Phrase that qualifies the term ‘accidental bodily injury’ in personal accident insurances. The phrase excludes injury or disablement where a pre-existing condition has contributed to the onset of the disablement or prolonged its duration. A gall stone sufferer died when accidentally struck. Independently of each other neither the medical condition or the blow would have killed him.

1. The test to show that the insurer or underwriter is complying with FSA solvency requirements by comparing the available solvency margin with the required minimum margin. 2. Actuarial calculation to determine whether an occupational pension scheme’s assets are sufficient to pay the benefits to members.

A sonic bang is the result of pressure waves caused by air craft travelling at sonic or supersonic speeds. The exclusion of damage caused by sonic bangs is found in all property insurances. In motor insurance the exclusion applies only to the any ‘own damage’ cover that may apply.

Cargo clause defining termination of cover on South American shipments. It overrides both the warehouse to warehouse clause and the marine extension clause and extends cover after discharge from the overseas vessel. Cover terminates on the soonest of: (a) delivery at the final warehouse at the named destination; (b) 60 days after discharge from the vessel; or (c) 90 days after discharge from the vessel on shipments by way of the Magdalena River.

Business interruption policy clause whereby a claims adjustment may take account of the trend of the business, variations or other special circumstances. The aim is to produce a figure representing, as nearly as possible, the results that would have been achieved but for the interruption. The clause is also called the ‘exceptional circumstances clause’ or ‘bracketed provisions’

Extra payments by an employer into an occupational pension scheme for a period not exceeding three years or as a single premium. This may purchase new benefits or cover an actuarial deficiency. Compare with ordinary contributions.

An international reserve asset that measures and compares the changing value of international currencies. An SDR is expressed daily by reference to a basket of currencies and is used in international conventions (e.g. Warsaw Convention) and conditions of contract as a measure of value or limit of liability.

UK: additional risks frequently added to a commercial fire policy, either individually or as a group.
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US: Property insurance that insures against loss to covered property from all fortuitous causes except those that are specifically excluded. This method of identifying covered causes of loss in a property policy has traditionally been referred to as “all risks” coverage. Many industry practitioners continue to use the term “all risks” to describe this approach to defining covered causes of loss in a property insurance policy. However, it is no longer used in insurance policies because of concern that the word “all” suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term “special perils” or “open perils” instead of “all risks.”
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Property insurance that insures against loss to covered property from all fortuitous causes except those that are specifically excluded. This method of identifying covered causes of loss in a property policy has traditionally been referred to as &#8220all risks&#8221 coverage. Many industry practitioners continue to use the term &#8220all risks&#8221 to describe this approach to defining covered causes of loss in a property insurance policy. However, it is no longer used in insurance policies because of concern that the word &#8220all&#8221 suggests coverage that is broader than it actually is. Because of this concern, some industry practitioners have begun to use the term &#8220
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UK: See: Additional Perils.