Evidence that an individual consignment is insured. Banks will only discount the bills of exchange on production of this certificate.

A fire insurance clause excluding property which is insured or would but for the existence of the fire policy be insured by a marine policy except for any excess beyond the amount which would be paid by a marine policy.

Cargo policy clause extending the warehouse to warehouse clause. It provides continuous cover during any deviation, delay, reshipment, trans-shipment or other interruption in the course of transit beyond the control of the insured. The policy is extended during the delay but does not add delay as an insured peril.

Act 1909 See GAMBLING POLICIES.

Defined in the Marine Insurance Act 1906 as existing where (i) tangible property is exposed to loss by maritime perils, (ii) any pecuniary interest, etc., is thereby endangered, or (iii) any third party liability incurred. To be insurable, such adventure must be lawful.

Right of a salvor to hold the property that has been saved pending payment of the salvage award. Under the Lloyd’s Form of Salvage Agreement the lien is discharged when the owner of the salved property provides a general average deposit, general average guarantee or some other form of general average security. See IN REM.
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A right enjoyed by a party to a marine adventure whereby he may retain the property of another as security against payment of a debt relating to the adventure.

Means: ‘perils consequent upon, or incidental to, the navigation of the sea, that is, perils of the sea, fire, war perils, pirates, rovers, thieves, capture, seizure, restraints and detainments of princes and peoples, jettisons, barratry, and any other perils, either of the like kind or which may be designated by the policy’ (Marine Insurance Act 1906).
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The perils consequent on or incidental to, the navigation of the sea, that is to say, perils of the seas, Fire, war, perils, pirates, robbers, thieves, capture, seizure, restrains and detainments of princes and peoples, jettison, barratry and any other perils which are either of the like kind or may be designated by the Policy.

Behaviour in relation to qualifying investments which, by the ‘regular user test’, is likely to be regarded as abusive, particularly if: the behaviour is considered to be based on information that is not generally available (misuse of information); the behaviour is considered to give a false or misleading impression of the supply, demand, price and value of investments; or the behaviour is likely to distort the market in investments in question. The sanctions are criminal and civil. (Visit www.fsa.gov.uk).

Voluntary agreement among insurers to establish cost saving practices. Insurers enter into claims agreements to avoid expensive arguments about liability or quantum when each insurer insures a party involved in the same accident. The agreements work best when each insurer writes a similar account so that, overall, the net amount that one insurer would owe another under normal legal processes is insignificant compared with the savings gained. See MEMORANDUM OF UNDERSTANDING.
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An agreement between all the underwriters in a certain section of the Lloyd’s market.