Glossary
Means an unlooked for event, outside of the control of the customer; something which may happen, not something which must happen.
These are professional firms, appointed by insurance companies to guide you through the more complex claims and negotiate settlement
This is a term used widely in the insurance business which is in many ways a misnomer. There is no insurance policy that can cover everything.
The usual definition which is accepted is that of
This is a provision in insurance policies that simplifies the process where there is a dispute as to the amount to be paid, the insurers having agreed that there is liability to pay
Also known as the "Under-insurance" clause. The pricing for insurances on property is based on the concept that the full value at risk is insured by you. If you attempt to save money by under-insuring any claim payment will be reduced by the percentage of under-insurance.
This is the class of insurance that deals with coverage for aircraft, large and small. Also includes cargo sendings by air. However these are frequently insured on the same basis as marine cargo, see below.
A specialised coverage that addresses the risks associated with pressure vessels, including explosion, implosion and damage to surrounding property. There are also legal inspection requirements that are often provided in conjunction with insurance
A professional intermediary who acts on behalf of customers to arrange appropriate insurance programs.
It is usual on insurance policies to specify in a definition what is included, in addition to the basic structure, such as awnings, shades, small outbuildings, and retaining walls. This definition, subject to the insurer's agreement can be customized to meet your actual circumstances if the standard policy definition is insufficient.
The forcible entry to or exit from premises in an attempt to remove or damage property which does not belong to the perpetrator. In a legal sense burglary" is committed during the hours of darkness whilst housebreaking is committed during daylight hours.
When business property is damaged the reinstatement is not immediate and the earnings of the business can suffer and additional costs may be incurred. Business Interruption insurance can be tailored to cover the specific financial losses of a business following damage that is insured on a material damage policy
This is the expression that is used to describe hurricane and earthquake and resultant events such as flooding
In an insurance policy "conditions" are the rules for the operation of the cover. For example a claims condition tells you what you must do to make a claim.
Usually a definition in your policy that is intended to be all embracing. It is always possible to customize a standard definition. It would include stock, fixtures and fittings, office equipment and the like
A legal principle that ensures that if you have more than one policy covering a loss you can only claim once, or the two or more policies contribute in proportion, so that you only recover what you have actually lost
Sometimes called an "Excess", it is the first part of any claim for which you the customer is responsible. The intention is to exclude small claims so as to keep premium costs down
Both personal and group health insurance schemes can include an item for dental treatment. Not all costs are covered and you should ask for a list of permitted work
Damage to the contents of a refrigerator or freezer caused by a change in temperature or the freezer or refrigerator in the home or by contamination by accidental escape of refrigerant or refrigerant fumes is covered if it is caused by an insured risk such as fire, hurricane or earthquake.
Damage would be accepted as an insurance claim if there had been a measurement within the country, recorded on one of the recognized scales, (such as UWI). Such tremors are normally announced by an official source.
This is a general term given to pension, life and health schemes that are available
An employer has a wide responsibility for those who work for him. This includes safe working systems, adequate training, supervision and safety clothing. If an employee is injured as a result of a shortfall in any of these responsibilities he or she can sue the employer for damages. Such claims, including any necessary legal expenses are insured by an Employers Liability policy
A document that records a change to an insurance policy
The first part of any claim for which you are responsible. Also called a "deductible"
Something that is not covered by your policy. Exclusions can be standard ones such as war risks or risks which can sometimes be insured for an extra premium, if you require
Involves rupture or collapse due to internal force of a vessel such as a boiler. Alternatively it can be a force generated by a physical reaction, of a gas for example, usually causing damage
Where the standard insurance does not meet your requirements it is often possible to negotiate extra cover, which is referred to as an extension
This means in an insurance context that there should be actual ignition, and there should be something on fire which should not be on fire, all of which should be accidental as far as you, the customer, is concerned.
