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GLOSSARY

Deductible definition

Published by a LexisNexis Insurance & Reinsurance expert

What does Deductible mean?

Specified self-insured amount that a loss must exceed, that the insured must pay first, before claim(s) become payable by the (re)insurer.

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Claimant receiving a defendant's Part 36 offer—checklist

Claimant receiving a defendant's Part 36 offer—checklist This Checklist on receiving a Part 36 offer identifies the key factors that a claimant should consider on receipt of a defendant’s Part 36 offer. Consideration Guidance Further information Relevant period The claimant should calculate the date when the relevant period expires for accepting the defendant’s Part 36 offer, which must be no less than 21 days from when the Part 36 offer was served (CPR 36.5(1)(c)).It is important to note this date because there may be costs consequences for late acceptance of the defendant’s Part 36 offer. There may also be costs consequences if the defendant’s Part 36 offer is not accepted and the claimant fails to obtain a judgment that is more advantageous than the defendant’s Part 36 offer (CPR 36.17(1)(a)). For further information, see Practice Notes: Part 36 offers—how to make a valid Part 36 offer—The relevant period (minimum 21 days) and Part 36 offers—costs consequences of rejection or non-acceptance—Costs consequences—claimant not accepting a defendant's Part 36 offer. Validity...

Defendant receiving a claimant's Part 36 offer—checklist

Defendant receiving a claimant's Part 36 offer—checklist This Checklist on receiving a Part 36 offer identifies the key factors that a defendant should consider on receipt of a claimant’s Part 36 offer. Consideration Guidance Further information Relevant period The defendant should calculate the date when the relevant period expires for accepting the claimant’s Part 36 offer, which must be no less than 21 days from when the Part 36 offer was served (CPR 36.5(1)(c)).It is important to note this date because there may be costs consequences for late acceptance of the claimant’s Part 36 offer. There will also be costs consequences if the claimant’s Part 36 offer is not accepted and the claimant obtains a judgment that is at least as advantageous as their own Part 36 offer (CPR 36.17(1)(b)). For further information, see Practice Notes: Part 36 offers—how to make a valid Part 36 offer—The relevant period (minimum 21 days) and Part 36 offers—costs consequences of rejection or non-acceptance—Costs consequences—defendant not accepting a claimant's Part 36 offer. Validity...

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IHT—anti-avoidance provisions

IHT—anti-avoidance provisions FORTHCOMING CHANGE relating to changes to APR and BPR: At Autumn Budget 2024 on 30 October 2024, the government announced an intention to significantly reduce the amount of APR and BPR on qualifying property from April 2026. Subject to consultation (expected in early 2025), the 100% rate of relief will be restricted so that it will no longer apply to the whole value of the qualifying agricultural or business property, but will instead only apply to the first £1m of combined value. See News Analysis: Autumn Budget 2024—Private Client analysis—Inheritance tax. This Practice Note provides an overview of the main anti-avoidance measures that HMRC seek to rely on to prevent the avoidance of inheritance tax (IHT) in the UK. Note that the main body of the IHT rules is covered in several other Practice Notes. These are referenced where relevant. While not necessarily drafted as anti-avoidance provisions, there are various conditions and provisions which restrict the availability of IHT reliefs and exemptions (eg the requirements for...

Latent defects

Latent defects Technically, a defect in a finished product is a breach of contract. However, it is widely accepted that defects will occur and manifest themselves on construction projects both during and after the works have been carried out, and most contracts will often provide for any such breach to be rectified during the defects liability period (also known as the rectification period). During this time it is envisaged that the contractor will rectify defects which have become apparent since practical completion (these are generally considered patent defects). For more information on both practical completion and defects liability periods please refer to the respective Practice Notes: What is practical completion? and Defects liability period and rectification of defects. For consideration of what a defect is, see Practice Note: Defects claims in construction—What is a defect? For specific guidance on fire and building safety defects, see Practice Note: Fire safety defect claims for construction lawyers. What are latent defects? In order to establish what a latent (or inherent)...

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Deed of retirement from partnership

Deed of retirement from partnership This Deed of retirement is made on [insert day and month] 20[insert year] Parties 1 [Insert name of retiring partner] of [insert address] (Retiring Partner), and 2 The persons whose names and addresses are set out in Schedule 1 (Continuing Partners). Recitals: (A) The Partners have been carrying on business in partnership under the terms of the Partnership Agreement. (B) The Retiring Partner is to retire from the Partnership on the Retirement Date. (C) The provisions of this deed shall apply to the retirement of the Retiring Partner in place of any provisions of the Partnership Act 1890 and the Partnership Agreement that would otherwise apply to the retirement of the Retiring Partner. The parties agree: 1 Definitions and interpretation 1.1 In this deed: Accountants • means [insert name of Partnership's accountants] or such other firm of accountants as may be appointed to replace them in accordance with the provisions of the Partnership Agreement; Accounting Date • means [insert Partnership accounting date]; Accounting...

Schedule — Annual Rent based on rents received or rents receivable

Schedule — Annual Rent based on rents received or rents receivable Calculation and payment of Annual Rent [Additional definitions for inclusion in the general definitions clause in the main body of the Lease] Annual Rent • the amount determined and payable in accordance with Schedule [number of this Schedule in the Lease]; [Approved Licence • a licence to occupy an area within the [Property OR Building OR Centre OR in the form of the draft attached at Appendix 1 [(with any modifications that the Landlord [requires OR and the Tenant may from time to time agree OR in writing)];] [Approved Underlease • an underlease of [a Lettable Unit OR part of the Property OR Building OR Centre] ] in the form of the draft attached at Appendix 2 [(with any modifications that the Landlord requires OR and the Tenant may from time to time agree] in writing)];] 1 Definitions In this Schedule, the following definitions apply: Accountant • the person appointed...

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PI & Clinical Negligence weekly highlights—1 May 2025

This week’s edition of PI & Clinical Negligence weekly highlights includes a case on recoverability arguments surrounding a plastic surgeon’s report fee, success fee and ATE premium, a road traffic accident claim against the defendant highway authority and a case involving an insurance coverage dispute where the court ruled in favour of the insurer due to breach of notification conditions. We also bring you details of the newly published 11th edition of the King’s Bench Guide. In addition, we have our usual roundup of other news, cases and New Law Journal articles of interest.

Ransomware not deterring cyber insurers

Law360: Ransomware payments for cyberattacks have raised concerns for cyber insurers, but experts say those worries have not led to an exodus in the cyber insurance market, just a hardening.

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