The compulsory purchase of residual syndicate capacity by a member, or group of members, holding 90 per cent or more of the syndicate capacity after a mandatory offer. See MAJOR SYNDICATE TRANSACTION.

A syndicate with the same constitution as another syndicate managed by the same managing agent.

Mis-selling has been described by the FSA as a failure to comply with the FSA Rule Book and its broad Principles of Business. The term does not appear in the FSA Handbook but it commonly refers to an advised sale of investment products to consumers which does not meet the Handbook requirements for suitability or ‘know your customer obligations. The emphasis is on the suitability of the recommendation for the individual and not the investment performance of the product. If suitability was established at the time of sale, and the required explanation of risk was given, then the consumer dissatisfaction about investment returns achieved gives no ground for an allegation of mis-selling.

Executors, administrators or trustees may wish to distribute an estate among the available beneficiaries even though a beneficiary may be missing. The indemnity enables them to proceed knowing that they will be indemnified against claims if the missing person reappears.

A transaction may depend upon a life insurance policy, share certificate or other document that is missing. An indemnity given by an insurer may enable the transaction to proceed as the insured is then covered against any loss resulting due to another person subsequently producing the document and basing a claim upon it.

Ship deemed to be missing when, after extensive enquiries, it is officially posted as ‘missing’ at Lloyd’s. It is then considered an ‘actual total loss’ and both hull and cargo claims are settled accordingly. During peacetime the cause of loss is deemed to be an insured peril but war peril during wartime.
***
A ship that has been posted at Lloyd’s as ‘missing’, because, despite an enquiries, she cannot be traced. A missing ship is deemed to be an actual total loss.

Marine policy covering the subject-matter for the voyage and a period of time thereafter, such as a period in port.

Lloyd’s syndicates made up of both corporate and individual members. Generally spread vehicles write on these syndicates alongside names. See PARALLEL SYNDICATES.