We break down complex terms into simple, understandable language, so you can make informed decisions with confidence. Your understanding is our priority.
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A representative registered with the Financial Services Commission (FSC) and authorised to sell and manage insurance on behalf of Insurance Companies.
A condition where the amount received by the Insured in settlement of their claim will be proportionately reduced because of failure to insure the property for its full replacement value.
The amount paid to the Insured in the event of a loss.
A company registered with the Financial Services Commission (FSC), advises the customer and acts on their behalf to negotiate with insurers in selling and managing insurance.
All buildings including outbuildings and gatehouses, fixtures and fittings, solar heating systems, radio, television aerials on or in the building, walls, boundary walls, foundations, gates, fences, terraces, patios, driveways, paths, swimming pools, tanks, sewage systems, drains, awnings and hard courts.
Theft of the Insured’s property by forcible and violent entry into or exit from premises during the night, resulting in loss/damage.
A loss of or a reduction in business turnover/income resulting from material damage to the property. Also known as consequential loss insurance.
A request made by the Insured to be paid by the insurance company as compensation for loss/damage to property covered by the insurance policy.
Vehicles used for business purposes, whether they be for the carriage of the insured’s own goods or for his private use.
Vehicles used for business purposes, whether they be for the carriage of goods for payment, but does not include carriage of passengers for payment.
Widest cover for damage to the motor vehicle caused by impact/collision, fire, Acts of God among others. It also covers damage caused by the insured’s vehicle.
All personal belongings, and valuable property, tenants’ fixtures and fittings, including interior decorations within the boundaries of the premises.
A reduction in the value of an asset over time due to age, wear and tear or being outdated.
Contamination of food by the accidental escape of refrigerant or refrigerant fumes or spoilage by the change in temperature of the freezer or refrigerator in the home.
A shaking or trembling of the earth caused by subterranean volcanic movement of rock shifting below the surface of the Earth.
The date the insurance cover starts.
Liability imposed by law on an employer to compensate an injured employee as a result of any act of negligence occurring during the period of employment.
Written proof of any change made to the original insurance agreement/contract.
A flat amount or percentage that the insured is responsible for in respect of any claim made for a loss or damage to the motor vehicle that is insured.
Items or events that are not covered by the insurance contract/policy.
The date insurance cover comes to an end.
A rupture of pressure vessel of some kind due to excessive internal pressure. Fire the actual ignition that is accidental or fortuitous in origin as far as the insured is concerned. Something must be on fire that was never intended to be so.
The escape of water from its natural or non-natural confines.
The forcible and violent entry into or exit from premises in attempt to remove or damage property, by a perpetrator. In a legal sense housebreaking is committed during daylight hours.
A violent windstorm covering a large area usually originating at sea with winds circulating at tremendous speed around a ‘centre’.
A ‘middleman’ through whom insurance is arranged. (e.g. Agent/Broker)
Placing the insured in the same financial position he/she was, immediately before the loss or damage to his/her property/vehicle.
A document issued to provide evidence of the existence of insurance.
The written evidence of the contract between the insurer and the insured.
The insured is the person or legal entity that has a financial interest in the property being insured or who stands to gain something from its safety and lose something from its loss.
An entity authorized to issue insurance policies.
An entity authorized to issue insurance policies.
The act of taking property, which does not belong to you, whilst you are lawfully on the premise that contains the property.
Imposition by law on individuals or corporations to pay for loss, damage injury or death.
The maximum amount payable under your insurance policy to third parties for property damage, bodily injury or death.
An independent professional appointed to act on behalf of the company in the assessment/adjustment of an insured loss.
A benefit provided under a motor insurance policy to compensate for the cost of alternative transportation following an accident.
Unlawful act which causes damage to property by someone motivated by ill will towards the insured money, cash, cheques, postal orders, money orders, banker’s drafts, travel tickets, savings stamps and certificates, premium bonds, current postage stamps, gift tokens, luncheon vouchers, trading stamps and phone cards.
Person(s) named in a motor insurance policy as the regular or habitual driver(s) permitted to drive the vehicle.
An amount given in a percentage form to the insured by the insurance company for the claim free/accident free driving.
A policyholder contracts with a lender to pay the insurance premium on his/her behalf. The policyholder agrees to repay the lender for the cost of the premium, plus interest and fees.
Cars used for the insured’s private use and pleasure purposes.
The prospective insured that is the party proposing to effect the insurance, often by the completion of a proposal form.
A form presented for completion to the party seeking insurance cover. It forms the basis of the contract between the proposer and the insurer.
The full cost of rebuilding the property in its original condition, should it be totally destroyed.
An event in which a number of persons (as legally defined) in one place, all with a common purpose, executing that common purpose, with the intent of helping one another, by force if necessary, against any one person who may oppose them in execution of their common purpose, using such force or violence so as to alarm at least one person.
The maximum amount that an insurer will pay out in the event of a claim. It is the proposer’s responsibility to determine the sum insured.
An unlawful association, which uses violence for political ends. It includes any use of violence for the purpose of putting the public in fear.
Taking the property of someone else without any intention of returning it.
The person or organization that has a claim against the insured by alleging a breach of legal duty by the insured.
Jewellery, items of gold, silver or other precious metals, watches, photographic equipment, binoculars, works of art, curios, furs, musical instruments, radio, television, other audio, video and computer equipment.
Unusually high winds as declared by the meteorological office.
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