Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Term definition

What does Term mean? In lending practice, the term is the length of time a loan is intended to run, from initial drawdown (or first utilisation) to the final scheduled repayment date (often called the maturity date or final repayment date). It is market usage rather than a statutory concept, and the meaning is consistent across England & Wales, Scotland, Northern Ireland and Ireland. Consumer credit rules require disclosure of the duration of an agreement, but do not redefine the term. Key features: - Also known as the tenor. - For amortising loans, the term covers the period over which instalments are scheduled; for bullet loans,...

‘Damage’ versus ‘loss’ in insurance: judicial guidance and practical issues for property, business interruption and liability policies (contamination, data, latent defects, inherent vice, COVID‑19)

Published by a LexisNexis Insurance & Reinsurance expert

Practice notes

The concept of ‘damage’ in the insurance context

‘Damage’ is pivotal in defining the extent of cover offered across many forms of insurance. Typical policy classes where recovery depends on establishing property damage include:

marine cargo insurance
construction all risks (CAR) cover
household and commercial property insurance
business interruption insurance, particularly when paired with a traditional property policy
sue and labour or investigation expense cover under certain property policies
liability policies responding to the insured’s legal liability for physical damage to a third party’s property

The exact sense of ‘damage’ can shift, and it is always shaped by the context in which the word appears. There is no all‑purpose definition that applies in every case; as ever, the term must be construed by reference to the specific insurance policy in which it features.

A policy may or may not set out a bespoke definition, or, failing that, offer other contextual indicators of how ‘damage’ should be understood. In general, however, when the term...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Alice Carse

4 Pump Court

Alice specialises in insurance and reinsurance litigation and arbitration and is recommended in the legal directories as a leading junior. She has particular expertise in fire and property damage cases, as well as fire safety claims under the Building Safety Act 2022. Through her insurance work, Alice is instructed in construction, commercial and and professional negligence disputes....

Web page updated on 29/05/2026

Popular documents

Using the Judicial College Guidelines to assess general damages in personal injury claims

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Tomlin orders in England and Wales: CPR guidance on drafting, confidentiality, approval, variation, enforcement, limitation, CCA issues, court-specific requirements, sample wording and precedents

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Precedent: Deed of Surrender of Lease with Optional Premium, Settlement and Release, Landlord, Mortgagee and Guarantor Consents, Reimbursement and HM Land Registry Provisions (England and Wales)

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Precedent Statutory Declaration: Standard Wording under the Statutory Declarations Act 1835

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...