An engineering insurance catering for contractors and others who move, erect or install plant and machinery. The cover enables the contractor to meet his contractual obligations and cover can extend to: testing operations; maintenance period liability; constructional plant and equipment used in connection with the contract; manufacturers’ guarantee for repairs or replacements from manufacturing defects.

The sums paid to a general average fund to make good losses incurred by the general average act.
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The value of that part of a ship or cargo that is sacrificed in a general average is called the “made good.” The owner is entitled to the cost of repairs to the ship or the net value of the cargo sacrificed.

The FSA regulates professional firms that carry on mainstream financial activity as per the Regulated Activity Order. It includes direct advice to clients on investment and pension products, discretionary investment management and certain types of corporate finance activities such as listing and public offers. Broadly it means standalone investment advice as opposed to advice as an adjunct to the provision of professional services, e.g. legal services. Such firms must become authorised professional firms. A professional firm not conducting mainstream financial activity, whose advice is incidental to a professional activity, can become an exempt professional firm regulated by a designated professional body.

The period after completion of a construction contract during which the contractor is responsible for maintenance issues and defects. During this period (commonly 12 months), the contractor should maintain his insurance as required by contract. Different levels of cover are available (visits maintenance, extended maintenance guarantee maintenance) depending on the specifics of the contract. See JOINT CONTRACTS TRIBUNAL; CONTRACT WORKS.

A fire policy clause requiring the insured to maintain the premises in a good and substantial state of repair during the currency of the policy.

Where a mandatory offer has resulted in the major stakeholder in a Lloyd’s syndicate holding at least 90 per cent or more of syndicate capacity, the managing agent may seek permission from the Council to compulsorily acquire the remaining part of the capacity from the minority interests. (Byelaw 18/97).

Unlawful damage committed by individuals motivated by ill will in circumstances not amounting to a riot. Riot cover normally extends to cover damage caused by malicious persons acting on behalf of a political organisation. Malicious damage can be covered more generally as an additional peril subject to an excess and the exclusion of loss by theft.
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Deliberate damage by individuals in circumstances that do not constitute a riot.

A unit-linked fund or insurer managed fund in which transactions in the underlying assets are decided by the fund manager. Normally fund managers invest in a spread of all types of assets as opposed to a specified type of asset.
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A fund managed by insurance company or other financial institution with a discretion in the choice of investment.

Regulations principally concerned with risk assessment, management, health surveillance, use of competent assistance and provision of information and training for employees. Employers and the selfemployed must carry must out a risk assessment and have arrangements for effective planning, organisation, control, monitoring and review of their preventative and protective measures. Employers with five employees or more must record their assessments. Regulatory breach is a criminal offence and, by an amendment, it is intended to allow civil claims against the employer.