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Definitions (86)
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Proposal form
A form sent by an insurer to a person requiring insurance so as to obtain sufficient information to allow the insurer to decide whether or not to accept a risk and what conditions to apply if it is ac [..]
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MATERIAL DAMAGE WARRANTY
A warranty in a business interruption insurance policy stipulating that for the interruption insurance to become effective there must be a policy in force in respect of the material damage and a claim [..]
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SUBJECT TO SURVEY
Phrase used by an insurer to signify provisional acceptance of an insurance pending inspection by a surveyor whose report is necessary to determine the rate and conditions applicable.
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vis major
Nugent v Smith (1876) “Natural causes directly and exclusively without human intervention and that could not have been prevented by any amount of foresight and pains and care reasonably to have been e [..]
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ADDENDUM
A document setting out agreed alterations to an insurance contract. (See also endorsement).
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ADDITIONAL PREMIUM
A further premium payable by the insured as a result of policy amendment, that may have increased the risk or changed the policy conditions or sum insured.
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adjuster
One who investigates and assesses claims on behalf of insurers (claims adjuster or loss adjuster).
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Advance Profits Insurance
Business interruption insurance of the expected profits of a new enterprise or an extension to an existing business.
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AGGREGATE LIMIT OF INDEMNITY
The maximum amount an insurer will pay under a policy in respect of all accumulated claims arising within a specified period of insurance.
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all risks
Term used to describe insurance against loss of or damage to property arising from any fortuitous cause except those that are specifically excluded.
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