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Jargon Buster: Travel Insurance

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An accident is defined as any damage involuntarily suffered to the property insured as a result of a suddenly occurring external factor caused by the insured.
Annual Percentage Rate – A percentage calculation that reflects the total cost of a loan (interest plus all fees) on an annual basis.
Assistance Services
Services offered by the Medical Assistance Company including making suitable emergency medical arrangements (including agreeing costs), advance for Bail Bonds and transmission of emergency messages.


Baggage and Property
Personal property taken or purchased on the trip by the Insured.
The amount payable in respect of a covered claim.
A charge that may be made by your insurer if repairs covered by your policy result in your item ending up in a considerably better state than it was before.
An independent insurance expert who will provide you with impartial insurance advice on a wide range of insurance related matters.


Cancellation of the trip resulting from an unforeseen occurrence.
Certificate of Insurance
Evidence of the existence of insurance as required by law e.g. Employers Liability Insurance.
Change in Personal Circumstances
If your circumstances change at any time during this policy term, please notify us immediately in writing. If you do not do so your policy may be affected. The following are some examples of circumstances that you must tell us about: • You have named drivers on your policy who gain a conviction or • You permanently retire, irrespective of the reason, from work; or • You change the nature of your work.
Change of Employer
Your cover is completely portable between jobs. However if you need to make a claim for unemployment you must have been in continuous work for 6 months prior to the claim. Please feel free to contact us to discuss your individual circumstances. Remember that any change in your circumstances should be notified to 1Stop Insurance Company Limited - there may be an affect on any future claim.
Formal request for payment, usually requiring completion of a claim form.
Claims Handler
The loss adjusters named on the policy certificate.
Insurance agents receive commission for the inception and renewal of insurance contracts. The amount of commission depends on the line, type of contract and amount of premium paid.
Comparison Websites (why we are not included)
The charges applied to other insurance providers to be included on many of these sites are very high and by definition do not always show the most competitive. We keep our insurance premiums at these very low levels by keeping our costs to the absolute minimum and taking a greatly reduced commission. Although we would like to be included we are not prepared to pass on these costs to our clients in increased premiums
The FSA Compensation Scheme. If 1 Stop Insurance Co Ltd are unable to meet their liabilities you may be entitled to compensation from the FSA Compensation Scheme (FSCA) who can be contacted at 7th Floor, Lloyds Chamber, Portsoken Street, London E1 8BN
Although we set ourselves high standards, if we do not meet your expectations and you are dissatisfied in some way we would like to know. If you follow the guidelines below, your complaint will be dealt with in the most efficient way possible Step 1. Please contact or write to the Managing Director, 1 Stop Insurance Company Limited, Unit B2, Mill Green Business Park, Mill Green Road, Mitcham, Surrey. CR4 4HT. Tel 020 8648 8868 or Skype Insuranceman1 or email to Step 2. If you are still not satisfied with the way we have dealt with your complaint you can ask the Financial Ombudsman Service to review your case. You can contact them at the following address: South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Telephone: 0845 080 1800.
Compulsory Insurance
The law requires certain risks to be insured. These include Private Motor, Third Party and Employers’ Liability.
Rules stated within the policy that you and the insurer must abide by.
A legally married couple both aged under 65; a common law husband and wife both aged under 65; an adult couple both aged under 65 who have been cohabiting for at least one year.
The precise description of an insured risk in the insurance contract that determines those losses or occurrences in the event of which insurance benefits are due.
To cut short the trip by returning Home earlier than the planned date of return.


Date of Issue
Date shown on the quote or policy certificate as to when it was issued.
A deductible or excess is the fixed amount agreed in the insurance policy that is paid by the insured per claim or per period.
A written record of an entire process.
Dual Insurance
Dual insurance occurs when, in the case of insurance against loss or damage, the same items are insured against a certain risk under more than one insurance policy. In the event of loss or damage the benefits paid by the insurer will be reduced by the amount of the dual insurance.
Due Diligence
You are obliged to exercise due diligence. The infringement of self-evident loss prevention measures may result in a reduction in insurance benefits.
Duration of Policy
This is the number of months for which the policy cover will run. Please note there are no days of grace. At the renewal date of your policy all cover ceases unless the renewal premium has been received before that deadline.
Duty to Minimise Loss
In the event of a claim you must do everything possible to restrict the damage as far as possible, and in particular to avoid any consequential damage.


Employers’ Liability
An employer’s legal responsibility to protect employees in the event of injury whilst at work.
A written alteration or addition to the standard printed policy wording.
An amount paid by you towards a claim.
Any event or circumstance or item not insured.
Exclusions All Risks
In an All Risks insurance contract, the exclusions in the insurance contract are based on the principle that ‘everything that is not specifically excluded from the insurance is considered to be included’. This should prevent any queries arising regarding the intention of the wording to pay in any circumstance giving rise to an insurance claim.
Expiry Date
The time and date on which cover ceases.
Expiry of Claims
The expiry period for claims arising from the insurance contract varies dependent on the type of claim and policy wording.


A legally married couple both aged under 65; a common law husband and wife both aged under 65; a single parent; an adult couple both aged under 65 who have been cohabiting for at least one year, with up to three children aged 18 years under (or 21 in full time education).
Financial Loss Insurance
This covers financial loss as a result of an insured event. Examples of this insurance are Liability insurance, Legal Expenses insurance and Business Interruption insurance.
Financial Services Authority
1 Stop Insurance Consultants Ltd, are authorised and regulated by the Financial Services Authority. Our FSA number is 305497 and our registered address is Unit B2, Mill Green Business Park, Mill Green Road, Mitcham, Surrey. CR4 4HT
Fixed-Sum Insurance
In contrast to insurance against loss or damage, the agreed sum insured is paid out by the insurance company when an insured loss is sustained. Insurance of fixed sums is used in Life insurance, Accident insurance and Health insurance.


General Conditions
The general conditions (GC) set out the rights and obligations of both you and the insurer with regard to all contracts for a specific type of insurance.
General Exclusion
Something which is not covered by the insurance and relates to every section of the Policy. (Look out for these, can be a bit nasty)
Gross Negligence
A serious violation of the obligation to exercise due care. This can result in the payment for a liability claim being substantially reduced.


The Insured being detained against their will by Hijack on an aircraft or sea vessel.
The Insured's place of residence in the British Isles.
Hospital Sundries
The amount payable for each 24 hour period the Insured is a hospital in-patient.


Inception Date
The time and date on which cover starts.
Putting you in the same financial position after the loss as you were in before the loss.
For several lines, insurance is offered with the sum insured adjusted to specific indices (such as the consumer price index).
Insurance Against Loss or Damage
If an insured loss is sustained, the amount of the actual loss is compensated, but this amount may not exceed the agreed sum insured. Insurance against loss or damage is usually included with, among others, Liability insurance, Property insurance and Marine insurance.
Insurance Agreement
An insurance agreement is an agreement between the policyholder and the insurer to pay regular or single premiums and provide insurance benefits in the event of a loss respectively.
Insurance Certificate
In several lines, the insurer issues a confirmation of the insurance contract to the policyholder as proof that insurance cover exists e.g. Employers’ Liability.
Insurance Premium Tax (IPT)
A Government tax on your insurance premium.
Insurance value
The value of the insured item upon conclusion of the insurance contract. This amount usually has to be adjusted during the term of the policy due to inflation, new acquisitions etc., so that the insured sum always corresponds to the replacement value (see Replacement Value and Underinsurance).
Insured Persons
The names that are shown on the quote or policy certificate.
The insurance company.
A Government tax charged as a percentage of premiums.


Level of Cover
The amount up to which the Insured is covered under any particular Section of the Policy.
An event which triggers insurance cover.
Loss Adjuster
Independent professional appointed by the insurer to negotiate claims payment.
Loss Assessor
Independent professional appointed by you to negotiate claims payment.
Loss of Both Eyes
The complete and irrecoverable loss of sight of both eyes.
Loss of One or More Limbs
Loss by physical severance of a hand at or above the wrist or a foot at or above the ankle.
Loss of Passport
Costs for temporary travel documents and reasonable travel and accommodation expenses necessarily incurred to replace the Insured's lost or stolen passport.


Medical Assistance Company
The assistance company named on the policy Certificate.
Missed Departure
Arriving at the British Isles or International departure point too late to commence the trip as booked.
Money and Documents
Bank and currency notes, coins, travel and admission tickets, accommodation and meal vouchers, petrol coupons for private purpose.


No Claims Bonus
A premium discount where no claims have been made in previous years.


Obligation to Notify
You must provide all information necessary for the insurer to analyse the risk and issue an insurance contract.
Overinsurance occurs when the sum insured is higher than the replacement value. In the event of a claim only the replacement value is paid out.


Period of Insurance
The time and date in which the insurance is effective.
Permanent Disability
Disability caused directly from an Accident which results in incapacitation for 12 or more consecutive months.
Personal Accident
Death or permanent disability.
Personal Liability Insurance
Personal Liability insurance (individual or family insurance) protects the insured against civil law claims that are brought against them on the basis of statutory liability provisions.
Piste Closure
Where skiing is prohibited for a period in excess of 12 hours.
The document describing the cover provided by the insurer.
Policy Schedule
The document which details the cover we will provide you under these terms and conditions.
The customer. A person or company who has bought an insurance policy. Also known as the Insured.
The amount paid by the policyholder to the insurer as a consideration for covering the risk.
Property Insurance
Property insurance covers specified property, which may be damaged or destroyed by events of perils, such as fire, storm or theft.
If you wish to take out insurance you must complete a Proposal. This will form the basis of the contract between you and the insurer.
Proposal Form
If you wish to take out insurance you must complete a Proposal. This will form the basis of the contract between you and the insurer.
An easy-to-read summary of insurance covers.
Public Liability Insurance
Liability insurance protects you from loss or damage resulting from a claim for damages by a third party arising from negligence on your part.


Reinstatement Cover
Reinstatement cover is a form of Property insurance that covers an insured item for its new replacement value if it is lost or damaged. The new item should be substantially the same as but not better than the lost or damaged item.
As the primary or direct insurer the insurance company is often unable to carry the entire risk assumed under an insurance contract itself. It must pass on part of the risk to a reinsurance company (or another direct insurer); this does not affect its relationship with the policyholder. The reinsurer can also pass on risks to other insurers.
Spouse, fiance(e), parent, parent-in-law, brother, brother-in-law, sister, sister-in-law, son-in-law, daughter-in-law, child, grandchild.
Returning Home as a result of accidental injury or illness.
Replacement Cost
Replacement value is the value of the insured items at the time when the loss occurred (see also Current Market Value).
Replacement Value
Replacement value is the value of the insured items at the time when the loss occurred (see also Current Market Value).
Riot Insurance
Riot will usually be covered in conjunction with civil commotion and malicious damage subject to the policy's general and special conditions.
The likelihood of incurring misfortune or loss.


A document describing who is insured, what is insured, and the cover provided.
Self Employed (definition of)
• Helping with, managing or carrying on a business in the UK and are liable to pay tax under schedule D Case, I, II, IV or V or the Income and Corporations Taxes Act 1988; or • Paying Class II National Insurance contributions; or • A partner in a Partnership; or • A person who exercises direct or indirect control over a company, or owns more than 10% of the issues share capital of the company • Working for a company and in any way connected with a person who has control over that company (for example, you are one of his or her family)
When an insurer pays a claim.
When an insurer pays a claim.
Ski Equipment
Skis, ski sticks, ski bindings, ski boots, snowboards
Ski Hire
Ski equipment hired due to loss, damage or delay of the Insured's ski equipment.
Ski Pack
Unused ski pass, ski hire or tuition fees resulting from accidental injury, sickness or loss/theft of ski pass.
Special Conditions
In addition to the general conditions (GC), any individual conditions applying to the sections of a policy are set out in the special conditions (SC).
Specific Exclusions
Something which is not covered by the insurance and relates only to a particular section of the Policy . (Again look out for these, can be a bit nasty)
The insurance company that makes the initial payments (e.g. in the case of Motor Liability insurance) has recourse to the person responsible for the loss, or to the policyholder if the loss was due to a tortuous act (such as gross negligence) or if the insurance cover does not suffice.
Sum Insured
The amount that is paid out by the insurer when an insured event occurs.
Supplementary Insurance
Supplementary insurance or additional benefits may be added to all the usual types of insurance policies in order to fit your requirements. This would usually incur an increase in the premium.


The premium under a general insurance policy is subject to Insurance Premium Tax
Territorial Limits
Geographical areas or countries shown on the quote or policy certificate.
Travel Delay
The delay of a flight or English Channel crossing.
Travelling Companion
The person whom the Insured has booked to travel with.
Period of travel.


ULR Cover
Uninsured loss recovery – better known as legal expenses cover, which you can add on to your policy.
When the policy limit is lower than the replacement value of an item. In the case of Property insurance this can have serious consequences for the policyholder, as he/she is not fully compensated for the damage. In the case of partial damage, the insurance benefits are also reduced in proportion to the underinsurance.
Person who decides whether to accept a risk and calculates the premium.
Unforeseen Occurrences
Uninsured Losses
Elements not covered by your policy such as hire charges.


Cameras, photographic apparatus, video equipment, stamps, documents, dentures, hearing aids, furs, binoculars, tape recorders, cassettes and players, radios, compact discs and players, computers and accessories, mobile phones, video games and TV sets.
Valuables Insurance
Insurance of valuables covers damage to jewellery, furs, paintings, musical instruments and other personal valuables as a result of theft or burglary, robbery, fire, water, loss as well as damage. Specific terms may be requested. The insured items are usually listed individually.
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