The liability of a shipowner for loss, injury or damage to others or the property of others arising in tort, contract or under statute. See PROTECTION AND INDEMNITY CLUBS; RUNNING DOWN CLAUSE.

Bill of lading issued after the goods have actually been loaded. Under the Carriage of Goods by Sea Act 1971 a shipper may demand such a bill from the shipowner. Normally done by adding the name of the vessel and the date of shipment to the received for shipment bill.

A business insurance for retailers who can acquire a package policy with standard cover or a tailor-made insurance policy covering a range of risks in one document based on sections of cover chosen by the insured.

The quantity of cargo delivered is less than the bill of lading quantity.

An insurance for less than 12 months. The premium charged is higher than pro rata.

Pension benefit which must be kept for an early leaver of a pension scheme in order to meet the preservation requirements of PSA93.

types of general insurance business in which claims are generally reported and settled within a short time after the occurrence (contrast long tail business).

Insurance business where it is known that claims will generally be notified and settled quickly. Contrast with LONG-TAIL.

A building where a significant number of occupants have experienced illness and discomfort attributable to the accumulation of air pollutants and contaminants (e.g. radon, micro-organisms). The problems originate from the circulatory deficiencies of the building’s air conditioning system.