All Products

Agent
A representative registered with the Financial Services Commission (FSC) and authorised to sell and manage insurance on behalf of Insurance Companies.
All Risks Cover
Covers physical loss or damage to the property insured, which are not explicitly excluded under the policy.
Average

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.

Benefit

The amount paid to the Insured in the event of a loss.

Broker

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.

Buildings

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.

Burglary
Theft of the Insured’s property by forcible and violent entry into or exit from premises during the night, resulting in loss/damage.
Business Interruption
A loss of or a reduction in business turnover/income resulting from material damage to the property. Also known as consequential loss insurance.
Claim
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.
Collision
An event that occurs when your vehicle comes into physical contact with another vehicle, object or person.
Commercial Motor Vehicles (Private Use)

Vehicles used for business purposes, whether they be for the carriage of the insured’s own goods or for his private use.

 
Commercial Motor Vehicles (Public 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.
 
Comprehensive Cover (Motor)
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.
 
Contents (Household)
All personal belongings, and valuable property, tenants’ fixtures and fittings, including interior decorations within the boundaries of the premises.
 
Contents (Commercial)
Machinery, plant, equipment, inventory/stock, tools, tanks, office and other furnishings, fixtures, fittings and office supplies, tenants’ improvements and customer’s goods held in trust or on commission.
 
Depreciation
A reduction in the value of an asset over time due to age, wear and tear or being outdated.
 
Deterioration of Food and Drink
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.
 
Earthquake
A shaking or trembling of the earth caused by subterranean volcanic movement of rock shifting below the surface of the Earth.
Effective Date

The date the insurance cover starts.

Employers’ Liability

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.

Endorsements

Written proof of any change made to the original insurance agreement/contract.

Excess

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.

Exclusions

Items or events that are not covered by the insurance contract/policy.

Expiration Date

The date insurance cover comes to an end.

Explosion

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.

Flood

The escape of water from its natural or non-natural confines.

Housebreaking

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.

Hurricane

A violent windstorm covering a large area usually originating at sea with winds circulating at tremendous speed around a ‘centre’.

Intermediary

A ‘middleman’ through whom insurance is arranged. (e.g. Agent/Broker)

Indemnity

Placing the insured in the same financial position he/she was, immediately before the loss or damage to his/her property/vehicle.

Insurance Certificate

A document issued to provide evidence of the existence of insurance.

Insurance Policy

The written evidence of the contract between the insurer and the insured.

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.

Insurer

An entity authorized to issue insurance policies.

Judgment

A final decision rendered by a court of law.

Larceny

The act of taking property, which does not belong to you, whilst you are lawfully on the premise that contains the property.

Legal Liability

Imposition by law on individuals or corporations to pay for loss, damage injury or death.

Limit of Liability

The maximum amount payable under your insurance policy to third parties for property damage, bodily injury or death.

Loss Adjuster/Assessor

An independent professional appointed to act on behalf of the company in the assessment/adjustment of an insured loss.

Loss of Use

A benefit provided under a motor insurance policy to compensate for the cost of alternative transportation following an accident.

Malicious Act

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.

Named Driver

Person(s) named in a motor insurance policy as the regular or habitual driver(s) permitted to drive the vehicle.

No Claim Bonus/Discount

An amount given in a percentage form to the insured by the insurance company for the claim free/accident free driving.

Premium Financing

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.

Private Car

Cars used for the insured’s private use and pleasure purposes.

Proposer

The prospective insured that is the party proposing to effect the insurance, often by the completion of a proposal form.

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.

Replacement Value

The full cost of rebuilding the property in its original condition, should it be totally destroyed.

Riot

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.

Sum Insured

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.

Terrorism

An unlawful association, which uses violence for political ends. It includes any use of violence for the purpose of putting the public in fear.

Theft

Taking the property of someone else without any intention of returning it.

Third Party

The person or organization that has a claim against the insured by alleging a breach of legal duty by the insured.

Valuable Property

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.

Windstorm

Unusually high winds as declared by the meteorological office.