Accidental Damage
Loss or damage by an unforeseen event, outside the control of the Insured; something that may happen, not something that will happen.

Additional Insured
Another named person or company who has a financial interest in the property being insured or who may be legally liable for an incident involving a third party.

Agents
Agents otherwise called intermediaries sell and manage insurance for the company (principal). They are authorized representatives of an insurance company and are considered to be the ‘middle-man' between the customer and the insurance company.

All Risks
Physical loss or damage to the property insured as a result of any cause other than those causes excluded by the policy.

Average
A condition introduced into an insurance contract whereby, if at the time of a loss, the value of the property exceeds the value for which it is insured the claim will be proportionately reduced. The insured is responsible for the difference.

Benefit
A term used to describe the amount to be paid upon the happening of an event.

Broker
A full time insurance specialist offering service on the basis of a reasonable standard of professional expertise and competence, advising and arranging insurance normally as an agent of an insured.

Buildings
All buildings including outbuildings and gate houses, fixtures and fittings, solar heating systems, radio, television aerials on or in the building, walls, boundary walls, foundations, gates, fences, terraces, patios, driveways, paths, swimming pools, tanks, sewage systems, drains, awnings and hard courts.

Burglary
The forcible and violent entry into or exit from premises in an attempt to remove or damage property, by a perpetrator. In a legal sense 'burglary' is committed during the hours of darkness.

Commercial Use
This classification means that you mainly use your motor vehicle for business purposes (such as sales, service, and the carriage of goods) or work-related errands (like trips to the bank or post office). Commuting to and from work is not considered commercial use.

Business Interruption
Interruption in business occurring immediately after and in consequence of material damage to property. Not only is the property damaged, but there is interruption for a period in the trading activities of the business and during the interruption the business suffers a loss of or a reduction in turnover. Also known as consequential loss or loss of income.

Claim
A request by the policyholder for an indemnity or benefit under the insurance policy.

Collision
The impact between two or more objects resulting in damage to the object(s) e.g. buildings and motor vehicles.

Commercial Motor Vehicles
There are two types:- Private Commercial - vehicles used for the carriage of the insured's own goods for his business purposes.

Public Commercial
Vehicles used for haulage of goods for hire or reward but exclude the carriage of fare paying passengers.

Comprehensive Cover
Cover provided to the policyholder for damage to motor vehicle caused by collision, fire, theft, acts of God, falling objects and vandalism.

Contents

• Household
  Personal belongings, including money and valuable property , collections of stamps, coins or medals, tenants fixtures and fittings, including interior decorations within the boundaries of the premises.

• Commercial
  Machinery, plant, equipment, tools and tanks, office and other furnishings, fixtures, fittings and office supplies, tenants improvements and customers' goods held in trust or on commission

Deductible
Amount for which the Insured is responsible in respect of each and every claim made for loss or damage to the property insured. It is expressed either as a flat amount or a percentage of the loss or of the value of the property.

Depreciation
Depreciation is the decline in an object's value due to age, wear and tear, or obsolescence.

Deterioration of Food and Drink
Contamination of food and drink by accidental escape of refrigerant or refrigerant fumes or change in temperature of the freezer or refrigerator in the home.

Earthquake
A shaking or trembling of the earth caused by subterranean volcanic sources or by rock shifting below the surface . Loss from earthquake will be indemnified if there had been a measurement on the Richter Scale.

Effective Date
The date the insurance cover begins.

Employers' Liability
Liability imposed by law on an employer to compensate an injured employee as a result of any act of negligence occurring during the period of employment.

Endorsements
Written evidence of changes made to the original insurance contract.

Excess
Amount for which the Insured is responsible in respect of each and every claim made for loss or damage to the property insured. It is expressed either as a flat amount or a percentage of the loss or of the value of the property.

Exclusions
Specified events that are not covered by the insurance policy.

Expiration Date
The date insurance cover ceases.

Explosion
A rupture of pressure vessel of some kind due to excessive internal pressure. Fire The actual ignition that is accidental or fortuitious in origin as far as the insured is concerned. Something must be on fire that was never intended to be so.

Flood
The escape of water from its natural or non-natural confines.

Housebreaking
The forcible and violent entry into or exit from premises in an attempt to remove or damage property, by a perpetrator. In a legal sense housebreaking is committed during daylight hours.

Hurricane
A violent windstorm covering a large area usually originating at sea with winds circulating at tremendous speed around a ‘center'.

Intermediary
A ‘middleman' through whom insurance is arranged. (eg. Agent/Broker)

Indemnity
The principle by which the insured is placed in the same financial position he/she was, immediately before the loss.

Insurance Certificate
A document issued to provide evidence of the existence of insurance.

Insurance Policy
The written evidence of the contract between the insurer and the insured.

Insured
The insured is the person or legal entity that has a financial interest in the property being insured or who stands to gain something from its safety and lose something from its loss.

Insurer
An entity authorized to issue insurance policies.

Judgment
A final decision rendered by a court of law.

Larceny
The act of taking property, which does not belong to you, whilst you are lawfully on the premise that contains the property.

Legal Liability
Imposition by law on individuals or corporations to pay for loss, damage injury or death.

Limit of Liability
The maximum amount payable under your insurance policy to third parties for property damage, bodily injury or death.

Loss Adjuster/Assessor
An independent professional appointed to act on behalf of the company in the assessment/adjustment of an insured loss.

Loss of Use
A benefit provided under a motor insurance policy to compensate for the cost of alternative transportation following an accident.

Malicious Act
Unlawful act which causes damage to property by someone motivated by ill will towards the insured Money, Cash, cheques, postal orders, money orders, bankers drafts, travel tickets, savings stamps and certificates, premium bonds, current postage stamps, gift tokens, luncheon vouchers, trading stamps and phone cards.

Named Driver
Person(s) named in a motor insurance policy as the regular or habitual driver(s) permitted to drive the vehicle.

No Claim Bonus/Discount
The progressive discount given by Insurers to the policyholders for claim-free and/or accident free driving.

Premium Financing
A policyholder contracts with a lender to pay the insurance premium on his/her behalf. The policyholder agrees to repay the lender for the cost of the premium, plus interest and fees.

Private Car
Cars used for social, domestic and pleasure purposes, personal business purposes but excluding commercial traveling and use for hire and reward.

Proposer
The prospective insured that is the party proposing to effect the insurance, often by the completion of a proposal form .

Proposal Form
A form presented for completion to the party seeking insurance cover. It forms the basis of the contract between the proposer and the insurer.

Riot
An event in which a number of persons (as legally defined) in one place, all with a common purpose, executing that common purpose, with the intent of helping one another, by force if necessary, against any one person who may oppose them in execution of their common purpose, using such force or violence so as to alarm at least one person.

Terrorism
An unlawful association, which uses violence for political ends. It includes any use of violence for the purpose of putting the public in fear.

Theft
Taking the property of someone else without any intention of returning it.

Third Party
The person or organization that has a claim against the insured by alleging a breach of legal duty by the insured.

Valuable Property
Jewellery, items of gold, silver or other precious metals, watches, photographic equipment, binoculars, works of art, curios, furs, musical instruments, radio, television, other audio, video and computer equipment.

Windstorm
Unusually high winds as declared by the meteorological office.