Each and every occurrence

Estimated Maximum Loss

The date on which an insurance policy or bond goes into effect, and from which protection is furnished.

The fraudulent use of money or property which has been entrusted to one’s care.

Amendment to the policy, used to add or delete coverage. Also referred to as a “rider.”

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

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

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

A payment made by the Insurer in respect of a claim for which he is not legally liable. Done as a sign of goodwill or to accommodate a valued Insured.

A term used in the sale of goods where the buyer’s responsibility for the goods attaches from the time they leave the seller’s warehouse.

A claim deductible. An amount or percentage specified in the policy which must be exceeded before claims are payable.

When two or more policies provide coverage, the excess policy would pay any thing after or above that which would be paid by the primary policy or primary insurance.

Losses that are specifically excluded from the policy cover.

Certain causes and conditions, listed in the policy, which are not covered.

Damages awarded by a Court, in an action for liability, to set an example; rather in the form of a punishment against the defendant than to make good a loss suffered by the plaintiff.

The past claims experience of the Insured.

The date upon which a policy will end.

Degree of hazard threatening a risk because of external or internal physical conditions.

Authority given in writing.

Specified in the policy document. It is a promise by the Insured that a thing shall or shall not be done or that a state of affairs will or will not exist.

In marine insurance, a term used in determining General Average. It is expenditure or sacrifice other than obligations under the contract of affreightment, incurred by the ship owner.