Glossary
Asset - An item of economic
value owned by you or your company.
Claim - A notification to the insurer
that a covered peril has occurred and compensation for
loss or damage is required.
Claims History - Your history of insurance
claims. This can affect the price of your insurance.
Excess - The first part of every claim
that you have to pay.
Insurer / Insurance Provider - The
Company that provides the cover and will pay you for
any claims.
Insurance Broker - An insurance professional
able to provide independent advice on a wide rang of
insurance matters.
Liability Cover - Can include employers,
personal and product liability. Refers to your legal
liability to pay the compensation and costs awarded
against you in respect of loss or damage sustained by
a third party.
Loss Adjuster - An expert in processing
claims from start to finish. A loss adjuster will be
appointed by the Insurance company to negotiate a settlement,
within the terms of the policy, which is fair to both
you and the insurance company.
Premium - The amount you pay to receive
cover under the terms of your policy.
Inception Date - The date on a policy
for which cover begins. Any claims made before this
date will not be honoured.
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Business
Insurance Guide
