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Accident
APR
Betterment
Broker
Buildings Insurance
Business Interruption Insurance
Certificate of Insurance
Change of Ownership
Claim
Commission
Compulsory Insurance
Conditions
Cover
Current Market Value
Damage Caused by Natural Forces
Damage to Goods in the Custody or Control
Deductible
Documentation
Dual insurance
Due Diligence
Duty to Minimise Loss
Employers' Liability
Endorsement
Excess
Exclusion
Exclusions All Risks
Expiry Date
Expiry of Claims
Financial Loss Insurance
Fire insurance
Fixed-Sum Insurance
General Conditions
Glass Insurance
Gross Negligence
Household contents insurance
Inception Date
Indemnity
Indexation
Insurance Against Loss or Damage
Insurance Agreement
Insurance Certificate
Insurance Premium Tax (IPT)
Insurance value
Insurer
The insurance company.
Legal Expenses Insurance
Loss
Loss Adjuster
Loss Assessor
Movables
No Claims Bonus
Obligation to Notify
Overinsurance
Peril
Personal Liability Insurance
Policy
Policyholder
Premium
Property Insurance
Proposal
Proposal Form
Prospectus
Public Liability Insurance
Reinstatement Cover
Reinsurance
Replacement Cost
Replacement Value
Riot Insurance
Risk
Schedule
Special Conditions
Subrogation
Sum Insured
Supplementary Insurance
Theft Insurance
Underinsurance
Valuables Insurance
Water Damage insurance Top
Accident
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.
Top APR
Annual Percentage Rate - A percentage calculation that reflects the total cost of a loan (interest plus all fees) on an annual basis. Top Betterment
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. Top Broker
An independent insurance expert who will provide you with impartial insurance advice on a wide range of insurance related matters. Top Buildings Insurance
Buildings insurance covers damage to buildings including fixed glass, sanitary ware and signs, landlords' fixtures and fittings, central heating systems, and concrete, paved or asphalt forecourts, yards and terraces. Top Business Interruption Insurance
Insurance against loss of net operating profit, fixed costs, staff costs, etc. arising from damage to property caused by fire, natural forces etc. Top Certificate of Insurance
Evidence of the existence of insurance as required by law e.g. Employers Liability Insurance. Top Change of Ownership
In the case of insurance against loss or damage or Liability insurance, the insurance contract can be transferred to the buyer if ownership of the insured items changes, unless the buyer makes use of the right of termination within 14 days. Top Claim
Formal request for payment, usually requiring completion of a claim form. Top Commission
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. Top Compulsory Insurance
The law requires certain risks to be insured. These include Private Motor, Third Party and Employers' Liability. Top Conditions
Rules stated within the policy that you and the insurer must abide by. Top Cover
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. Top Current Market Value
The amount required for repurchase of an item or rebuilding of a building, minus depreciation due to wear and tear or other causes (material value). As a rule, however, the replacement value is used as the sum insured for Property insurance. Top Damage Caused by Natural Forces
Damage caused by natural forces such as floods, storms, hail, earthquake, pressure of snow, or landslides can be covered by Property insurance usually after the deduction of a deductible. Top Damage to Goods in the Custody or Control
Damage to goods belonging to third parties which are used, transported, stored or handled by the policyholder, his/her employees or relatives is usually not covered by Liability insurance. This can usually be covered under a Property insurance policy. Top Deductible
A deductible or excess is the fixed amount agreed in the insurance policy that is paid by the insured per claim or per period. Top Documentation
A written record of an entire process. Top 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. Top 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. Top 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. Top Employers' Liability
An employer's legal responsibility to protect employees in the event of injury whilst at work. Top Endorsement
A written alteration or addition to the standard printed policy wording. Top Excess
An amount paid by you towards a claim. Top Exclusion
Any event or circumstance or item not insured. Top 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. Top Expiry Date
The time and date on which cover ceases. Top Expiry of Claims
The expiry period for claims arising from the insurance contract varies dependent on the type of claim and policy wording. Top 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. Top Fire insurance
Fire insurance covers damage caused by fire, lightning or explosion. Top 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. Top 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. Top Glass Insurance
Glass insurance provides insurance cover against accidental damage to the glass listed in the policy (specified cover) or all glass in the building (unspecified cover). Top 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. Top Household contents insurance
Household Contents insurance covers loss or damage to all household items that are not part of the building or building installations. Cover will usually be provided on a fire and perils or all risks basis, and on a "new for old" basis. The sum insured will usually be subject to average so it's important that your sum insured is up to date. Top Inception Date
The time and date on which cover starts. Top Indemnity
Putting you in the same financial position after the loss as you were in before the loss. Top Indexation
For several lines, insurance is offered with the sum insured adjusted to specific indices (such as the consumer price index). Top 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. Top 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. Top 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. Top Insurance Premium Tax (IPT)
A Government tax on your insurance premium. Top 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). Top Insurer
The insurance company. Top Legal Expenses Insurance
Legal Expenses insurance protects your interests in the event of legal disputes and provides cover for the costs of attorneys, experts and court proceedings as well as any amount paid to the claimant. Top Loss
An event which triggers insurance cover. Top Loss Adjuster
Independent professional appointed by the insurer to negotiate claims payment. Top Loss Assessor
Independent professional appointed by you to negotiate claims payment. Top Movables
Term used for moveable items (household contents, goods or furniture) that are not regarded as part of the building or building installations. Top No Claims Bonus
A premium discount where no claims have been made in previous years. Top Obligation to Notify
You must provide all information necessary for the insurer to analyse the risk and issue an insurance contract. Top Overinsurance
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. Top Peril
A term describing an event for which insurance cover is provided e.g. fire and theft. Top 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. Top Policy
The document describing the cover provided by the insurer. Top Policyholder
The customer. A person or company who has bought an insurance policy. Also known as the Insured. Top Premium
The amount paid by the policyholder to the insurer as a consideration for covering the risk. Top Property Insurance
Property insurance covers specified property, which may be damaged or destroyed by events of perils, such as fire, storm or theft. Top Proposal
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. Top Proposal Form
A form used to gather information. Top Prospectus
An easy-to-read summary of insurance covers. Top 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. Top 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. Top Reinsurance
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. Top Replacement Cost
Paying a claim without deducting an amount for wear and tear. Top Replacement Value
Replacement value is the value of the insured items at the time when the loss occurred (see also Current Market Value). Top Riot Insurance
Riot will usually be covered in conjunction with civil commotion and malicious damage subject to the policy's general and special conditions. Top Risk
The likelihood of incurring misfortune or loss. Top Schedule
A document describing who is insured, what is insured, and the cover provided. Top 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). Top Subrogation
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. Top Sum Insured
The amount that is paid out by the insurer when an insured event occurs. Top 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. Top Theft Insurance
Theft insurance covers loss caused by burglary, robbery and sometimes simple theft in the case of Household Contents insurance, and loss caused by burglary and robbery in the case of Property insurance. Simple theft is the appropriation, without the use of force, of property belonging to another. Burglary or qualified theft occurs when rooms or receptacles within the rooms have been broken into. The term 'robbery' is used when a person steals from another while using force or threatening to do so. Top Underinsurance
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. Top 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. Top Water Damage insurance
Water damage insurance covers damage to the insured items by water leaking from water pipes, rainwater, melted snow and ice coming in through the roof, backwater from the sewage system and ground water, frost damage to water pipes, oil leaking from heating systems and tanks. Top
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