Policy form used in the London market to which the standard Institute Clauses must be attached. The form sets out the agreement to insure in simple terms leaving cover to be defined by the standard clauses.

(War Risks) Act 1952 Empowers the UK government to reinsure British ships and aircraft against war risks and, when in the UK, cargo, foreign ships and aircraft. In the absence of an alternative, the government can also provide primary war risk insurance if the UK is at war. This is important as war risks cover in the commercial markets is subject to cancellation at short notice at time of war or terrorism. The government used its powers during the Gulf war and again following ‘September 11’. It formed a company, Troika, to provide war and terrorism cover for airlines and service providers pending the return of commercial reinsurers to the war risks market.

Public liability exclusion of risks insurable in the marine and aviation markets. The exclusion is of liability arising out of the ownership, possession or use by by the insured of aircraft, hovercraft or watercraft other than barges, motor launches and non-powered craft used on inland waterways. The ownership or use of small craft is not excluded. Also the insurer modifies the exclusion so that any contingent or vicarious liability associated with craft not owned or operated by the insured is covered.

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.