Branch of marine insurance covering installations and activities connected with the offshore exploration and production of oil or gas by mobile and non-mobile installations. The risks run from the construction on land, the pipelines and pumping stations up to and including the operation period.

Vessels carrying oil in bulk. The risk of oil pollution has resulted in compulsory liability insurance for vessels carrying more than 2000 tons. The Merchant Shipping (Oil Pollution) Act 1971 as amended by the Merchant Shipping Act 1974 requires such ships to have a certificate of insurance before they can enter or leave a UK port or terminal.

An unqualified reference to insurance on goods covers both the beneficial interest of the insured and, if they belong to someone else, the liability of the insured to the owner. It does not cover the owner’s proprietary interest unless the policy names the insured as the commercial trustee and describes the property as belonging to a named third party. (Hepburn v. Tomlinson (Hauliers) Ltd (1966)).

clause Same as an HOURS CLAUSE.

Under the Marine Insurance Act when new material replaces old in ship repairs, the shipowner is required to bear part of the cost of new materials; a deduction of one-third or one-sixth is made from the amount payable. In practice the International Hull Clauses provide that claims are payable without deduction new for old.

The obligation on an insured to prove that the insured event has occurred or the obligation on an insurer to prove that an exception applies. If the insurers allege lack of utmost good faith preceding the issue of the policy the onus of proof attaches to them.
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The obligation on a party to a contract of proving a certain allegation in connection with that contract and relied upon by the party on whom the burden of proving it rests.

Grant-aided organisation giving free help to members of the public with problems on personal or occupational pension schemes. OPAS does not advise state schemes. OPAS involvement in dispute resolution must be exhausted before cases can be referred to the Pensions Ombudsman.

1. Cargo insurance for insureds who ship goods on a regular basis. The contract covers all sendings within the scope of the policy at agreed rates. The insured must declare each shipment to facilitate the issue of certificates. Premiums are debited monthly or quarterly. The policy is not subject to a fixed term but can be cancelled subject to 30 days notice. 2. Marine reinsurance facility whereby the reinsurer takes a share of any business of a defined type that is offered by the cedant. It works in the same way as the open cover for cargoes (see 1. above).

A term referring to a risk placed in the open market as opposed to one that is covered under a binding authority, line slip or treaty.