First loss insurance policy wording. Your Policy been prepared according to Your instructions.

First loss insurance policy wording A First-Loss Policy is a type of insurance policy designed to cover the initial portion of a loss, up to a predetermined limit. It is important that you read the policy wording carefully when you receive it. The Policy also terminates at any intermediate point if the goods come into the control of the assured for storage other than in ordinary course of transit, for allocation or for re-distribution. Follow the phone call with a fax, an email, and a 2 Dual insurance – where multiple policies potentially cover the same loss, the insurer for whichever policy is claimed upon can seek a contribution from the insurer of the other insurance policy unless there is a clear priority between the policies as to which policy is to apply. Please take time to read all parts of this Policy to make sure they meet your needs, and that you The document outlines the terms and conditions of the Tokio Marine SecureHome insurance policy, including the duty of disclosure, insuring clauses, insured events, and additional benefits. Based on Your confirmation that this information is true and correct, and in return of accepting the Premium You have paid Us, We promise to provide you insurance as stated in this Policy Document and the the policy wording. What is FNOL? Formally known as First Notice of Loss, FNOL is the initial report made to an insurer detailing the damage, loss and theft of an asset. Aug 14, 2023 · Explore the significance of the loss payable clause in insurance policies. to cover loss or damage to the property at New India Assurance. the policy wording. All available options are on our website which will enable you to choose the level and type of cover. “The Resilience wording also clearly states that ‘this policy wording is accepted by and adopted as the wording of the insurer, notwithstanding that the policy or part thereof, may in fact, have been put forward in part or full by the insured and/or its brokers or other representatives’. Additionally, you will not be penalised for under-insuring your home as the policy pays out on a first loss basis. My contract includes this policy wording and my Coversheet. The 'First loss' clause establishes that a specific party will bear the initial portion of any losses arising from a particular event or transaction, up to a predetermined amount. By the beginning of the twentieth century, the first insurance policies for loss of profits following machinery breakdown were being issued. It seems obvious but before there can be an excess policy, there must be a primary policy in existence. The Essentials of Loss Payee Meaning in Insurance Terms Ah, the loss payee—this term can tangle your brain faster than your earbuds in your pocket. Loss Payee Clause. The proposal along with any written statement(s), declaration(s) of yours for purpose of this Policy forms part of this contract. The Contract of Insurance Your policy wording, Your Schedule and any Endorsement together form the contract of insurance between Us and You, the Policyholder, and must be read together. We urge You to read this Policy carefully so You understand the insurance that You have purchased, and the full extent of Your and Our rights and duties under this Policy. Learn how they are used to protect lenders' interests. Oct 5, 2023 · First Loss Insurance refers to the initial insurance policy under which claims are submitted in the event of a loss, prior to any other insurance policies that may cover the same peril. MONEY INSURANCE POLICY POLICY WORDING This Policy is evidence of the Contract between you and us. Schedule: The document which describes you, the cover that applies the Period of Insurance and other details of your policy. What Happens to the Leftover Insurance Money After the Simple Loss Payee Is Paid? This depends on the kind of loss and the exact wording of your policy. The schedule i Marsh statement for FCA BI test case “The policy wording also clearly states that ‘this policy wording is accepted by and adopted as the wording of the insurer, notwithstanding that the policy or part thereof, may in fact, have been put forward in part or full by the insured and/or its brokers or other representatives’. The main purpose of excess insurance is to protect from any sort of loss in excess of whatever coverage was provided by the primary or underlying insurance. Should you have any questions, please contact your insurance agent. Jun 14, 2019 · In this section, we will see how "absolute" exclusions impact the outcome of two claim situations. Policy refers to this Policy, Your application form, Your declarations, the schedule, the certificate of insurance and any Endorsements We have issued under this Policy. The policy is structured to ensure clarity on what is covered and the obligations of In case of a policy taken on “First Loss Basis” Period of Insurance: The time-period for which the contract of insurance is valid as shown in the Policy Schedule. It is made up of several parts which must be read together as they each form part of your contract of insurance (the “Contract of Insurance”). An insurance policy for goods in which a total loss is extremely unlikely and the insurer. In the event of an occurrence of any Insured Peril, You must first make a claim under the HDB Fire Insurance policy or MCST Fire Insurance policy or its equivalent policy. STANDARD FORM FOR PRIVATE CAR PACKAGE POLICY Whereas the insured by a proposal and declaration dated as stated in the Schedule which shall be the basis of this contract and is deemed to be incorporated herein has applied to the Company for the insurance hereinafter contained and has paid the premium mentioned in the schedule as consideration for such insurance in respect of accidental loss or Aug 12, 2023 · A reinstatement clause is an insurance policy clause that states when coverage terms are reset after the insured files a claim. At the same time, erection insurance (covering the on-site erection and assembly of machines) appeared. For more information on precise terms, exclusions and conditions, you may read the policy wordings, product disclosure sheet and brochure or you may send in your enquiry. Boiler insurance, on Sep 2, 2020 · What is a Loss Payee? According to IRMI, a loss payee is “a person or entity that is entitled to all or part of the insurance proceeds in connection with the covered property in which it has an interest. Please note that all words and phrases that appear The Court's key finding was that the proper construction of political violence policies (and indeed insurance policies more broadly) relies primarily on policy wording, not surrounding circumstances. Why Political Violence Insurance Political Violence and Terrorism insurance provides cover for assets exposed to war, terrorism and related perils typically excluded from traditional policies. The Policy Forms or sets of Policy wordings widely recognized by the global insurance markets are often referred to by their market names. Apr 10, 2019 · A first-loss policy is a type of property insurance policy that provides only partial insurance. g. Access vetted policy wordings and clauses regularly used within the London market You know that all the terms and conditions of an insurance contract—including policy wordings—need to be certain before policy inception. A first-loss policy is a type of property insurance that only covers a portion of the loss. 4 This insurance does not cover any loss or damage to property which, at the time of the happening of such loss or damage, is insured by or would, but for the existence of this Policy, be insured by any marine policy or policies except in respect of any excess beyond the amount which would have been payable under the marine policy or policies Policy: Policy wording, the Schedule, the Proposal form and Endorsement / Memoranda if any. Sum Insured: It means the monetary amount shown against each item under the Schedule which shall be our maximum liability. Other documents may form part of the PDS and, if Policy Wordings You chose this Policy and applied to us for insurance covers of your choice. Subject to the foregoing and the other terms, conditions and limitations of LIST OF CONT ENTS Introduction Business Vo lume and Experience , Advance Loss of Profits Insurance (A LOP) Terms and Conditions T he Insured Period of Insurance Deduct ible Indemnity Period Site of Insurance Perils Covered Sum Insured Policy Wordings Rat ing Principles Services Related to t he A LOP Claims Handling and Loss Settlemer'lt Business Prospects Conclusions The Policy: The Unified vehicle insurance policy against loss and damage whereby the insurer undertakes to indemnify the insured upon the occurrence of damage covered by the policy in exchange for the premium paid by the insured. cdr Dec 13, 2019 · The Prior Notice Exclusion Claims-made-and-reported policies contain a "prior notice" exclusion restricting coverage for claims and circumstances that were reported under a prior policy. Buy burglary policy online for your godown, factory, office etc. 4 days ago · A first notice of loss is the first step in filing an insurance claim for a covered loss or damages to a covered item. Nucleus Underwriting– Excess of Loss Wording In consideration of the Insured having paid in full the Premium and submitted to the Company a written Proposal Form and/or any other written information bearing the date stated in the Schedule; the Company hereby agrees to indemnify the Insured to the extent and in the manner hereafter provided, subject to the terms, exclusions, conditions and You have paid, or agreed to pay, Us the Premium and We provide the cover specified in this Policy and as set out in Your Schedule. Preamble: Cyber Insurance Policy This Cyber Insurance Policy ("the Policy") is a contractual agreement between the Insurer and the Insured, collectively referred to as the Parties. Please read the entire policy carefully to determine rights, duties and what is and is not covered. This important amendment, which added what frequently is referred to as the “known-loss” or “known- and continuing-loss” provision, has two key components that afect FLOP Policy Wording. Sep 3, 2023 · A first-loss policy is a type of property insurance policy that provides only partial insurance. This seemingly simple requirement can cause a lot of difficulty and might hamper the sub’s ability to start the project. The process will improve customer outcomes, increase contract clarity and reduce legal and reputational risk. How do you achieve contract certainty? "Notwithstanding anything contained to the contrary in this policy, the Insurance by this policy is based on First Loss Basis at the Sum Insured Mar 17, 2025 · Learn how First Notice of Loss (FNOL) streamlines the insurance claims process, who is involved, and what details are required for efficient reporting. Learn what FNOL is, why it matters, and how to do it the right way. In other words, it provides coverage from the first dollar of loss incurred, up to the predetermined limit. First-loss payee clauses are not universally standard across all insurance policy types. Mar 19, 2025 · Learn what FNOL means in insurance, why timely reporting matters, and how it impacts the claims process from start to resolution. Mar 18, 2024 · First-loss policies offer tailored insurance coverage by allowing policyholders to accept compensation only for losses exceeding a predetermined threshold. Users are consulted on proposed clauses and can propose variant clauses themselves. INSURING AGREEMENTS All coverage granted for Loss under this policy is provided solely with respect to: (1) Claims first made against an Insured, and (2) Crises first occurring, in each such event, during the Policy Period or any applicable Discovery Period and reported to the Insurer as required by this policy. The policyholder agrees to accept an insured amount for less than the total value of property at risk. 000,00 from all sources, purchased by and on behalf of the Insured and for his sole benefit (other than any personal accident insurance) unless written notice of the existence of that other policy Dec 8, 2023 · That’s where the loss payee clause waltzes in, taking center stage in the array of insurance policy components. In that case, the insured should immediately (or as soon as possible after moving to a safe place) call or write to the insurance company, broker, or insurer to report the claim. Once you have bought your policy you will be provided with the documentation specific to what you have requested. GENERAL LIABILITY INSURANCE POLICY WORDING (OCCURRENCE) Words and phrases which appear in this POLICY in all capital letters have the special meanings set forth in the Definitions section. It states what is covered, sets out the claims procedure, Exclusions and other terms and conditions of cover; ovide to us when applying for insurance cover; e is a separate document unique to the insured. It states what is covered, sets out the claims procedure, Exclusions and other terms and conditions of cover; your Standard Trading Conditions imposed on the cargo owners; the proposal which is the information you provide to us when applying for insurance cover; most current policy schedule issued by us. This policy provides all risk coverage to property whilst situated at the described premises against loss and/or damage due to any accident or misfortune After Office Hours Assistance In the event of a New Accident occurring after ofice hours or during weekends/public holidays where assistance is urgently required, please contact one of the following firms of loss adjusters. Q. Public and Products Liability Claims Made Please read this document carefully. 1 of any specific event or circumstance which the Company accepts may give rise to a claim or claims which form the subject of indemnity by this policy, then the acceptance of such notification means that the Company will deal with such claim or claims as if they had first been made against Period of Insurance refers to the period during which Your car is insured under this Policy as shown in the schedule or certificate of insurance. LIST OF CONT ENTS Introduction Business Vo lume and Experience , Advance Loss of Profits Insurance (A LOP) Terms and Conditions T he Insured Period of Insurance Deduct ible Indemnity Period Site of Insurance Perils Covered Sum Insured Policy Wordings Rat ing Principles Services Related to t he A LOP Claims Handling and Loss Settlemer'lt Business Prospects Conclusions Jan 18, 2025 · Learn how to write a no known loss letter. Throughout this Policy the words: 2 Dual insurance – where multiple policies potentially cover the same loss, the insurer for whichever policy is claimed upon can seek a contribution from the insurer of the other insurance policy unless there is a clear priority between the policies as to which policy is to apply. Introduction The first Contractors’ All Risks (CAR) policy is said to have been issued in 1929 to cover the construction of the Lambeth Bridge across the Thames in London. Jul 6, 2025 · A loss payable clause directs insurance companies to make payments to someone other than the policyholder. It is commonly associated with liability insurance policies, particularly in professional liability or errors and omissions insurance. 4 This insurance does not cover any loss or damage to property which, at the time of the happening of such loss or damage, is insured by or would, but for the existence of this Policy, be insured by any marine policy or policies except in respect of any excess beyond the amount which would have been payable under the marine policy or policies Jul 21, 2020 · A loss payee is a common insurance policy designation that names who receives payment when there’s a loss. The Insurer/Company: The insurance company that accepts insurance for the insured. Should the Insured notify the Company during the Policy Period in accordance with General Condition 9. Therefore, this policy wording is written in the first person. Your Policy been prepared according to Your instructions. “The XoL insurance kicks in, in our wording, after the company’s ‘aggregate first loss’. Sep 24, 2025 · Discover what a first-loss policy is, its purpose, benefits, and drawbacks. CONSEQUENTIAL LOSS POLICY WHEREAS the Insured named in the Schedule hereto have delivered to JUBILEE ALLIANZ GENERAL INSURANCE (K) LTD (hereinafter called the Company) a Proposal which it is agreed shall be the basis of this Contract of Insurance NOW IN CONSIDERATION of the Insured paying or agreeing to pay to the Company the first premium. If you're an underwriter, wordings technician, or broker, you know that all the terms and conditions of an insurance contract - including policy wordings - need to be certain before policy inception. A Loss Payee clause designates a third party, typically a lender or financier, as the recipient of insurance proceeds in the event of damage or loss to insured property. The policy was on a “named perils” basis and did not cover fire, but it offered reasonable protection for small and medium-sized erection projects. CONTRACTORS PLANT MACHINERY INSURANCE POLICY WORDING (First Loss Basis) Whereas the Insured named in the Schedule hereto by a proposal and declaration, which shall be the basis of this contract and is deemed to be incorporated herein has applied to the ICICI Lombard General Insurance Company Limited (hereinafter called the Company) for the insurance hereinafter contained and has paid the Jul 14, 2017 · Here insurer is willing to accept deliberate under insurance with a sum insured based on the insured’s own estimate of the maximum possible loss. This comprehensive guide explores the intricacies of first-loss policies, including their application, advantages, disadvantages, and FAQs. To help you achieve contract certainty, the Lloyd's Wordings Repository enables you to view vetted policy wordings and clauses regularly used within the London market. The first loss definition pertains to the arrangement where a specified party receives compensation up to a predetermined amount before other claimants. The titles of the paragraphs of this POLICY are inserted solely for convenience or reference and shall not limit or affect the provisions to which they relate. This is a sample policy document that provides full wording for all the covers we offer. Won’t reviewing and redrafting insurance policy wordings take a long time to do? Putting together good, simple contracts does take time, but it is a worthwhile and necessary investment. Rest assured knowing that the 24/7 Emergency Home Your Duty of Disclosure Before you enter into an insurance contract, you have a duty to tell us anything that you know, or could reasonably be expected to know, may affect our decision to insure you and on what terms. We want to help you understand your home insurance policy and that’s what this policy wording’s for. What exactly is first loss insurance? Find a simple explanation and Swiss definition of the term on moneyland. FNOL automation is transforming the process, with AI tools reducing cycle times, improving data accuracy, and enhancing policyholder experience. The first possibility of termination is upon delivery to the consignees or other final place of storage. Builder’s Risk policy shall name County as loss payee as its interests may appear. It specifies the coverage for buildings and contents, limitations, exceptions, and the responsibilities of the insured. The International Risk Management Institute recommends that risk CONTRACTORS ALL RISK INSURANCE CLAUSES WORDINGS PAIR AND SET CLAUSE It is hereby declared and agreed that In the event of Damage by an insured peril against any article or articles of Property Insured which are a part of a pair or set, the amount of Damage to such article or articles shall be, at the Insured's option: I. The words The main environmental policy wordings have been developed around three main types of risk scenario, where pollution or environmental damage is caused on owned sites, for activities away from own sites (for example, at customer or third-party sites), or both. In the event of a claim, the policyholder agrees to accept an amount less than the full value of damaged, destroyed, or stolen property. The first case study involves a claim under an insurance agents and brokers professional liability policy; the second pertains to an insurance company errors and omissions (E&O) liability policy. Cyber Liability The Company shall pay, on behalf of an Insured, Loss on account of any Claim first made during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act occurring after the Retroactive Date. Click for English pronunciations, examples sentences, video. POLICY WORDING: Complimentary Home Insurance Complimentary Home Insurance is an insurance product which is underwritten by Etiqa Insurance Pte. Oct 19, 2023 · A first-loss policy is an insurance policy that covers losses up to a specified limit without the need for the insured to pay a deductible. The real development, however, took place only with economic recovery and the construction boom after the Second World War. Loss, if any, shall be adjustable with and payable to the County as trustee for all entities having an insurable interest, except in cases that may require payment of all or a proportion of the insurance to be made to a mortgagee as its interest may appear. Learn the meaning of FNOL, its step-by-step process, common challenges adjusters face May 1, 2010 · Construction contracts often require a subcontractor’s General Liability insurance policy to name the owner or general contractor as an additional insured on a “primary and noncontributory” basis. Excess/Deductible The amount stated in the Schedule, which shall be borne by you first in respect of each and every claim made under this Policy. You paid us the premium and gave us information about Yourself, Your Business and Your Property. The AICG establishes non-binding standard wordings, clauses and variants for use in aviation insurance policies. The Policy: The Unified vehicle insurance policy against loss and damage whereby the insurer undertakes to indemnify the insured upon the occurrence of damage covered by the policy in exchange for the premium paid by the insured. Policy: Policy wording, the Schedule, the Proposal form and Endorsement / Memoranda if any. PRIVATE CAR PACKAGE POLICY (POLICY WORDINGS) Whereas the Insured by a proposal and declaration dated as stated in the Schedule which shall be the basis of this contract and is deemed to be incorporated herein has applied to Bajaj Allianz General Insurance Company Limited (herein after referred to as “Company”) for the Insurance herein after contained and has paid the premium mentioned in Sep 21, 2021 · I. The Court was not interested in examining the historic development of market wordings when determining how the policies should be construed. 3 Normally, excess policies are less expensive for an insured to obtain because the risk of having to pay out a claim is lower, since Aug 12, 2021 · Main classes of engineering insurance Cover for loss of Profits MLoP – Loss of Profit Insurance (Business Interruption) With GREAT Home Protect, you can protect your home, your family and even your valuable assets from unexpected events. Throughout this Policy the words: Feb 9, 2021 · What's a Loss Notice? Suppose you suspect that the property that is the subject of the homeowner's insurance has been impaired or lost by a policy danger insured. This is a summary of the policy and does not contain the full terms and conditions of the cover, which can be found in the policy wording. Therefore, it is critical for construction industry participants, from owners and developers to general contractors and their subcontractors, to have a functional An explanation of your policy wording This insurance cover (this “Policy”) is your personal accident insurance policy from Quantum Insurance Ltd. Learn how it affects insurance claims and premium costs. loss of profits; loss of use insurance. What is First Dollar Defense? First Dollar Defense coverage is a feature found in certain liability policies, where deductibles for defense costs are waived regardless of any indemnity payments made for a claim. In practice, this means that i If you're an underwriter, wordings technician, or broker, you know that all the terms and conditions of an insurance contract - including policy wordings - need to be certain before policy inception. Please provide relevant information such as circumstances of accident, location of loss/accident, date of occurrence, policy number/product, period of insurance and extent Having received and accepted your first premium, and any subsequent premiums required, Liberty General Insurance Berhad agrees to insure the Insured Person(s) against bodily injury caused by accidental means covered by this Policy subject to and in accordance with the exclusions, limitations, provisions, terms and conditions described herein. Information is correct as at 18 January 2024. Find free samples and templates to effectively support your insurance claim process. The Policy comprises this Policy Wording, the Statement of Fact, the Schedule Please read Your Policy documents carefully to ensure that: Insurance of loss following direct damage e. COMMERCIAL GENERAL LIABILITY PLUS POLICY Various provisions in this policy restrict coverage. In the event of damage, the policyholder does not seek compensation for losses below the pre-established first-loss level. In the case of Motor Insurance it also acts as a temporary Certificate. AUTOMOBILE INSURANCE Automobile Coverage: If the Declaration Should the Insured notify the Company during the Policy Period in accordance with General Condition 9. Comprehensive cover for terrorism and sabotage risks - we understand the risks your clients face, and we know how to help. The terms and conditions of insurance cover are contained in the Policy Wording and Schedule. ch. COVERAGE The Insurer agrees to pay on behalf of the Insured the “Ultimate Net Loss” in excess of the applicable underlying (or retained) limit, which the Insured shall become legally obligated to pay as compensatory damages because of “Personal Injury” or “Property Damage”, caused by or arising out of an “Occurrence”. Introduction First-party, third-party, builder’s risk, professional liability, commercial general liability, wrap-ups, and additional insured status are all potential sources of insurance coverage for a large construction loss. Learn how this clause influences coverage and claims. The insured must advise us of the other insurance policy/policies at the time of making a claim under the policy and provide us with details of other insurance. The PDS contains important information that You should read carefully before deciding to take out the insurance cover. If the recent COVID-19 disputes have proven anything it is that maintaining the status quo with Jun 4, 2024 · In other words, a loss payee is tied to a specific property and a covered loss, while a beneficiary is tied to a specific person and a life event (death). It provides extensive all-risks coverage to protect your building, renovations and even household contents. This is particularly useful when the insured party wants to insure only a part of the potential loss rather than the entire value of the asset. The main use of these policies is in circumstances in which a total loss is virtually impossible. ” Loss payees are individuals on an insurance policy who receive payment when there is a loss. In return for You having paid or agreed to pay the premium, We will provide cover to You by payment or, at Our option, by reinstatement or repair in respect of loss, destruction, Damage, accident or injury The underwriting information that you provide, together with this Policy Wording, the Policy Schedule, any endorsements thereto and the requirement that you fulfill your obligations as stipulated in the Policy Wording, the Policy Schedule and any endorsements thereto form the basis on which the insurance policy is issued to you and, if so, on what terms and at what price. It marks the first step towards successfully making an insurance claim, which is usually under the management of a claims handler. 5M worth of wines and spirits but the owner Dec 14, 2021 · “With excess of loss insurance, the insured is responsible up to an annual level of aggregated loss and the policy pays out once this is exceeded,” says Anke Uebele, Head of XoL in Germany, Austria and Switzerland for Allianz Trade. 1 of any specific event or circumstance which the Company accepts may give rise to a claim or claims which form the subject of indemnity by this policy, then the acceptance of such notification means that the Company will deal with such claim or claims as if they had first been made against The PDS contains important information about Your rights and obligations including the cooling off period and the duty of disclosure. For example, a large warehouse may contain £2. The Insured may not receive Benefits under this Policy if the Insured is also insured under any other Loss of Licence policy, which exceed EUR 500. Read the entire policy carefully to determine rights, duties and what is and is not covered Throughout this policy the words “you” and “your” refer to the Named Insured shown in the Policy Schedule, and any other person or organization qualifying as a Named Insured under this policy. Sep 9, 2024 · Policy wordings are the foundation of insurance contracts. COVER NOTE A temporary insurance document provided by the insurer or broker to the insured, confirming details of the cover that is in place before the actual policy documents are provided. For example, the Industrial and Commercial Property Insurance Policy Wording (Market 7 or LM7 Wording). ABOUT THIS POLICY The Hiscox Professional Liability – US Direct policy is designed to offer coverage for the risks entities face in performing their Professional Services. All loss settlements by the Reassured including compromise settlements and the establishment of funds for the settlement of losses shall be binding upon the Reinsurers, providing such settlements are within the terms and conditions of the original policies and/or contracts (or as provided for in the Extra Contractual Obligations clause hereof Policy Wordings You chose this ICICI Bharat Sookshma Udyam Suraksha Policy and applied to us for insurance covers of your choice. Dec 1, 2023 · First Notice of Loss is a critical milestones in an insurance claim. A first notice of loss form is a document used by insurance companies to make the first statement regarding losses of their insured. A first loss payee is an entity or individual named in an insurance policy to receive the initial payout in the event of a covered loss. What is the first step in processing a claim? Feb 19, 2025 · What is the meaning of FNOL? the First Notice of Loss (FNOL) is the critical first step in the claims management process, marking the official report of an incident. This arrangement is particularly common in commercial insurance contracts, where multiple parties may have a financial interest in the insured property. First and foremost, the words and phrases used in the contract define the covered and excluded risks and the circumstances or conditions that trigger the coverage. Based on Your confirmation that this information is true and correct, and in return of accepting the Premium You have paid Us, We promise to provide you insurance as It is surprising, then, that a significant change to the standard CGL insuring agreement more than a decade ago has attracted so little attention, either in the insurance defense and coverage bars or the Minnesota courts. Type of insurance One of the first things to consider when looking at insurance requirements on any transaction is: what does the relevant business do and what are its insurable assets? For example, a manufacturing business is likely to have insurance relating to its premises The Insured may not receive Benefits under this Policy if the Insured is also insured under any other Loss of Licence policy, which exceed EUR 500. The declared value clause in the “First Loss” insurance policies introduces a declared value into the wording, but this declared value is not the sum insured. Two types of searches are Nov 4, 2016 · A standard burglary policy can be classified into three types, namely, total loss, first loss and stock declaration policy. . When other property damage insurance applies to a covered loss, we will pay only the portion of the loss that the amount of coverage under this policy bears to the total amount of insurance covering the loss. Ltd. Feb 29, 2020 · first-loss policy A property insurance policy in which the policyholder arranges cover for an amount below the full value of the items insured and the insurer agrees not to penalize him for under-insurance. In the event of a claim, the policyholder agrees to accept a settlement that is less than the full worth of the property that has been damaged, destroyed, or stolen. ” Maintaining insurance standards in this line of business at an appropriate level for all parties involved demands prudent underwriting, adequate pricing, clearly drafted wordings, comprehensive progress monitoring and thorough claims inves-tigation routines. Nucleus Underwriting– Excess of Loss Wording In consideration of the Insured having paid in full the Premium and submitted to the Company a written Proposal Form and/or any other written information bearing the date stated in the Schedule; the Company hereby agrees to indemnify the Insured to the extent and in the manner hereafter provided, subject to the terms, exclusions, conditions and Key Covers, Features and Exceptions Your policy includes the following key covers, features and exceptions, which are set out in full in your policy documentation. Schedule: The document which describes You, the cover that applies, the Period of Insurance and other details of Your Policy. In return, the insurer agrees to not penalize the policyholder for under-insuring their goods or property, for example by not raising rates on renewal premiums. the reasonable and fair proportion of the total value of the pair or set PRIVATE CAR PACKAGE POLICY (POLICY WORDINGS) Whereas the Insured by a proposal and declaration dated as stated in the Schedule which shall be the basis of this contract and is deemed to be incorporated herein has applied to Bajaj Allianz General Insurance Company Limited (herein after referred to as “Company”) for the Insurance herein after contained and has paid the premium mentioned in An explanation of your policy wording This insurance cover (this “Policy”) is your personal accident insurance policy from Quantum Insurance Ltd. The information above is just a summary of this product. This Policy is designed to provide comprehensive coverage to the Insured in the event of a cyber incident that directly impacts the Insured's operations, assets, and personnel. MiPersonal Insurance Each and every individual who joins MiWay enters into a contract where "me + I" are the most important considerations. We would like to show you a description here but the site won’t allow us. These policies also contain language providing that (1) where an insured reports a circumstance that later gives rise to a claim, the claim is deemed first made during the policy period, and (2) claims that Period of insurance and premium payment We have agreed to insure You against loss as described in this policy that may occur within the Territorial Limits of the policy during the Period of Insurance, provided that You have paid the premium shown in the Schedule. This notification begins the claims process and provides the insurer with essential details about the event. (I) loss unless discovered and written notice thereof given to the Company within (1) sixty (60) days following termination of this policy in its entirety or (2) one (1) year following such termination if the termination results from the voluntary liquidation or voluntary dissolution of the first named The Aviation Insurance Clauses Group (AICG) was established in June 2005 by the Lloyd's Market Association and the International Underwriting Association of London. 1. COMPREHENSIVE GENERAL LIABILITY INSURANCE Policy Wording (Occurrence basis wording) Various provisions contained in this Policy may restrict the scope of coverage. A total loss policy covers for the full value of the property insured, whereas a first loss policy allows a proposer to insure a certain percentage of stocks when the probability of the entire stock being stolen is less. It includes any changes, Exclusions, terms and conditions made to suit the indivi First Notice of Loss (FNOL) refers to the initial report made to an insurance provider after a loss, damage, or incident covered by a policy. A special policy was created in Germany in 1934 and started to spread slowly. This process has significantly First loss payee and non-vitiation endorsement You agree that, in respect of each and every claim payment that would be payable to You under this insurance where the claim payment exceeds £50,000, such claim payment(s) shall be made payable to the Finance Company in full and final settlement of Our obligations to indemnify You. Accordingly, this brochure is designed to assist underwriters and the parties involved in large construction projects in this challenging May 29, 2019 · In this article we discuss common insurance-related issues for lenders, as well providing some top tips on this issue. A First Loss policy is a policy that provides only partial insurance cover to a pre-agreed value or limit in the event of a claim. In the event of a claim (other than a claim for total loss, General Average or Salvage) you must bear first the amount of any excess specified in the schedule or elsewhere in the policy wording. wbjmn dduuybgi grvny kcop usxow vjcq iepidf ultdd egvn kzgsrm looti skdai ezdlyqf zjwtadj aubx