Expenses incurred to prevent or reduce a loss for which the marine insurer would have been liable. The expenses may not qualify as general average expenditure but they can substitute for expenses that do qualify. If the substitution shows a saving, the substituted expenses are allowed in general average.

It refers to a fire of volcanic origin but would embrace a fire in a coalfield or oil well. The risk, and earthquake, are excluded from the standard fire policy but are insurable in the UK as an additional (special) peril.
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The Fire caused beneath the surface of the earth.

The widest form of material damage cover under engineering insurance policies. It includes breakdown risks, including electrical and mechanical breakdown, and accidental damage. In short the damage can be from internal or external causes.

Reinsurance treaty clause requiring or permitting termination of the contract in the event of a change in control of the ceding office, the insolvency of either party and certain other defined events.
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A clause which automatically terminates the Reinsurance contract if either party becomes insolvent.

Expenses voluntarily incurred by the insured for the preservation of property; this would include payments under pre-arranged salvage contracts. Sue and labour are distinguished from salvage charges leading to awards to salvors acting independently of any contract. See SUE AND LABOUR CLAUSE.

Clause in the Institute Cargo Clauses and in the International Hull Clauses reminding the insured to act at all times as though uninsured. The clause makes sue and labour charges recoverable from the marine insurer in addition to any admissible claim even a total loss claim as it is deemed by the Marine Insurance Act, s.78(1), to be a supplementary contract.
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A provision in marine insurance obligating the assured to do things necessary after a loss to prevent further loss and to act in the best interests of the insurer.

The Insurance Mediation Directive requires that all insurance intermediaries should have sufficient financial capacity. The aim is to protect customers against the inability of an intermediary to transfer the premium to the insurer or to transfer the amount of a claim or return the premium to the insured. The implementation must take one of the following forms: the transfer of customers’ money through strictly segregated accounts; setting up a guarantee fund; payments to the intermediary being treated as payments to the insurer but payments to the intermediary not being treated as payments to the insured; intermediaries to have permanent financial capacity equal to 4 per cent of the sum of the annual premiums received, subject to a minimum of €15,000 (£9,400). The UK may adopt any combination of these four measures.

(FSA Conduct of Business Rule 5.3). This builds on know your customer. The provider or independent intermediary must take reasonable steps to recommend an investment suitable for the customer. This applies when advising private customers, managing occupational schemes or stakeholder schemes, or promoting personal pensions schemes to groups of employees. The suitability requirements are especially stringent for packaged policies to private customers. Most suitability requirements call for a formal suitability letter to the customer explaining the reason for the recommendation. The letter must summarise the main consequences and any possible disadvantages of the transaction.