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A charge that may be made by your insurer if repairs covered by your policy result in your vehicle ending up in a considerably better state than it was before.
Evidence of the existence of insurance as required by law e.g. Motor.
Formal request for payment, usually requiring completion of a claim form.
Comprehensive insurance usually relates to Motor insurance and provides cover for accidental loss or damage to the vehicle.
The law requires certain risks to be insured. These include Private Motor, Third Party and Employers' Liability.
The precise description of an insured risk in the insurance contract that determines those losses or occurrences in the event of which insurance benefits are due.
The precise description of an insured risk in the insurance contract that determines those losses or occurrences in the event of which insurance benefits are due.
The amount required for re-purchase of an item or rebuilding of a building, minus depreciation due to wear and tear or other causes (material value). As a rule, however, the replacement value is used as the sum insured for Property insurance.
You are obliged to exercise due diligence. The infringement of self-evident loss prevention measures may result in a reduction in insurance benefits.
In the event of a claim you must do everything possible to restrict the damage as far as possible, and in particular to avoid any consequential damage.
A written alteration or addition to the standard printed policy wording.
An amount paid by you towards a claim.
Any event or circumstance or item not insured.
The time and date on which cover ceases.
The general conditions (GC) set out the rights and obligations of both you and the insurer with regard to all contracts for a specific type of insurance.
A document confirming you have at least the minimum compulsory Motor Insurance necessary to drive in the countries named on the Green Card. This document is not available from insuredaily.co.uk
A serious violation of the obligation to exercise due care. This can result in the payment for a liability claim being substantially reduced.
The time and date on which cover starts.
Putting you in the same financial position after the loss as you were in before the loss.
An insurance agreement is an agreement between the policyholder and the insurer to pay regular or single premiums and provide insurance benefits in the event of a loss respectively.
In several lines, the insurer issues a confirmation of the insurance contract to the policyholder as proof that insurance cover exists e.g. Employers' Liability, Motor.
A Government tax on your insurance premium.
The insurance company
An easy-to-read summary of insurance covers.
Legal Expenses insurance protects your interests in the event of legal disputes and provides cover for the costs of attorneys, experts and court proceedings as well as any amount paid to the claimant.
Independent professional appointed by the insurer to negotiate claims payment.
Independent professional appointed by the Policyholder to negotiate claims payment with the Insurer.
The law requires the liability of the owner of a motor vehicle to be insured. This liability arises when a person is killed or injured or damage to property is caused by the use of the motor vehicle.
Cars and Vans carry a group rating that is used by insurers on a scale of 1 to 50; 50 being the highest. The allocated group relates to the engine size, it's age and the car's desirability to thieves and the safety factor.
A premium discount where no claims have been made in previous years.
You must provide all information necessary for the insurer to analyse the risk and issue an insurance contract.
A term describing an event for which insurance cover is provided e.g. fire and theft.
The document describing the cover provided by the insurer.
The customer. A person or company who has bought an insurance policy. Also known as the Insured.
The amount paid by the policyholder to the insurer as a consideration for covering the risk.
A form used to gather information. This can also include electronic submission via the Internet
An easy-to-read summary of insurance covers.
Liability insurance protects you from loss or damage resulting from a claim for damages by a third party arising from negligence on your part.
As the primary or direct insurer the insurance company is often unable to carry the entire risk assumed under an insurance contract itself. It must pass on part of the risk to a reinsurance company (or another direct insurer); this does not affect its relationship with the policyholder. The reinsurer can also pass on risks to other insurers.
Riot will usually be covered in conjunction with civil commotion and malicious damage subject to the policy's general and special conditions.
The likelihood of incurring misfortune or loss.
A document describing who is insured, what is insured, and the cover provided.
Motor insurance cover that is restricted to non-business use. If you use the car in connection with your work you may invalidate your policy.
In addition to the general conditions (GC), any individual conditions applying to the sections of a policy are set out in the special conditions (SC).
The insurance company that makes the initial payments (e.g. in the case of Motor Liability insurance) has recourse to the person responsible for the loss, or to the policyholder if the loss was due to a tortuous act (such as gross negligence) or if the insurance cover does not suffice.
Covers you to the level of Third Party Only. It will pay if your vehicle is stolen and/or set on fire.
This is the basic requirement by law. It covers your responsibility to any other person or property involved in an accident with your vehicle.
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