualised.

Provisions that state the insured person under a legal expenses policy has the right to choose his own solicitor. The regulations also deal with the conflict of interest that would arise if the legal expenses insurer acting for the claimant was also the liability insurer for the defendant sued by that claimant.