Covers damage to or loss of policyholders’ property and legal liability for damages caused to other people or their property.
Special coverage on cargo in overseas ships against the risk of being confiscated by a government in wartime. It is excluded from standard ocean marine insurance and can be purchased separately. It often excludes cargo awaiting shipment on a wharf or on ships after 15 days of arrival in port.
A marketplace where underwriting syndicates, or mini-insurers, gather to sell insurance policies and reinsurance. Each syndicate is managed by an underwriter who decides whether or not to accept the risk. The Lloyd’s market is a major player in the international reinsurance market as well as a primary market for marine insurance and large risks. Originally, Lloyd’s was … Read more
A schedule showing the limits of liability to be written by a Ceding Company for different classes of risk and (usually) also showing the lines which can be ceded to proportional reinsurance treaties.
Licenses for younger drivers that allow them to improve their skills. Regulations vary by state, but often restrict night time driving. Young drivers receive a learner’s permit, followed by a provisional license, before they can receive a standard drivers license.
An agreement between two insurance companies where each insurer pays the vehicle’s repair costs of its own policy-holder regardless of who was responsible for an accident. While an insurer may be able to pursue a recovery from the party responsible for an accident of from his insurer, this is a costly administrative procedure. The Knock … Read more
This Insurance covers the Insured’s stock, property left with the Insured for repair or other purposes, and the Insured’s interest in and legal liability for property on memorandum or consignment from others in the jewellery trade.
A Marine Insurance term referring to the throwing of cargo overboard to lighten the ship in order to save it from sinking. Jettison is one of the many perils covered under Institute Cargo Clauses A, B and C. For further info, see Marine
This broad type of coverage was developed for shipments that do not involve ocean transport. Covers articles in transit by all forms of land and air transportation as well as bridges, tunnels and other means of transportation and communication. Floaters that cover expensive personal items such as fine art and jewelry are included in this … Read more
A provision added to a homeowners insurance policy that automatically adjusts the coverage limit on the dwelling each time the policy is renewed to reflect current construction costs.
Homeowners policy that pays the full cost of replacing or repairing a damaged or destroyed home, even if it is above the policy limit. See Extended Replacement cost coverage
