The person or company authorised to represent the insurer (insurance company) in negotiating, servicing, or effecting insurance policies.

An attachment or addendum to an insurance policy; an endorsement changes the contract’s original terms.

A fixed amount or percentage of an insurance claim that you, the policyholder, is responsible for paying. The insurance company deducts this from the claim payment due to you.

The decrease in the value of property over a period of time, usually as a result of age or wear and tear from use.

The value of the property based on the cost of repairing or replacing it with property of the same kind and quality. Typically, indemnity equals the current replacement cost minus depreciation (age, condition, length of time in use, and obsolescence).

This protects you and all family members who live with you against a claim or lawsuit resulting from (non-auto and non-business) bodily injury or property damage to others and for which you become legally obligated to pay. Claims could arise from you accidentally injuring someone with your umbrella or your dog getting loose on the street and biting someone

The amount necessary to replace, rebuild or repair damage to your home after suffering a loss with materials of similar kind and quality without a deduction for depreciation.

Natural disasters such as earthquakes, tropical storms, lightning, flood etc. The key feature of an Act of God is that it is normally a force of nature.

A condition that can cause a loss. Three examples are fire, hurricane and theft.

This type of insurance is purchased to provide financial protection from accidental damage to the insured vehicle no matter who is responsible. This cover usually includes collision, fire and theft, vandalism and can include special perils such as flood, earthquake, hurricane etc.

Third party insurance is often the only option available for older vehicular models and other special types of vehicles such as sports cars, purpose of use of vehicle and foreign used vehicles whose parts are difficult to obtain in the insured market.

Third Party Fire & Theft is another option available which includes third party liability plus the added protection of accidental loss or damage to your vehicle from fire and theft. This cover is often sought when the vehicle is too old for comprehensive cover, is unable to obtain comprehensive cover owing to type or purpose of use of vehicle or the insured prefers to pay less premium but still obtain some additional cover for their own vehicle.

A person’s right to compensation/indemnity from an insurer/insured for loss/incident covered by the terms and conditions of their insurance policy.

Actual cash value means the amount needed at the time of the loss to repair or replace the property destroyed, less depreciation. Most standard home insurance policies cover the contents of your home (i.e. personal belongings) on an actual cash value basis, but it is possible to purchase replacement cost (New for Old) coverage.

A Loss Adjuster is an independent and approved professional, retained to investigate and report on any loss. A Loss Adjuster may contact you shortly after a loss seeking to assist you in making a claim.

Insurable Interest is one of the key basic insurance principles, which states that a person can only insure something in which they have a financial interest and stands to be prejudiced financially by its loss or gain by its existence.  Owners, part-owners, mortgagees, bailees and Executors of Estates are the types of persons to whom this would apply. It is important to note that if a friend asks you to keep their vehicle at your house for an extended period of time, you should ensure that the insurance is up to-date as you are liable by law for any damage incurred while the vehicle is in your care.