YA glossary of insurance terms

In order to understand your insurance policy fully it is important to understand the terms so you know exactly what to expect if you need to make a claim. The most common terms used in Towergate Coverex insurance policies are explained here.

Business - Definition as shown in Your Statement of cover.

Corporate manslaughter - The corporate manslaughter legislation makes it easier to prosecute organisations and corporate bodies for failures that result in a person's death. No longer do the courts have to prove that any one individual or individuals acted as the controlling mind of the company. In practice the practices and management systems across the organisation will be examined to determine whether failures or deficiencies in these played a contributory role in the death? If the court finds that these policies were inadequate or inappropriate, the company can be convicted of corporate manslaughter. Data - Information represented or stored electronically including but not limited to code or series of instructions operating system software programs and firmware.

Endorsement - An amendment to Your Portfolio.

Excess - The amount (if any) shown in Your Statement of Cover which You must pay under the Section of Your Portfolio under which you make a claim.

Excluded initial period - The period (if any) shown in Your Statement of Cover for which no benefit will be paid in respect of any claim.

Insured person - A person who is identified in Your Statement of Cover and is covered under the Portfolio.

Please note: For the purposes of Public/Employers' Liability Sections of Your Portfolio, cover in respect of each insured person shall operate as if they are the only insured person covered by this Portfolio, but in the event of any claim involving more than one insured person any limitation in respect of any amounts payable under any section of this Portfolio shall apply to the aggregate amounts paid to all insured persons.

Period of insurance - The period starting and ending on those dates shown in the Statement of Cover and Certificate of Insurance.

Portfolio - The document consisting of the Proposal Form, the Portfolio book, the Statement of Cover, Certificate of Insurance and any Endorsements.

Pollution - All pollution or contamination of buildings or other structures or of water or land or the atmosphere.

Principal - Any party to whom you have a legal obligation to provide an indemnity. Proposal Form - The form signed by You which provides information about You, the property or any other person who is covered under this Portfolio and all material information relevant to the cover which You have requested.

Radioactive contamination - Is defined as ionising radiations or contamination by radioactive material from any nuclear fuel or from any nuclear waste from the combustion of any nuclear fuel or the radioactive, toxic, explosive or other hazardous properties of any explosive nuclear assembly or nuclear component of it.

Statement of cover - The document which identifies you and the details of this Portfolio that are specific to you or any other person who is covered under this Portfolio, together with details of the insurer.

Sum insured - The amount for which each type of property is insured as shown in the Statement of Cover or as notified to you at renewal.

System - Computers other computing and electronic equipment linked to computer hardware electronic data processing equipment Microchips and anything which relies on a Microchip for any part of its operation and includes for the avoidance of doubt any computer installation.

Territorial limits - Great Britain, Northern Ireland, the Republic of Ireland, the Isle of Man, and the Channel Islands, including transit by water, rail or air, directly between any of these territories, provided that transit is by commercial carrier. If your insurance is provided by Equity Red Star then the definition of applicable to Section shall read as follows: Great Britain, Northern Ireland, the Isle of Man and the Channel Islands, including transits by water or rail directly between any of these territories, provided that transit is by commercial carrier.

Terrorism - Is defined as any act including but not limited to the use of force or violence or the threat thereof of any person or group of persons whether acting alone or on behalf of or in connection with any other organization or government committed for political, religious, ideological or similar purposes including the intention to influence any government or to put the public or any section of the public in fear. Third Party - Third Party refers to an individual who is involved in a claim but who is not the insurer or the insured party.

UK / United Kingdom - Defined as England, Scotland, Wales, Northern Ireland, the Channel Islands and the Isle of Man.

War - a) War, invasion, act of foreign enemy, hostilities or a warlike operation or operations (whether war be declared or not), civil war, revolution, rebellion, insurrection, civil commotion assuming the proportions of or amounting to an uprising, military or usurped power b) any action taken in controlling, preventing, suppressing or in any way relating to (a) above.

We / Us / Our / Insurer - The Company providing the cover as detailed in your Statement of Cover.

Write off - The term "write off" refers to a vehicle that has been damaged beyond repair as determined by the insurance company.

You / Your / Insured - Whoever is named in the Statement of Cover and the Certificate of Insurance as the insured.