Any of the commercial or personal lines property forms which provide coverage on a named perils basis. This form normally adds the Extended Coverage and Vandalism and Malicious Mischief Coverage.

Same as “Insured”.

The costs incurred by an Insurer in obtaining business. These may include commissions paid to agents and brokers, taxes, etc.

Associate of the Chartered Insurance Institute. A professional qualification awarded by the Chartered Insurance Institute to successful examinees.

Physical Injury to a person, accidentally sustained directly and independently of all other causes.

An unexpected event which happens by chance and is not expected in the normal course of events.

A condition precedent to a constructive total loss in marine insurance. The Insurer usually rejects the ‘notice of abandonment’ and agrees to place the Insured in a position as though a writ had been issued against the insurer.