Annual publication containing information of value to underwriters. It contains photographs, descriptions and performance details of the majority of civil and military aircraft and engines in current production and/or under development.

Clause that may be added to a hull policy in circumstances where hull particular average claims are likely to be frequent. The policy is made ‘free of particular average’ if the partial loss does not equal or exceed 3 per cent of the insured value. The insured warrants that he will remain uninsured for the 3 per cent.
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A clause applying an excess to a marine insurance policy.

A clause appearing in a contract of affreightment when disputes may be subject to US law. The clause obligates the owners of cargo to contribute to general average in cases of danger, damage or disaster resulting from faults or errors in navigation or in the management of a vessel or its machinery, provided that the owner shall have exercised due diligence to make the vessel in all respects seaworthy, and to have it properly manned, equipped and supplied. The clause avoids the consequences of a US court decision which held that a shipowner could not recover cargo’s proportion of general average arising out of a negligent navigation or error in management.

An insurance in the joint names of Employer and Contractor for the benefit of the Employer. It secures ‘non-negligent’ liability cover and damage to any property other than the contract works and site materials caused by collapse, subsidence, heave, vibration, weakening or removal of support or lowering of the ground water arising out of the works. The insurance is usually required when work involves existing buildings or is close to them. See JOINT CONTRACTS TRIBUNAL.

Cargo or goods that sink when jettisoned. Term also applies to such goods when washed ashore.

Covers jeweller’s stock, goods in trust and bank notes on an ‘all risks’ basis on the premises, in the vaults or in transit. The policy extends to cover premises, trade and office fixtures and fittings against a wide range of perils. The policy contains strict limits for specified types of losses.

A joint committee of Lloyd’s and the IUA (insurance companies) concerned with the general welfare of marine cargo insurance and the Institute Cargo Clauses. It makes recommendations to the market to provide a framework for the underwriting of cargo business.
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A committee of Lloyd’s and Insurance Company underwriters which discusses problems relating to marine cargo insurance makes recommendations to the market.

A company concerned for over 70 years with producing suites of standard contracts and guidance notes for the construction industry. JCT has nine constituent bodies representing the key professions and associations from both the public and private sectors. The contracts range from simple house extensions through to major public construction projects. See JCT CLAUSE 21.2.1. NON-NEGLIGENT COVER. (Visit www.jct.co.uk).

Main set of clauses for the excess of loss reinsurance of London Market syndicates and companies. They are the only standard set of clauses but are sufficiently flexible to have a wide application.

Run by Lloyd’s and the IUA to promote standardised wordings and clauses for excess of loss reinsurance contracts.