Consequential loss cover following physical loss or damage to a satellite. Media and telecoms companies rely upon satellite transmission on a daily basis and service interruptions are costly. Cover can be effected at any time during the lifespan of the satellite.

Covers liability for physical damage and bodily harm to third parties both on the ground and in space caused, for example, by satellites colliding or launch failures.

Cover for satellites is related to four phases of the satellite’s lifespan. The erection period is covered under erection all risks, the period from completion of assembly to launch is covered under pre-launch insurance, the launch itself is insured under launch insurance and during its working life it is covered under life insurance. Other insurances available are satellite consequential loss which can be effected during any phase, third party liability and extra expenses from delayed launch.

The Sale of Goods Act 1979 term whereby the seller promises that the goods are of satisfactory quality. This means reaching a standard that a reasonable person would regard as satisfactory, taking into account the price and any description. Aspects of quality include fitness for purpose, freedom from minor defects, appearance and finish, durability and safety. See FITNESS FOR PURPOSE; PRODUCT LIABILITY; UNFAIR CONTRACT TERMS ACT 1977.

Issued annually when the government specifies the amount by which preserved benefits should increase between a member leaving a scheme and their normal pension date. The name is taken from PSA93, Schedule 3.

Special payment schedule aimed at ensuring that the pension scheme will not have an actuarial deficiency during the period concerned. Defined benefit schemes, because of the minimum funding requirement, must maintain a schedule signed by an actuary containing contribution rates and payment dates.

The part of an insurance policy that sets out the detail that is specific to the individual contract. The information includes: name and address of insured, policy inception date, the period of insurance and the premium.
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An Insurance Policy that covers under separate agreements several enumerated causes of losses, which are otherwise frequently covered under individual separate policies.

Actuary appointed by the trustees or managers of an occupational pension scheme under PA95, s.47.

Person appointed to manage a pension scheme who must ensure that the scheme is operated in accordance with the requirements of the authorities and its own trust deed and rules. The appointment is mandatory for exempt approved schemes. The administrator may have to give certain revenue undertakings.

Occupational pension scheme auditor appointed by the trustees or managers under PA95, s.47.