In motor insurance, the total cost of repairs to make good the damage to the vehicle

In marine insurance deviation relates to the departure of a ship from its intended course with the intention of returning to that course and completing the planned voyage.

A large metal box in which many packages can be stowed in advance of loading on a ship so that the container can be loaded, stowed and discharged as a complete unit.

An independent person hired by an Insurance Company to be responsible on behalf of the Company for claims settlement.

A clause in a property policy which provides for fixed monthly percentage increases in the sum insured to cater for inflation, etc.

A premium paid in advance as a deposit when it is not practicable at the time of placing the risk to assess the final premium. It is usual for a provision to be made at the time of placing to allow for adjustment on expiry of the policy. In some cases the deposit is specified as a minimum premium, in which case the adjustment is made only if the final premium exceeds the deposit premium.

In marine insurance, the Insured has the right to abandon the Insured property to the Insurer and claim a constructive total loss where, because of the operation of an Insured peril, (a) the Insured is deprived of the Insured property and is unlikely to recover it, or (b) an actual total loss appears to be inevitable, or (c) in the case of a vessel – the estimated costs of recovery and repair would exceed the repaired value, or (d) in the case of cargo – the estimated costs of recovery, reconditioning and forwarding to destination would exceed the repaired value (see ‘Notice of Abandonment’).

Failure to perform contractually or otherwise, because of doing work improperly, or failing to perform certain prescribed functions.

Decrease in the value of property over a period of time due to use, wear & tear and obsolescence. For example, if you paid $500 for a television set five years ago, its current value minus depreciation might be only $125.

A group of Insurance Companies who agree to share with each other, risks written by any individual member of the Consortium.