The standard charge for a given type of risk.

In marine insurance, a clause inserted in an open cover policy defining the basis of an acceptable Insured value in respect of shipments that are declared ‘late’. The basis normally includes the invoice cost of the goods plus insurance charges, freight and a fixed percentage representing the profit to the seller.

A shipping document prepared by the shipping agent and containing a complete description of the goods to be shipped. It acts as the carrier’s receipt to the shipper for his goods.

When goods arrive at Customs without documents or available knowledge of full details, the Customs Authorities require that the importer completes a bill of sight before he can obtain release of his goods.

An agreement between an Insurer and another, termed a ‘policyholder’, whereby the policyholder is authorized to accept proposals for insurance contracts from third parties and to bind the Insurer to such contracts.

A small craft or pleasure vessel.

Term used in Auto and Casualty policies meaning physical injury, including sickness, disease, mental injury, shock or death.

Pays when an Insured person is legally liable for bodily injury or death caused by your vehicle. This coverage also pays for your legal defense if you are sued.

Where one of two parties to a contract breaks one of the conditions of the contract whereby the aggrieved party suffers a wrong or injury, the aggrieved party has the right to sue for damages for breach of contract.

Whether or not it affects a claim on the policy the Insured must comply with all warranties in the policy. In the event of breach of warranty by the Insured, the Insurer is automatically, discharged from all liability from the date of the breach, but the Insurer remains liable for Insured losses occurring prior to that date.

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.

An independent person or firm who acts on behalf of the Insured in placing business with the Insurance Company. Responsible for the collection of premiums but having no authority to give coverage on the Insurance Company’s behalf without their specific agreement. Compensation is on a commission or fee basis.

Gold or silver valued by its weight, ignoring its coin value.

Unlawful removal of property from premises, involving visible forcible entry.

Insurance against business expenses and loss of income resulting from fire or other Insured Peril.

The insurable interest of the buyer of insurable property.