ABI

This is the trade association to which most UK insurance companies belong. One of its functions is to monitor quality and decide common areas of interest so that minimum standards of customer service can be maintained.

The Association of British Insurers
51 Gresham Street,
London
EC2V 7HQ
Tel +44 (0)20 7600 3333
Fax +44 (0)20 7696 8999
www.abi.org.uk

Abinitio

The Latin term "Ab initio " means, in a UK legal context: "from the beginning."

Any One Claim

A term that relates to the coverage provided under a PI policy. Also generally means the same as each and every claim, in that the policy will respond to a claim to the value of the limit stated in the schedule in respect of each and every separate claim notified within the policy period. See each and every claim.

Aggregate Limit

A limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time, usually one year. Therefore, if the first claim on a policy is settled at £750K of a £1M Aggregate limit, there will then be only £250K left to meet any remaining claims. Whether the limit is costs in addition or costs inclusive becomes of great relevance here.

Arbitrator

An individual appointed to reach a verdict on a dispute.

Arbitration

A means of arriving at an acceptable agreement between two disputing parties. An independent person or body hears the arguments of both parties and makes a decision that is then binding on all concerned. Often conducted by members of the Institute of Arbitrators.

Arbitration Schemes

An agreed procedure that members of the scheme subscribe to, outlining how a complaint will be met by the member if brought under the scheme. Many PI policies have strict procedures which must be followed if a complaint is brought against a policyholder under such a scheme.

Assignment

The transfer of one person's interest in a legal right or duty to another person or organisation.

Associated Business

A business other than the principal business in which a partner, principal or director has an interest.