It is a situation where the public may come in large numbers to the premises, e.g. sports grounds, theatres, department stores, etc. See PREMISES RISK.

Material damage clause covering the extra cost of reinstatement that arises solely in consequence of a public authority or European Community requirement. The cover applies to property damaged by an insured peril including undamaged portions of the affected building but not undamaged buildings. The sum insured should take account of the potential extra costs.

Lossesoccurring policy, subject to a limit for any one occurrence, indemnifying the insured in respect of legal liability for third party injury and property damage arising from the business. Insured’s own costs are covered. The policy has a number of extensions (e.g. moto tingent liability, data protection) and excludes risks (e.g. employers’ liabilconity, covered under other policies) normally covered under other policies. See POLLUTION CLAUSE.

The law will not enforce an insurance which is against public policy, i.e. a policy with a mischievous tendency and therefore injurious to the state or the community. Insurance contracts without insurable interest are in effect wagering contracts and are therefore contrary to public policy and void.

The occupational scheme for employees of central government; local government; nationalised industries; other state organisations. Scheme rules are defined by statute. The accrual rate is oneeightieth for each year of service with a maximum pension of 40/80ths.

System used by a transfer club made up mainly of public sector pension schemes. A transfer club is where several schemes deal with transfer payments in the same way.

Extends a business interruption insurance to provide an indemnity in respect of interruptions due to damage by an insured peril at the premises of a specified supply authority.

An annuity purchased under a contract approved by the IR or by an individual out of his own capital. They are taxed as investments the capital content is tax-free and the interest content is treated as unearned income. Exempted from these provisions are all annuities secured under approved pension schemes of any nature, including retirement annuities under the current legislation (ICTA88). These are taxed as earned income on the total of each instalment.

Fire insurance clause to protect the interest of the purchaser of property if, at the time of loss, the insured property is the subject of an uncompleted contract of sale. The policy covers the interests of the purchaser and vendor up to the completion. The clause refers to buildings only and only to the extent that the property is not otherwise insured by the purchaser.