General Insurance Terms For S

Salvage -

This means about the same as it does in ordinary laymans language- to save damage property for futher use,thereby reducing the amount of any loss.

Salvages Charges

The expenses of recovering property by a salvor.In marine insurance,these charges would be properly apportioned between hull,the vessel itself,and cargo interest,in the event of a ship being salvaged.

Self Insurance

Some large industrial concerns prefer to set aside their own funds to cover any future losses,rather than insure with ouside insurer.It is a step which should never be taken without the benefits of prfessional advice first.

Whilst day to day losses might not prove to much of a financial burden to a really large company a truly catastrophic event,such as an earthquake,could put it out of business for lack of insurance.

Self Inflicted

Excluded under Medical Insurance as this is intentional and not accidental.

Single Article Limit

This is limit often imposed on All Risks policies for jewellery and household effect,stating the maximum amount allowable for any one item.

Slander

It may seem odd that is insurance is available against such a deliberate act libel and slander,but limited insurance market does exist,normally for the large corporations.