Lloyd’s syndicate consisting of a single corporate member operating alongside one or more mixed syndicates participating in all the same risks on a proportionate basis.

Physical trigger applicable to a catastrophe bond based on an occurrence at a specified place and of specified severity. A bond might be contingent upon on the magnitude of earthquake activity in and around Tokyo as measured by the Japan Meteorological Agency. If the event occurs, investors sacrifice their capital and/or interest. The trigger is based on a natural catastrophe model estimating a wide variety of parameters based on incomplete data and knowledge.

International Hull Clauses that are stated to be paramount and override anything inconsistent with them. These clauses embrace exclusions of: war; strike; malicious acts; nuclear risks.

Word of mouth evidence in court. While not generally admissible to contradict the written policy, there are exceptions that allow the parties to bring evidence that they contracted otherwise than in accordance with the terms used to express their agreement, e.g. the policy was obtained by fraud.

Permission given by the FSA under Part IV FSMA to carry on regulated activities.

An injury or sickness that prevents the insured from performing fully his normal occupation activities. The insured can perform some parts of his duties or work in less demanding circumstances. The partial disablement benefit is less than the total disablement equivalent.

UK: A loss that does not destroy the insured property or damage it beyond economic repair. See PARTICULAR AVERAGE.
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A loss that does not totally devalue or ruin the insured’s property.
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A loss under an Insurance Policy which does not either completely destroy or render worthless the insured property or exhaust the Insurance applied to the property.
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A property loss that is less than a total loss. See Constructive total loss.

Pension scheme where part is approved by the IR. This might arise where some members are employed overseas and not therefore paying UK taxes.

Where a ship is only partially repaired, the insured is entitled to the reasonable cost of such repairs plus an allowance for the reduction in the ship’s market value because of the failure to effect full repairs. The aggregate must not exceed the cost of full repairs (Marine Insurance Act 1906, s.69(2)). See UNREPAIRED DAMAGE.

Calculation of reduction in value of cargo insured under valued policies following insured damage. The gross sound and damaged values are compared to find the percentage reduction in value to be applied to the agreed value to give the amount of the claim. Where percentages cannot be agreed the damaged goods are sold. The difference between the sound value and the sale price gives the relevant percentage. Total loss of part of the cargo is based on the proportion of the insurable value that the part lost bears to the insurable value as a whole.