Life policy on two or more lives under which the sum insured is payable on the last death. They are used in connection with leases granted for the lifetime of two or more people. Policies are usually whole of life or endowment.

Individual joining a group life and pension scheme beyond the date at which he was automatically eligible for membership.

Actual retirement of a pension scheme member after his normal retirement age.

Partly nullifies the House of Lords decision (Pirelli v. Oscar Faber & Partners (1983)) that when property damage occurs the limitation time runs from the time of damage. The Act adds a further three years’ limitation period from the date the damage was reasonably discoverable subject to a ‘long stop’ provision of 15 years from the act of negligence. The claimant’s knowledge of the damage or capability of reasonably discovering it, follows the knowledge’ requirements of the Limitation Act 1980.

Disease that may lie dormant or undiscovered for years before being diagnosed or discovered, e.g. asbestosis. See LONG-TAIL LIABILITY.

Covers a spacecraft during the launch phase. The cover is material damage on an ‘all risks’ basis and includes the risk of malfunctioning. The policy runs from the initial ignition until the spacecraft reaches its correct and final orbit and its systems fully checked before it begins the commercial operations for which it was intended.

List of past events (e.g. all house surveys by a particular person) that could lead to claims under a professional indemnity claims-made policy. By notifying the event in advance of any claim the insured seeks to have the event deemed as a’claim made during the policy period’ even though the policy, at time of claim, may have lapsed. The ‘laundry list’ may be a sufficient notification but insurers may contend that the list is too broad to protect the insured against any specific claims. Each case turns on its own facts (Hampton v. Field).

Enacts that on death all actions subsisting against the deceased, or vested in him, survive against or for, his estate. The estate can claim damages for the period between the accrual of the cause of action and the date of death. Damages are calculated without reference to any loss or gain to the estate consequent upon the death’ so annuities previously payable and life insurance now payable are disregarded. Awards under the 1934 Act are the same regardless of claims under the Fatal Accidents Act, under which there is to be no duplication of damages.

Number of days allowed in a charterparty that a ship may use a dock for loading/unloading before demurrage is payable to the shipowner. The lay days may be either (a) fixed as to number; or (b) indeterminate dependent on the circumstances, e.g. ‘according to the custom of the port.
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The period which is allowed for the loading and unloading of the ship. The counting of lay days begins after the arrival of the ship and serving the notice to the shipper.