Document lodged at Companies House setting out the objects and the powers of a company incorporated under the Companies Act. Any acts outside the objects clause are ultra vires and therefore invalid. Directors making contracts’ that are ultra vires may be personally liable. See DIRECTORS’ AND OFFICERS’ LIABILITY.
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The document that sets out the constitution of a company and states its objects. It is complemented by by-laws, referred to as Articles of association.

Voluntary agreement between motor insurers replacing the knock for knock agreement. Insurers, whose respective insureds have been involved in a collision, agree, when liability attaches to their insured, to pay the other insurer’s accidental damage claim without contesting the amount claimed. This saving in administrative costs is a part of the reduction in paper work exchange.

Framework for the relati ship between the FSA and the Financial Ombudsman Service (FOS). It reflects the fact that whilst each is operationally independent, they need to cooperate and communicate constructively with each other in order to carry out their respective functions effectively. A similar undertaking links the FSA and the Financial Services Compensation Scheme.

Clause referring to particular average used in the discarded SG form. The object was to free underwriters from liability for particular average in respect of certain classes of goods that were particularly susceptible to damage by insured perils. In respect of other goods and the ship and the freight, it applied a franchise (a percentage of damage) which had to be reached before a particular average claim was payable by the insurer.

Extends strict liability for oil pollution damage to all ships carrying persistent oil whether as fuel or cargo. In the event of discharge or release the shipowner is strictly liable for: damage outside the ship by contamination; the cost of preventative measures; and damage caused by the preventative measures. The right of shipowners to limit their liability is not affected. The Act recommends liability insurance but, unlike CLC, does not make it compulsory.

A consolidating Act dealing with, inter alia, liability for oil pollution, compulsory insurance, the International Oil Pollution Compensation Fund and the liability of shipowners and others. The Act embodies the 1976 Convention on the Limitation of Liability for Maritime Claims. It also enables the government to act when a shipping casualty threatens large scale oil pollution in UK waters. Government-caused damage to vessels is covered under the International Hull Clauses.

Section 16 adds to s.192 of the Merchant Shipping Act 1995 a provision enabling the Secretary of State to regulate compulsory third party liability insurance for all British merchant ships and foreign ships visiting British ports.

Malignant industrial disease caused by asbestos exposure. Tumours erupt from the mesothelial cells in the linings of the lungs. It is a terminal condition and life expectancy, once the condition has been diagnosed, averages 12 to 18 months. The long-tail from exposure to diagnosis is between 20 and 50 years.

Extension applying the insured’s fire policy cover on plant and machinery to the premises of any machine maker, engineer, founder, metal worker, customer, agent or subcontractor and whilst in transit by road, rail or inland waterway in Great Britain and Ireland. The extension does not apply to premises occupied by the insured and has a maximum liability under the extension and a maximum any one location.

Any class of business that has a ‘run off’ of more than three years but less than ten years. See LONG-TAIL BUSINESS.