The report prepared by the surveyor which is submitted by the claimant with his claim, and which gives details of damage to the insured property.

The total cost of labor, materials and services necessary to replace property in its entirety, with materials of like kind and quality, without deduction for depreciation.

Usually, a policy benefit or claim payment. It connotes an agreement between both parties to the policy contract as to the amount and method of payment.

Any act of stealing. Theft includes larceny, burglary and robbery.

A statement of fact, belief or expectation made by the Insured and/or his broker, to the Insurer when placing the insurance.

An optional coverage designed to provide basic protection for your vehicle for loss or damage resulting from incidents specifically stated in your policy. A few examples of the types of losses Insured under named perils coverage include fire, lightning, theft, explosion, earthquake, windstorm and hurricane.

Protection of the Insured against liability for damage to or destruction of the bodies or property of others.

An amount held back or not released; in reinsurance, it is the proportion of the line written by the original Insurer that is not ceded to the reinsurer.

Circumstances where marine cargo is delivered to the consignee in a lesser amount or quantity than should have been delivered.

A loss of sufficient size so that it can be said there is nothing left of value; the complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.