Document ID: chunk:federal_register_of_legislation:F2024L01053:front:0:p32
Version: federal_register_of_legislation:F2024L01053
Segment Type: other
Provision Reference: 
Character Range: 85833–89145

travel including loss of baggage and personal effects, losses on flight cancellations and overseas medical costs.
 1.           Fire and Industrial Special Risks (ISR)

    Fire
    Includes all policies normally classified as 'Fire' and includes:
 1.             Sprinkler leakage;
 2.          Subsidence;
 3.        Windstorm;
 4.         Hailstone;
 5.           Crop;
 6.         Arson; and
 7.      Loss of profits and any extraneous risk normally covered under fire policies, e.g. flood.

    ISR
    Standard policy wordings exist for this type of policy. All policies that contain such standard wordings or substantially similar wording are to be classified as ISR.
 1.            Marine
    Includes Marine Hull and Marine Liability (including pleasure craft), and Marine Cargo (including sea and inland transit insurance).
 1.           Aviation
    Aviation, including aircraft hull and aircraft liability.
 1.           Mortgage
    Insurance against losses to a lender in the event of borrower default on a loan secured by a mortgage over residential or other property.
 1.             Consumer Credit Insurance (CCI)
    Insurance to protect a consumer's ability to meet the loan repayments on personal loans and credit card finance in the event of death or loss of income due to injury, illness or unemployment.
 1.             Other Accident
    Includes the following types of insurance:
 1.             Miscellaneous accident (involving cash in transit, theft, loss of money);
 2.          All risks (baggage, sporting equipment, guns);
 3.        Engineering when not part of ISR or Fire policy;
 4.         Plate glass when not part of packaged policy (e.g. Householders);
 5.           Livestock;
 6.         Pluvius; and
 7.      Sickness and Accident, which, by the terms of the policy, provides benefits for no more than 3 years.
 1.           Other
    All other insurance business not specifically mentioned elsewhere. It includes:
 1.             Trade Credit;
 2.          Extended Warranty (includes insurance by a third party for a period in excess of the manufacturer's or seller's normal warranty);
 3.        Kidnap and Ransom; and
 4.         Contingency.
 1.             Compulsory Third-Party Motor Vehicle (CTP)
       This class consists only of CTP business.
 1.         Public and Product Liability
         1.             Public Liability covers legal liability to the public in respect of bodily injury or property damage arising out of the operation of the insured's business. Product Liability includes policies that provide for compensation for loss and/or injury caused by, or as a result of, the use of goods and environmental clean-up caused by pollution spills where not covered by Fire and ISR policies.
         2.          Includes Builders Warranty Insurance.
         3.        Includes public liability attaching to Householders policies.
 2.           Professional Indemnity (PI)
       PI covers professionals against liability incurred as a result of errors and omissions made in performing professional services that has resulted in economic losses suffered by third parties.
 1.           Directors and Officers (D&O)
         1.             D&O covers directors and officers of a company, and the company itself, for liability in the event of a legal