GLOSSARY OF TERMS
We understand buying insurance can sometimes be a little bit complicated, that is why we have complied a definition list to help you with any insurance jargon. If you have any other queries, you can always get in touch with us and our helpful team of customer advisors will be able to help.
ALL RISK ITEMS
BUILDING SUM INSURED
COMMERCIAL LEGAL PROTECTION
EMPLOYERS LIABILITY INSURANCE
EMPLOYERS REFERENCE NUMBER (ERN)
It is now a legal requirement for Insurers to collect your ERN number due to legislation changes for purchasing employers liability insurance.
This is so they can identity when an employee has worked at the company in the event of a claim.
The Employers Liability Tracing Office (ELTO). ELTO service is a proactive measure introduced by the Insurance Industry to make it easier to search for Employers Liability (EL) insurance policies by using a central database. This is so the industry can meet its obligations to help those who have suffered injury or disease in the workplace by identifying the relevant insurer quickly and efficiently. For more information please www.elto.org.uk
LOSS OF RENT
Any fact which would influence the insurer in deciding whether to accept or decline an insurance risk. The proposer must disclose any material facts prior to inception date.
NO CLAIMS BONUS (OR DISCOUNT)
This is the document between you and your insurer, which details the terms and conditions applicable to an insurance contract.
PRE-EXISTING MEDICAL CONDITIONS
PRODUCTS LIABILITY INSURANCE
PROFESSIONAL INDEMNITY INSURANCE
A standard form prepared by the insurer which contains a number of questions which a person requiring insurance is required to answer to obtain sufficient information to allow the insurer to decide whether or not to accept a risk and what conditions to apply if it is accepted.
PUBLIC LIABILITY INSURANCE
This type of insurance covers your business against the legal costs and compensation payments resulting from injuries or property damage to your clients, contractors or even members of the public which was caused by either you or one of your employees.
The document which forms part of your policy which includes information for that particular risk. It will contain information you have supplied to us.
STATEMENT OF FACT
SUBJECT TO SURVEY
This is the maximum amount payable in the event of a claim under contract of insurance.
*IMPORTANT: Please note the information provided on this website is for general helpful information only. Please read your individual policy wording, schedule and other policy documents provided to you carefully.