UK: a civil breach of a personal duty owed to one’s fellow citizens in general, as opposed to breach of contract; the injured person has a potential right to damages from the wrongdoer (the tortfeasor).
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US: A civil or private wrong giving rise to legal liability.
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A civil wrong arising out of a breach of some duty which leads to a civil cause of action and for which damages or compensation are recoverable. The Law of Tort imposes a duty on each person to so regulate his actions and behavior as not to cause injury to other persons or damage to their property. The elements of a tort are (i) a legally protected right (ii) the wrongful invasion of that right and (iii) damages as a proximate or direct result of that invasion. There are two basic types of torts. First are those torts, which involve injury to the person and the other are those torts that cause injury to property. The following represent torts that cause injury to the person: Assault : It is unlawfully touching or perpetrating bodily harm to a person by another. Battery : This tort is often used in conjunction with Assault and means the actual physical striking of another. Invasion of Privacy : This occurs when an individual’s privacy is either obstructed or invaded by another party. Defamation of Character : It can occur either through the written word (libel) or the spoken word (standard). False Arrest : This usually takes place when an individual is wrongly accused of a crime. For example a person is arrested for shoplifting but is found innocent. The injured party could file a false arrest action against the retailer. Libel : It is publication, writing or broadcast of false statement in a permanent form designed to damage the reputation of another person.Slander : It is also communication of false information similar to libel but in a verbal form.Of the five torts that involve injury to the person Assault and Battery cannot be insured and are excluded from liabilities policies. The other three can be insured under Personal Injury Liability coverage. The following represent torts that cause injury to property : Trespass : A tort which injures property. However, the act of trespassing must be malicious. An unintentional trespass of another’s property is not considered a serious offense. Conversion : Is taking of property of another as one’s own while knowing it does not belong to you. An individual takes a friend’s wall clock home to repair it and then rather than returning it places the clock on his own wall. The “repairman” has converted the clock to his own use.Tort and Contract, Distinction : Contract is an agreement enforceable at law based upon the consent of the parties thereof. In other words, a contract requires Privity between the parties, whereas in ‘tort’ not such Privity is needed. In ‘tort’ the duty that is broken is imposed by the law applicable to the entire society, whereas in a contract this duty arises out of agreement between the parties and applies to definite person or persons.
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US: A civil wrong, other than a breach of contract, for which a court of law will afford legal relief, i.e. harming another by an act of negligence in driving an auto.
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A wrong for which a civil (as opposed to criminal) action can be brought. Many tort claims arise from negligence.
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MEDICAL, US: Legal wrong committed to an individual or to property that results in injury or damage on which a civil action can be based.
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UK: Wrongful act, apart from breach of contract, that causes damage or harm to others for which compensation or other remedies may be obtained in a civil action. Negligence and nuisance are common torts.

The party who commits a tort.

Insurance premiums paid for the benefit of risk transfer, costs of resources engaged in the risk management process, i.e. risk evaluation, risk control, etc., including public sector fire and police authorities, uninsured losses and self-insured losses make up the total cost of risk.

Career average scheme meaning that a member’s pension is worked out as a fraction of their total earnings while being a member of the scheme.

Marine cargo provision whereby the loss of whole package in loading or discharge or the loss of a whole craft load shall be treated as a total loss of that part of the cargo and consequently will not be subject to a franchise.
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A Marine cargo policy may provide that a loss of a whole package in loading or discharge or the loss of a whole craft load shall be treated as a total loss of that part of the cargo and hence will not be subject to a franchise.

Term from the equity derivative markets to describe a swap under which one party pays all dividends received from, and the periodic appreciation in, a specified share and the other pays interest plus periodic depreciation in that share. The technique is now applied to credit derivatives as a means of selling the credit risk.

A marine clause which only permits the vessel to call at the customary ports on the voyage and at ports for purposes connected with the voyage. Such calls do not amount to deviation.

Means ‘Tanker Owners’ Voluntary Agreement Concerning Liability for Oil Pollution. An agreement, supported by most tanker owners worldwide, whereby owners agree to pay for cleanup costs incurred by governments in respect of oil discharged from tankers belonging to the owners. Each member insures his liability under the Agreement.
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Tankers Owners’ Voluntary Agreement Concerning Liability for Oil Pollution: An agreement by most tanker owners that subject to a limit of liability, they will remove persistent oil discharge by their tanker and will reimburse any government for expense in cleaning up oil pollution resulting from the tanker owner’s negligence.

International Hull Clause (10.2) stating that the vessel will not be towed except where towing is customary or the ship is in need of assistance to the first place of safety. It is also provided that the ship shall not undertake towage or salvage services under a previously arranged contract.
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A clause in a Marine Insurance Hull policy under which the insured warrants that the ship shall not be towed except where towing is customary or the ship is in need of assistance and that the ship shall not undertake towage or salvage services under a previously arranged contract.

1. Tracing service provided by Opra through Pensions Registry Scheme. It helps former pension scheme members track pension scheme memberships relating to earlier employment periods. Mergers and acquisitions over time may make tracing former memberships difficult for individuals. 2. DWP runs a tracing service to help schemes trace information on their deferred pensioners. 3. Employers’ Liability Code.