General Terminology Flashcards
Cat
An event that involves more than one location
Heavy/Critical Cat
More risky
E&O Insurance
Errors and Omissions - ie. insurance for brokers
Dec Pages in contract
summary
Aggregate
limit occurs once
Subrogate
finding the guilty party to pay out eg. Workman starts a fire – should they pay out?
Master Global Property
covers difference if the local policy doesn’t cover the whole loss
SRCC
Insurrection
Expediting Costs
PD cover – temporary repair/replacement
Extra Expense
BI cover – replacement costs etc
Law & Ordinance
if the law changes – eg. If regulations change so you have to put sprinklers in – we only pay if there is a loss
Gross earnings
(mainly manufacturing) cover until back to the same state you were before + indemnity
Gross profit
has indemnity – covers loss until time limit
Contingent BI
covers the insured suppliers or customers – has to be loss of type insured
- Tier 1 – direct supplier
- Tier 2 – indirect supplier ie the suppliers supplier
Ingress/Egress
eg. Flood around building prevents access to building & causes BI – we cover that
Short Rate
penalty - ie. an additional charge for time wasting or acting in bad faith
attraction property
EG. hotels next to disney land fill up because if Disney
If more than one peril occurs under different sub limits - why does only flood limit remain over and above the other sublimits?
to avoid the stacking of sublimits
Market differential
Our rates vs the markets
LMA5400
Partially Excluded Cyber
LMA5401
Full cyber exclusion
what do we cover in Cyber
Physical loss or damage
Specific insurance
the most specific (relevant) insurance applies - eg. your car is included in your home insurance policy but you also have car insurance - if you have a car accident your car insurance stands as its more specific
NCP
No cover provided
Generally what time frame do premiums need to be paid
60-90 days
