All risk

Covers the lost caused by all perils, except those that are specifically excluded by the terms of the policy.



An independent person or firm who acts on behalf of the insured in placing business with insurance companies.


Carbon offsets

An offset is something that you purchase when you are not able to avoid the emission of a certain amount of C02. We call it an emission reduction credit.

Organizations such as Offsetters use this money to take action against climate change and to finance clean energy projects.



When a loss occurred, a claim is a notification to an insurance company to request the payment of an amount due under an insurance policy.



Words in a policy which describe certain specifications, limitations or modifications.



The nature of protection afforded by a policy.



Harm or injury to property, resulting in loss of value or the impairment usefulness.



Reduction in value of property through use, ageing, deterioration and obsolescence.


Dwelling building

The living quarters occupied, or intended for occupancy, by a household.



An amendment or an extension added to a written document altering its provisions.



A contract in which one party, the insurer, for monetary consideration, agrees to reimburse another, the insured, for loss or liability for a loss on a defined subject caused by specified hazards or perils.



The entity whose risk of financial loss from an insured peril is protected by the insurance policy.



An obligation that legally binds an individual or company to settle a debt. When one is liable for a debt, they are responsible for paying it or settling a wrongful act they may have committed.


Liability insurance

Insurance which agrees to indemnify the insured for sums he may be required by law to pay to third parties as damages for bodily injury of damage to property.



Refers to the amount an insurer must pay because one of the possibilities of loss insured under a policy has happened.


Loss of use

Legal term describing a person's inability to use property as a result of damage caused by another party's negligence or wrongdoing.



A policy which is a combination of fire and casualty in a single contract. 


Named perils

A policy in which the perils insured against are listed, as opposed to one which insures against all-risks.



The event that causes a loss covered by the policy.


Personal liability

A financial obligation for which an individual is responsible and which may be satisfied out of his or her assets.



Legally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals.



Building including the land immediately surrounding it and belonging to it.



The price of insurance protection for a specified risk for a specified period of time.



A position assigned on a scale.


Replacement cost

In the event of a loss, repairs or replacement will be made with material of like kind without cost to the insured for depreciation or betterment.



The chance of loss. Specifically the possible loss or destruction of property or the possible incurring of a liability.



A limitation in an insurance policy on the amount of coverage available to cover a specific type of loss.



Contractual agreenment between a seller and a buyer to provide the buyer with a service or product to be delivered over a period of time specified in the contract at a total price that is dependent upon the duration of the service.


Substandard risks

Below average or impared risks, usually requiring a higher than usual insurance rate.



The intentional relinquishment of a know right. A waiver under a policy is required to be clearly expressed and in writing.