US statute to stimulate a competitively priced insurance market for terrorism insurance cover prompted by the events of 11 September 2001.

Means that a trader who uses an exclusion clause has to show that it is ‘fair and reasonable’ (Unfair Contract Terms Act 1977). The court decides but, under the test, considers whether the clause can be shown to be ‘fair and reasonable’ considering the circumstances known to the parties at the time the contract was made. It considers the bargaining strength of the parties and other relevant circumstances.

World-leading automotive research and technology centre. It provides the automotive and insurance industries with valuable commercial information. (Visit www.thatcham.org for ratings on car security, safety factors, etc.)

The underwriting room at Lloyd’s.

An Act that changed the legal definitions set out in the Larceny Act 1916. The new definitions caused insurers to adopt their own definitions of ‘theft’ rather than import definitions from the Act. See FORCIBLE AND VIOLENT MEANS.

According to the Marine Insurance Act 1906, Rule of Construction number 9, the term ‘thieves’ does not cover clandestine theft or a theft committed by any one of the ship’s company, whether crew or passengers. The peril in a marine policy appears to cover loss or damage by assailing and violent thieves. Institute Cargo Clauses B and C do not cover any form of theft. The International Hull Clauses 1/11/02 cover (clause 2.1.3) covers ‘violent theft from persons outside the vessel’ and in 2.1.5 ‘piracy’ is covered.
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Under Marine Insurance the term “thieves” does not cover clandestine theft, or a theft committed by any one of the ship’s company, whether crew or passengers. Pilferage must be expressly covered if cover is required.

Requires mutual recognition within all EC states of compulsory motor insurance arranged in another EC state. Where a vehicle is involved in an accident in another member state and the compulsory insurance requirements of the two states are at different levels, the higher level will apply. Road Traffic Act 1988, s.145(3), provides that compulsory insurance must cover UK liability and that of another EC state where an accident occurs.

Completed the move to a single market by creating freedom of establishment. It abolished the right of an EC state to insist upon authorising the activities of an insurer established in another state whether established in the host state or selling directly into it from an establishment elsewhere in the EC.

If an insured becomes insolvent after incurring a liability to a third party but before compensation is paid, the rights in his liability policy vest in the third party. The third party’s claim against the insurer is no better than the insured’s claim so the insurer could, for example, plead that the policy was voidable due to a breach by the insured.

UK: 1. Someone other than the policyholder who has been injured or whose property has been damaged. 2. Person brought into legal proceedings by the defendant as being a person considered wholly or partly liable for the loss, e.g. retailer joins manufacturer in a product liability case. See CIVIL LIABILITY (CONTRIBUTION) ACT 1978; THIRD PARTY PROCEEDINGS.
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A person who is not a party to a contract. Someone other than the insured and insurance company. As used in Aviation Insurance the term does not include passengers in the Insured’s own aircraft.
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MEDICAL, US: Entity that processes insurance claims for patients (e.g., private insurance companies, Medicare fiscal intermediaries).
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Someone other than the insured or his insurer who has suffered injury or loss.
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US: The claimant under a liability policy. So called because the person making the claim is not one of the two parties, insured and insurer, to the insurance contract.