General Terminology

Question 1

Cat

Answer 1

An event that involves more than one location

Question 2

Heavy/Critical Cat

Answer 2

More risky

Question 3

E&O Insurance

Answer 3

Errors and Omissions - ie. insurance for brokers

Question 4

Dec Pages in contract

Answer 4

summary

Question 5

Aggregate

Answer 5

limit occurs once

Question 6

Subrogate

Answer 6

finding the guilty party to pay out eg. Workman starts a fire – should they pay out?

Question 7

Master Global Property

Answer 7

covers difference if the local policy doesn’t cover the whole loss

Question 8

SRCC

Answer 8

Insurrection

Question 9

Expediting Costs

Answer 9

PD cover – temporary repair/replacement

Question 10

Extra Expense

Answer 10

BI cover – replacement costs etc

Question 11

Law & Ordinance

Answer 11

if the law changes – eg. If regulations change so you have to put sprinklers in – we only pay if there is a loss

Question 12

Gross earnings

Answer 12

(mainly manufacturing) cover until back to the same state you were before + indemnity

Question 13

Gross profit

Answer 13

has indemnity – covers loss until time limit

Question 14

Contingent BI

Answer 14

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

Question 15

Ingress/Egress

Answer 15

eg. Flood around building prevents access to building & causes BI – we cover that

Question 16

Short Rate

Answer 16

penalty - ie. an additional charge for time wasting or acting in bad faith

Question 17

attraction property

Answer 17

EG. hotels next to disney land fill up because if Disney

Question 18

If more than one peril occurs under different sub limits - why does only flood limit remain over and above the other sublimits?

Answer 18

to avoid the stacking of sublimits

Question 19

Market differential

Answer 19

Our rates vs the markets

Question 20

LMA5400

Answer 20

Partially Excluded Cyber

Question 21

LMA5401

Answer 21

Full cyber exclusion

Question 22

what do we cover in Cyber

Answer 22

Physical loss or damage

Question 23

Specific insurance

Answer 23

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

Question 24

NCP

Answer 24

No cover provided

Question 25

Generally what time frame do premiums need to be paid

Answer 25

60-90 days