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Because prompt notification is a condition of almost every policy, and late notification can reduce or defeat a claim that would otherwise have been paid in full. What policies typically require.
An insurance company owned by the organisation it insures, established so that a business can insure its own risks rather than buying cover from a commercial insurer. Why an organisation would do
A broker generally acts as your agent, not the insurer's — which is the distinction determining what they owe you and who is responsible when something goes wrong. What that means. As your agent, a
The schedule contains what is specific to you; the wording contains the terms that apply generally — and the two must be read together, because neither is the policy on its own. The policy schedule.
Two distinct problems created by information being unequally held between insurer and insured — and almost every feature of how insurance is designed and priced is a response to one or the other.
A heightened duty of honesty and disclosure between insurer and insured — historically far stricter than in ordinary contracts, and substantially reformed in the UK because the old rule produced
A legally recognised relationship between the insured and the subject of the insurance, such that they would suffer a loss if the insured event occurred — and without it, a policy is not insurance
Three ways of setting an amount the insured bears — and although the first two are used almost interchangeably, the third behaves entirely differently. Excess. The amount deducted from every claim
Whether the limit applies to each claim separately or to everything in the policy period combined — and the difference determines whether a second claim leaves you with any cover at all. Per-claim
Which policy responds — the one in force when the incident happened, or the one in force when the claim is made. It is the single most consequential distinction in liability insurance, and it
The insurer pays them — and understanding that, without overstating it, is the key to dealing with one sensibly. What a loss adjuster does. They are appointed by the insurer to investigate a claim,
Key person insurance is a policy a business takes out on the life — and sometimes the critical illness — of an individual whose loss would cause the business serious financial damage. The business
It covers getting you home, or to appropriate treatment, when you cannot travel normally — and it is the single most expensive thing travel insurance does, which is why the rest of the policy exists
Employers' liability (EL) insurance covers an employer's legal liability for injury or illness suffered by employees arising out of their work — and in the UK it is compulsory by law for almost every
Not automatically — standard contents cover generally protects your belongings inside the home, and taking them out requires a specific extension usually called personal possessions or all risks
It prices your premium partly on how you actually drive, measured directly, rather than only on statistical proxies such as age, postcode and occupation. How the data is collected: A fitted black
Flood Re is a UK scheme that makes home insurance affordable for properties at high flood risk, by shifting the flood element of the policy into a shared industry pool rather than leaving it to
The distinction determines what happens when you get something wrong — and in insurance these words carry technical meanings quite different from everyday use. Warranty. A promise by the policyholder
In the UK, the Financial Services Compensation Scheme (FSCS) exists for exactly this, and insurance is among the better-protected products — but the level of protection depends on the type of cover.
Reinsurance is insurance for insurers. An insurance company transfers part of its risk to another company, and the arrangement is invisible to customers until the year it determines what everyone
Usually not. Buying it at the counter is one of the most reliably poor-value purchases in travel, and a standalone policy does the same job for a fraction of the cost. What the situation is. Car hire
Subrogation is the right of an insurer, having paid your claim, to step into your shoes and pursue whoever caused the loss to recover what it paid. The principle behind it. Insurance operates on
Personal accident insurance pays fixed benefits for specified injuries or death caused by an accident. It is structurally different from most insurance, and that difference explains both its appeal
Insurance Premium Tax (IPT) is a UK tax on general insurance premiums. It is charged on the premium itself, collected by the insurer, and passed to HMRC — so it is included in what you pay rather