ALL RISKS This is a term used widely in the insurance business which is in many ways a misnomer. There is no insurance policy that can cover everything. The usual definition which is accepted is that of “accidental physical damage to property”.

"ACCIDENTAL PHYSICAL DAMAGE TO PROPERTY"
There are exclusions for events which are not accidental or are inevitable or are someone else's responsibility. Some of these, such as breakdown, may be included for an extra premium. You are usually responsible for the first part of any claim, this is called an EXCESS or DEDUCTIBLE

ALL RISKS (what is usually excluded)

• Wear, tear
  
• gradual deterioration
  
• depreciation in value
  
• insects, vermin
  
• corrosion, mildew, fungus, atmospheric conditions
  
• the action of light
  
• any process of heating, drying, cleaning, dying
  
• alteration of repair
  
• scratching, denting
  
• breakdown( sometimes included for an extra premium)
  
• misuse
  
• faulty workmanship or design
  
• use of faulty materials
  
• confiscation or detention by customs and the like mechanical breakdown or derangement unless caused by accidental damage
  
• loss or damage to firearms by rusting, bursting or derangement

This is a provision in insurance policies that simplifies the process where there is a dispute as to the amount to be paid, the insurers having agreed that there is liability to pay.

This is a provision in insurance policies that simplifies the process where there is a dispute as to the amount to be paid, the insurers having agreed that there is liability to pay.

This is a provision in insurance policies that simplifies the process where there is a dispute as to the amount to be paid, the insurers having agreed that there is liability to pay.

This is a provision in insurance policies that simplifies the process where there is a dispute as to the amount to be paid, the insurers having agreed that there is liability to pay.

A professional intermediary who acts on behalf of customers to arrange appropriate insurance programs.

It is usual on insurance policies to specify in a definition what is included, in addition to the basic structure, such as awnings, shades, small outbuildings, and retaining walls. This definition, subject to the insurer's agreement can be customized to meet your actual circumstances if the standard policy definition is insufficient.This is a provision in insurance policies that simplifies the process where there is a dispute as to the amount to be paid, the insurers having agreed that there is liability to pay.

The forcible entry to or exit from premises in an attempt to remove or damage property which does not belong to the perpetrator. In a legal sense burglary" is committed during the hours of darkness whilst housebreaking is committed during daylight hours.

When business property is damaged the reinstatement is not immediate and the earnings of the business can suffer and additional costs may be incurred. Business Interruption insurance can be tailored to cover the specific financial losses of a business following damage that is insured on a material damage policy.

This is the expression that is used to describe hurricane and earthquake and resultant events such as flooding.

In an insurance policy "conditions" are the rules for the operation of the cover. For example a claims condition tells you what you must do to make a claim.

Usually a definition in your policy that is intended to be all embracing. It is always possible to customize a standard definition. It would include stock, fixtures and fittings, office equipment and the like.

A legal principle that ensures that if you have more than one policy covering a loss you can only claim once, or the two or more policies contribute in proportion, so that you only recover what you have actually lost.

Sometimes called an "Excess", it is the first part of any claim for which you the customer is responsible. The intention is to exclude small claims so as to keep premium costs down./strong>

Both personal and group health insurance schemes can include an item for dental treatment. Not all costs are covered and you should ask for a list of permitted work.

Damage to the contents of a refrigerator or freezer caused by a change in temperature or the freezer or refrigerator in the home or by contamination by accidental escape of refrigerant or refrigerant fumes is covered if it is caused by an insured risk such as fire, hurricane or earthquake.

This is a general term given to pension, life and health schemes that are available.

An employer has a wide responsibility for those who work for him. This includes safe working systems, adequate training, supervision and safety clothing. If an employee is injured as a result of a shortfall in any of these responsibilities he or she can sue the employer for damages. Such claims, including any necessary legal expenses are insured by an Employers Liability policy.

A document that records a change to an insurance policy.

The first part of any claim for which you are responsible. Also called a "deductible".

Something that is not covered by your policy. Exclusions can be standard ones such as war risks or risks which can sometimes be insured for an extra premium, if you require.

Involves rupture or collapse due to internal force of a vessel such as a boiler. Alternatively it can be a force generated by a physical reaction, of a gas for example, usually causing damage.

Where the standard insurance does not meet your requirements it is often possible to negotiate extra cover, which is referred to as an extension.

Some insurances on property present a risk where it is virtually impossible for everything insured to be lost or damaged. In these circumstances the customer chooses a figure that represents the likely loss and it is this amount, called "first loss" that is insured. Commonly used for theft insurance.

This term implies the escape of water from its natural confines, including those such as rivers, normal sea levels, tanks and reservoirs which are man made.

A term used to describe all insurances other than life or health. It includes fire, motor and liability risks.

Because the customer knows more about the risk he is insuring than the Insurers the Law requires that "utmost good faith" is observed. This means that you must tell the insurers everything about your risk that would affect their judgment in deciding whether to insure you or not and at what cost. If you conceal such a fact that is material your insurance will be invalid. We can help you to meet this requirement when arranging or renewing your insurance.

An arrangement whereby a group of employees are provided with life insurance benefits whist employed in a company.

A risk that is specifically mentioned on property insurances. There is no problem whether or not you are dealing with a hurricane since official sources will announce "tropical storm" or "hurricane" together with safety measures to be taken. The category depends on the force of the winds involved. There is always an "Excess" or "Deductible" for this risk.