Voluntary associations of individuals. They must sue or be sued in the names of the members of the committee, or the officers, on behalf of themselves and all other members. Members are liable only to the extent of their subscriptions. Public liability insurances cover add the personal liability of members as well as member to member liability.

In addition to members’ Funds at Lloyd’s, members must prove that they have sufficient net eligible means (at least £350,000 in 2002) to commence or continue underwriting. This wealth is called upon if the premium trust funds and Funds at Lloyd’s prove insufficient.

Discontinuance of membership in an organisation or group. Terminates membership eligibility under a group policy or employee benefit scheme due to end of employment or other change in circumstances. Under group life policies the departing member may benefit from a continuation option.

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.
***
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.