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.

Captive insurance company formed to finance a particular exposure. It provides an in-house facility for financing risks where conventional insurance is costly or difficult to obtain. Such exposure may include professional indemnity, credit or insolvency risks, product guarantee, warranty or other ‘special situations.

Independent trust or captive created to act as a conduit through which an insurer can transfer insurance risk to the capital market. The SPV sells bonds to investors who will sacrifice principal and/or interest if a defined catastrophe occurs. The SPV like a reinsurer uses the sacrificed funds to indemnify the insurer. The SPV is bankruptcy-remote and holds legal rights over the assets transferred. SPVS do not just apply to insurance-related transactions.

Generic term used by motor insurers to describe vehicles or mobile plant designed for special purposes, e.g. bulldozers, diggers, etc. They may be insured under motor (particularly for Road Traffic Act purposes), engineering or public liability policies. ‘Tool of trade’ risk is covered when they are used on site.

Professional indemnity clause whereby the insurer agrees not to exercise their right of avoidance where the insured shows that any non-disclosure or misrepresentation of facts or untrue statement at inception or any subsequent renewal was entirely innocent. Where the nondisclosure prejudices any claim, the insurer is able to reduce the amount payable to the sum that would have been payable in the absence of such prejudice.

Items that are specific to a particular insurance and not generally applicable. There may be specific exclusions or additions to cover.