Marine cargo clause limiting liability on a claim to payments for reconditioning of the cargo, the cost of new labels and re-labelling.
***
This clause protects the insurer in case where the material inside is intact but the external wrappers or labels are defaced, damaged or stained. In such cases, insurer’s liability is restricted to the cost of replacement of the labels or wrappers and reconditioning the goods but a total loss cannot be claimed by the assured. This clause is more relevant when the assured is a manufacturer himself and in case of loss of or damage to labels on his manufactured items, can re-label them.

Gangs of individuals whose leader, the labour master, negotiates work and payment with employer. The work is usually casual in the construction industry, agriculture or horticulture. As the gang usually works alongside the employer’s staff, they are brought within the employers’ liability policy definition of employees’. The definition includes: ‘labour masters and persons supplied by them…

Sub-contractors, often in the building trade, who contract to supply work not materials. They are within the employers’ liability policy definition of ’employees’ similar to labour gangs.

Market value of cargo at destination on the final day of discharge from the carrying vessel.
***
Wholesale market value at destination on final day of discharge.

Property insurance peril held to mean a rapid downward movement under the influence of gravity of a mass or rock or earth on a slope. The word rapid may in some cases give way to the concept of the ‘slow accident. Pressure built up over time before pushing over a wall may be landslip (Ombudsman view). Landslip is insured as an additional peril alongside subsidence and heave. In all forms of cover, normal land settlement and coastal erosion are excluded together with damage to boundary walls, gates and fences unless the buildings are damaged at the same time.
***
The sliding down of a mass of land.

The percentage of policies, in force at the beginning of the year, that lapse by non-renewal, surrender or cancellation during the year. Insurers who have to constantly replace lapsed policies have relatively high acquisition costs. Life companies use the ratio as an indicator of marketing performance. The converse is persistency.
***
The ratio of the number of life insurance policies that lapsed within a given period to the number in force at the beginning of that period.

A policy lapses when it is not renewed for a further term. Revival of lapsed life policies may occur under a non-forfeiture clause.The lapses risk in life business means a lower level of recovery of fixed costs. Where up-front commission is paid it becomes more difficult to recover.

Large risks with commercial customers that are located in the European Economic Area are not subject to the Insurance: Conduct of Business rules on standards of advice. They are insurances embracing: (a) railway rolling stock, aircraft, ships, goods in transit, aircraft liability and liability ships; (b) credit and suretyship, where the policyholder is engaged professionally in an industrial or commercial activity or in one of the professions and the risks relate to such activity; (c) land vehicles (other than railway rolling stock), fire and natural forces, other damage to property, motor vehicle liability, general liability and miscellaneous financial loss, in so far as the policyholder exceeds at least two of the following three criteria: (i) balance sheet total €6.2 million; (ii) net turnover – €12.8; (iii) average number of employees during the year – 250.
***
An official term used in EEA insurance regulation. The formal definition of “Large Risks” is found in the EU’s 2nd Non-Life Insurance Directive (88/357). It can be summarised as meaning: (i) Risks classified as: Railway rolling stock Aircraft (including aircraft liability) Ships (sea, lake and river and canal vessels) (including liability) Goods in transit (including merchandise, baggage, and all other goods). (ii) Risks classified as Credit or Surety where the policyholder is engaged professionally in an industrial or commercial activity or in one of the liberal professions, and the risks relate to such activity. (iii) Risks classified as: Fire and natural forces Other damage to property General liability Miscellaneous financial loss in so far as the policyholder exceeds the limits of at least two of the following three criteria: – balance-sheet total: 6.2 million euros, – net turnover: 12.8 million Euros, – average number of employees during the financial year: 250. If the policyholder belongs to a group of undertakings for which consolidated accounts are drawn up, the criteria mentioned above is applied to the consolidated accounts.

Final link in a chain of events closest in time to the loss but not closest in efficiency. In Leyland Shipping Co. v. Norwich Union (1918) a torpedoed ship later sunk following a storm, the ‘last straw’, but the proximate cause of the loss was the torpedo damage. The insurer was not therefore liable as the policy excluded war risks. An undamaged ship would have survived the storm.