A warranty in a business interruption insurance policy stipulating that for the interruption insurance to become effective there must be a policy in force in respect of the material damage and a claim paid or admitted thereunder for such damage caused by an insured peril.

Nugent v Smith (1876) “Natural causes directly and exclusively without human intervention and that could not have been prevented by any amount of foresight and pains and care reasonably to have been expected”. Suggesting that an event was an “act of God” may be a defence in English law against a claim for liability since it may be held that it coul [..]

Perils added to fire insurance policy, such as damage by storm, tempest or flood.

One who investigates and assesses claims on behalf of insurers (Claims adjuster or loss adjuster)

A further premium payable by the insured as a result of policy amendment, that may have increased the risk or changed the policy conditions or sum insured.

Business Interruption insurance of the expected profits of a new enterprise or an extension to an existing business.

Someone who acts for another person (the principal) usually for reward. There are four main classes of agent that may be involved in the underwriting of insurance and reinsurance risks by Lloyd’s underwriters: members’ agents, managing agents, brokers and coverholders. In addition, there are Lloyd’s agents which are independent businesses that prov [..]

An insurance contract under which the insurer agrees to pay the insured a stated amount in the event of the total loss of the property insured without adjustment to depreciation or appreciation.

A property insurance which covers any accidental loss or damage that is not specifically excluded under the policy.

Public Loss Assessor/Claims Specialist – Person who represents the interests of the Policyholder when they have a claim., normally involving damage to physical property and loss of profits.