Target risk - ‘The big one’- This is an insurer’s term for large ,sometimes hazardous risk.Such as risk may well be the biggest on the schedule of risk and may thefore have to be treated schedule of risk and may therefore have to be treated separetly in other to arrange reinsurance to cover it fully.
Tariff - A premium rate,often estabalished by rating body representing the majority of insurers.Theoretically,statistic can be gleaned from wider cross section,therefore a fair premium can be worked out.Tariff tend only to exist in protected insurance market rather than in areas of free competition.
What is Temporary disablement?
Benefits payable under personal accident policies where disability in short term,measured in weeks ,as opposed to permanent.Quite often,waiting period,like a time excess is imposed before claims can be made.Temporary disablement can be total or partial.
Temporary removal
An extension to the standard Fire policy to cover property temporarily removed from insured premises for repair,cleaning of some other sated reason.
Tenants Improvements - Renovations and improvements that you make to rented premises need premises need to be insured by you.They will not be covered by the building owner because they are your interest.
Tenants Liability -Cover for damage to rented buildings.Its worth checking whether or not your public Liability policy covers this.
Territorial Limits -Do also check these under the policy liability policy to make sure they are not restricted if you need covers overseas.There may be other geographical limits to consider under All risk policies,for example:even if cover is stated as ‘worldwide,’this would normally exclude North Korea,Laos,Cambodia.
Terrorism - Fire insurance,even if extended to cover riot cover,can exclude ‘terrorism’,which is normally defined as the use of violence for political ends.The term ‘terrorism’ usually also includes any violence intended to put the public in a state of fear.A limit market does exist for this specialist cover.
Theft Insurance -This is vital part of any modern insurance programme.You would be amazed at the variety of possessions,products commodities that thieves apparently find attractive.Dont forget that even ordinary office premises nowdays contain sophiscated and expensive machines likely to attracted thieves’unwelcome attentions.Theft insurance on business premises usually limits cover to incidents involving forcible or violent entry to,or exit from,the premises.
A wider form of cover,known as full theft cover,which waives this restriction,is available for certain trades.
What is Third party liability?
Exactly the same as Public Liability Insurance,involving three parties – the insured as the first party,the insurer as second party,and the other person involved as third party.
Tariff - A premium rate,often estabalished by rating body representing the majority of insurers.Theoretically,statistic can be gleaned from wider cross section,therefore a fair premium can be worked out.Tariff tend only to exist in protected insurance market rather than in areas of free competition.
What is Temporary disablement?
Benefits payable under personal accident policies where disability in short term,measured in weeks ,as opposed to permanent.Quite often,waiting period,like a time excess is imposed before claims can be made.Temporary disablement can be total or partial.
Temporary removal
An extension to the standard Fire policy to cover property temporarily removed from insured premises for repair,cleaning of some other sated reason.
Tenants Improvements - Renovations and improvements that you make to rented premises need premises need to be insured by you.They will not be covered by the building owner because they are your interest.
Tenants Liability -Cover for damage to rented buildings.Its worth checking whether or not your public Liability policy covers this.
Territorial Limits -Do also check these under the policy liability policy to make sure they are not restricted if you need covers overseas.There may be other geographical limits to consider under All risk policies,for example:even if cover is stated as ‘worldwide,’this would normally exclude North Korea,Laos,Cambodia.
Terrorism - Fire insurance,even if extended to cover riot cover,can exclude ‘terrorism’,which is normally defined as the use of violence for political ends.The term ‘terrorism’ usually also includes any violence intended to put the public in a state of fear.A limit market does exist for this specialist cover.
Theft Insurance -This is vital part of any modern insurance programme.You would be amazed at the variety of possessions,products commodities that thieves apparently find attractive.Dont forget that even ordinary office premises nowdays contain sophiscated and expensive machines likely to attracted thieves’unwelcome attentions.Theft insurance on business premises usually limits cover to incidents involving forcible or violent entry to,or exit from,the premises.
A wider form of cover,known as full theft cover,which waives this restriction,is available for certain trades.
What is Third party liability?
Exactly the same as Public Liability Insurance,involving three parties – the insured as the first party,the insurer as second party,and the other person involved as third party.
Time-on Risk Charge - Premium charged for a period during which an insurer is holding a risk covered ,by means of a temporary cover note,for example,rather than an annual policy.
It is important to note that,if you take out an initial cover note but then a short a while later change your mind and decide to change your insurers,or your policy ,you will still have to pay the first insurer pro-rata for the time you have been insured with him since issued you a cover note.
As far as insurer is concerned,you have been covered for that time ,whether you have been paid or note,and wether or not you are still arguing about details of the cover.Had you claimed during that time,he would have honoured your claim.
Time Policy - This is one of the various types of Marine Insurance policies.A time policy is more common for hull insurance and refers to cover for a fixed period,usually not more than 12 months.
Tort -A civil breach of personal duty owed to one fellow citizens in general,as opposed to a breach of contract.The injured person has the right to damages from the wrongdoers.
What is total loss?
The complete loss or destruction of all the property insured under particular policy .Under Marine insurance,it is quite common to find a total loss only insurance.
Travel Insurance - Nobody should leave home without it,yet the vast majority of travellers do.Quite a few different covers are available,including Personal Accident,Medical Loss of luggage and money,and Personal Liability.
Turnover -The money earned for good supplied or services rendered.Insurers need to have this static when managing earnings related insurance such as Business Interruption or Products Liability,where it is a rating factor.
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