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.

The parent of a captive insurance company.

Adjustment applied to actuarial liability to reflect the difference between the market value and the actuarial value of the assets.

The rule, that a person who bought goods in ‘market overt’ (an open market) acquired a good title even if the goods were stolen, has been abolished by the Sale of Goods (Amendment) Act 1994. The so-called ‘thieves charter’ prejudiced the real owners of the goods and frustrated the subrogation rights of theft insurers.

A principle whereby all manufacturers of a particular type of product share liability for its injurious nature in proportion to their market shares for that particular product. The principle is adopted in some US courts where the cause of the harm cannot be traced to particular manufacturers.

reduction that may be applied by an insurer to the value of a with-profits policy (sum assured plus accumulated bonuses) on withdrawal prior to termination, designed to reflect the situation where the value of the underlying assets falls short; sometimes called Market Value Adjustment (MVA) or Market Level Adjustment (MLA).

A collection of wordings created from duplicate wordings being registered by Lloyd’s brokers. It means that more wordings are available to other brokers and underwriters.