1. Prohibits the continuation of work until specified improvements have been carried out. Notices are issued by HSE inspectors. Contravention of the order risks prosecution for the employer and/or company officers responsible. 2. An order by Opra banning an individual from being a trustee of one particular occupational pension scheme.

A technique whereby a major project is insured by the ECGD with reference to the viability of the project and its cashflow rather than by reference to the general financial strength or creditworthiness of the buyer or borrower. The foreseen earnings provide the essential security for the lender and the insurer.

A policy used with large construction projects. The principal effects a policy on the project as a whole to avoid the multiplicity of policies that occurs when each party arranges his own insurance. The policy applies to the more conventional material damage and liability policies (except employers’ liability and motor risks which are governed by legislation), but does not usually include professional indemnity risks.

Required by the Pension Scheme Surpluses (Valuation) Regulations 1987 and relates only to the calculation of the actuarial liability. The actuarial liability is based on service up to the valuation date and allows for projected earnings. Actuarial assumptions and methodology are prescribed in the regulations. Except in certain prescribed circumstances the longest period for eliminating any statutory surplus is five years.

Accrued benefits method used to calculate the actuarial liability for active members either as at the valuation date or as at the end of the control period, taking account of all types of decrement. The method allows for projected earnings up to the date of assumed retirement, date of leaving or death, as appropriate.

A word at the foot of a proposal form. The proposer agrees that the proposal and declaration shall be held to be promissory and shall be the basis of the contract. Although the proposal specifically makes the statements ‘promissory’, they do not necessarily constitute continuing warranties, making the contract voidable if contravened at any time during the policy period. The term emphasises that the proposal answers amount to express conditions (i.e. warranties in insurance parlance) as distinct from mere representations so that the replies are taken as statements of fact and not of intention. The expression may reinforce the fact that the completed proposal form and declaration form the basis of the contract.

Health and safety legislation requires floors, stairs etc., ‘shall be of sound construction and be properly maintained.

the North American term for general insurance.

An excess, usually £250, in a public liability policy applicable to claims involving loss or damage to material property.