We have provided a glossary of the main insurance terms. If your term or query is not described below, then please do contact us.
Generally refers to domestic appliances or motor vehicle breakdowns.
An insurance broker is an intermediary who searches the insurance market for specific insurance policies with the intention of identifying the best policy for the customer’s requirements at the most competitive premium available. They often have authority from insurance companies to issue the policy and also have access to products not available directly to the client.
Buildings & Contents Insurance
Sometimes called ‘House Insurance’ but covers a wider range than just houses, such as flats and apartments. Buildings and Contents can be sold as combined or separate policies.
Cover for the fabric of a building – walls, roof and permanent fixtures and fittings
(see also Contents Insurance).
Business Interruption Insurance
Compensates firms for loss of gross profit / revenue and/or additional expenses that are incurred when their business is adversely affected by an external event such as a fire, flood or theft.
Specialist staff to help clients through the claims process with insurers.
Commercial Combined Insurance
Bespoke policies generally aimed at larger scale or less conventional risks requiring specialist insurance. Can incorporate a wide range of different covers within a single policy.
Commercial Legal Expenses Insurance
Provides cover for businesses to pursue and/or defend a legal action against a third party.
Commercial Package Insurance
Overall insurance packages tailored to individual classes of business such as shops, restaurants, pubs, hotels and offices. These policies typically include items such as stock, fixtures and fittings / tenants improvements, contents (including computer and IT equipment) money, goods in transit, business interruption, Public & Products Liability and Employers’ Liability.
Contents within a property that do not form part of the structure.
(see also Buildings Insurance).
Contracting Trades Insurance
Policies to cover tradesmen working in the contracting or building industries (ranging from one man bands to large construction firms).
Used by businesses to ensure they get paid when they extend credit terms to customers.
Directors’ & Officers’ Liability Insurance
Designed to protect the personal liability of directors, officers and people in a position of responsibility / decision makers in respect of claims arising from professional negligence.
Employers’ Liability Insurance
Required by law for any firm, business or company employing another person, be it in a full- time, part-time or temporary capacity.
Cover for one-off events such as fairs, fetes, tournaments, sports days and weddings et cetera.
Excess of Loss Liability
This is often referred to as ‘Excess Layer Insurance’. It typically provides top-up cover for businesses requiring high levels of Public Liability, Products Liability or Employers’ Liability insurance cover and is often requested as a contractual requirement.
Goods in Transit Insurance
Covers goods whilst being transported
(see also Marine Cargo Insurance).
Group Business Travel Insurance
Covers employees travelling on business trips involving at least a one night stay. Commonly arranged as annual policies, but single trip policies are available.
Group Private Medical Insurance
Provides a combined private health policy for company employees or organisation members resulting in a better overall premium.
High Net Worth Insurance
Policies tailored for individuals with high value assets and can combine many risks such as buildings, contents, personal possessions, motor and travel under a single package.
Home Emergency Cover
An insurance package for home owners designed to provide immediate help following an emergency in the home (often sold as an add-on or extension to a buildings and/or home contents policy).
Insurance for domestic dwellings and their contents (see also Buildings Insurance and Contents Insurance definitions).
Independent Insurance Broker
An Insurance Broker not tied to a specific insurance company (or companies) and therefore in a position to research the entire market for the most competitive / appropriate deals available.
JCT (Joint Contracts Tribunal)
There are two main clauses; 6.5.4 (often referred to as ‘Minor Works Insurance’) and 21.2.1 (commonly referred to as ‘Non-Negligent Liability Insurance’). They require a specific insurance cover to be purchased to protect against damage to property arising during the course of a specific building project.
Designed to cover properties that are owned by a landlord and rented to tenants (see also Property Owners Insurance).
Cover for yachts, boats and other pleasure craft on both inland and coastal waters.
Marine Cargo Insurance
Covers the importing, exporting, shipping and transit of products and goods across the world.
Policies to provide private medical treatment for a wide range of issues at a time and place of the client’s choosing. They can include regular health checks and telephone helplines.
Motor Fleet Insurance
A single policy for companies with multiple vehicles, often including a claims management and handling process.
Motor Trade Insurance
Tailored policies for individual and businesses operating within the motor trade. ‘Motor Trade Combined’ policies will commonly incorporate both premises and road risks sections, although both are also available on a stand-alone basis.
Motor Vehicle Insurance
Stand-alone policies to cover everything from cars, motorcycles, vans and caravans to classic and collectible vehicles.
Personal Accident & Sickness Insurance
Policies that allow a client to select a level of cover (commonly based on their income) that the policy will reimburse them in the event of a serious accident or sickness which renders them unable to work.
Private Health Insurance
See ‘Medical insurance’.
Product Recall Insurance
To protect manufacturers and suppliers against product failure requiring field recalls.
Professional Indemnity Insurance
Cover to protect individuals and firms providing advice, design or professional services from claims arising out of professional negligence, error or omission.
Property Owners Insurance
Purchased by building owners to safeguard their investment. Cover can be arranged in respect of single and multiple properties (residential, commercial or a mix of both) and will commonly include the buildings, communal or landlord’s contents, loss of rent and Property Owners Liability.
Public Liability Insurance
Cover to protect against claims brought by third parties in respect of injury or property damage arising from a physical act.
Products Liability Insurance
Cover to protect against claims brought by third parties in respect of injury or property damage arising from a physical product.
Rights of Light Insurance
Designed to protect property developers against claims brought by the owner / residents of neighbouring properties citing a breach of their ‘right to light’ which could potentially delay or stop a development at any stage.
Cover for home owners undertaking extension or refurbishment works to their own property.
Covers stock for the duration of the import, storage and onward transit / export process.
Policies to protect individuals, couples and families whilst travelling. Travel policies will commonly include cover in respect of cancellation, delayed flights, lost luggage, accident and medical emergencies. Policies are available on an annual basis or in respect of individual trips.
Trustee Indemnity Insurance
Cover to protect the legal liabilities of volunteers working on behalf of clubs and associations.