Property insurance term referring to buildings constructed of brick, stone or concrete and roofed with slates, tiles, metal, asbestos, concrete or sheets or slabs of incombustible mineral. This is abbreviated to bsst’. Broadly this means buildings of incombustible materials (Grade 1) insurable at standard rates. Lloyd’s uses the term massive construction. See NONSTANDARD CONSTRUCTION.

Contribution rate (employer and employee) appropriate to a particular funding method (e.g. prospective benefit method) ascertained by a valuation before taking account of any actuarial surplus/actuarial deficiency. The rate is normally expressed as a percentage of the pensionable pay.

An excess that is written into the standard or basic policy such as the young and inexperienced drivers excess in motor policies. Other excesses, voluntary or compulsory, may be added

Proposers acceptable for life insurance on normal terms because there is no evidence to show serious ill health. See SELECTION OF LIVES.

An engineering policy added to erection all risks or contractors all risks cover when a construction project enters a period of inactivity, i.e. goes on ‘standstill’. The policy is on a named peril basis.

Defence whereby a ‘producer’ can avoid Consumer Protection Act 1987 liability. If, at the time of supply, the state of scientific and technical knowledge was not such that a producer of similar products might have been expected to discover the defect if it had existed while there were products under his control, there will be no liability under the Act. It is no defence to show that the producer was unaware of the risk because of no prior accidents. The defence only applies when there has been some technical or scientific advance since the time of supply that subsequently enable the defect to be identified (Abouzaid v. Mothercare (UK) Ltd (2001)). The producer must show that the defence applies.

Age from which state pensions are payable, 65 for men and 60 for women. The pension age for women is being phased to reach 65 over the period 2010 and 2020.

The reduction in pension or pensionable earnings to achieve integration.

Replaced SERPS in 2002 providing a more generous additional state pension for low and moderate earners and certain carers and people with long-term disability. S2P gives employees earning up to £24,600 (2002/3 terms) an improvement over SERPS whether or not contracted out. Most help goes to persons in the lowest of three earning bands, i.e. up to £10,800.