The Institute Strikes Clauses (Cargo) (1/1/82) cover loss or damage to cargo by: (a) strikers, lockedout workmen or persons taking part in labour disturbances, riots or civil commotions; and (b) any terrorist or any person acting from a political motive. Under the Institute War and Strikes Clauses (Hulls – Time) similar cover is included with the addition of damage by ‘any person acting maliciously. Shipowners face the prospect of cover being cancelled at short notice but voyages underway are permitted to complete their transit.

Arrangement between the claimant and the defendant’s liability insurer whereby the lump sum payment for future losses is replaced by periodic payments for a fixed period or until the claimant’s death. They may be index-linked, varied or ‘structured’ during the period. The insurer uses the ‘lump sum’ to buy an annuity that funds tax-free payments to the claimant. The court has no power to order such a settlement (Damages Act 1996, s.2).

UK: a method of settling claims in respect of damages for personal injury under which the casualty insurer, instead of paying a lump sum to the plaintiff, makes a series of periodic payments which are usually funded by the purchase of an annuity on the life of the injured person.
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MEDICAL, US: Agreement to pay a specific amount at regular intervals instead of a lump sum payment.
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An alternative to lump-sum settlement of bodily injury liability claims or court verdicts. The claimant is paid specified sums at specified intervals as compensation for loss of income, medical and rehabilitation expenses, and pain and pain and suffering until a designated future date (possibly the claimant’s death). Many structured settlements are financed through insured annuities, and payments can be adjusted for changes in price levels or in the claimant’s situation.

A phrase used by an underwriter when he feels that the proposer may not accept the terms indicated on the slip. The effect is that the proposer’s confirmation of acceptance is required promptly before the risk can attach.

A phrase against an item or sum insured to indicate that in the event of under-insurance average will apply.
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A Provision in a non-marine property insurance that if at the time of a loss the value of the insured property is greater than the sum insured the insurer’s liability for the loss will be reduced in proportion to the under-insurance.

A phrase to indicate that the insurer’s acceptance of a risk is provisional pending completion of a survey by the office’s fire surveyor.
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Phrase used to signify provisional acceptance of a fire insurance pending inspection by a fire insurance surveyor whose report will be required to determine the rates and provisos to be offered.

This is the object, property or potential liability described in the policy and to which the insured must be so related as to have an insurable interest. For example, the subject-matter of marine insurance is the actual vessel or cargo. Compare with subject-matter of the insurance contract.

This is the insured’s interest in the subject-matter of the insurance. The insurer cannot guarantee to restore the goods or cancel a liability but they can protect the insured’s interest against financial loss.

The agreement by an insurer that he will not pursue his subrogation rights in specified circumstances.
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A waiver by the named insured giving up any right of recovery against another party. Normally an insurance policy requires that subrogation (recovery) rights be preserved. In commercial property insurance, a written waiver of subrogation rights is permitted if it is executed before the loss occurs.