First loss insurance policy wording. The schedule i 1.

First loss insurance policy wording. Feb 8, 2025 · Understand the role of a loss payable clause in insurance, its impact on payee designation, and the process of claim filing and payment. Moreover, changing socio-economic factors, which shifted POLICY WORDING: Complimentary Home Insurance Complimentary Home Insurance is an insurance product which is underwritten by Etiqa Insurance Pte. The First-Loss Payee Clause finds application in various financial contexts, notably within insurance policy frameworks, mortgage financing agreements, and commercial lease agreements. As excess insurance this policy will not apply or contribute to the payment of any loss until the amounts of that other insurance have been exhausted. . LIST OF CONT ENTS Introduction Business Vo lume and Experience , Advance Loss of Profits Insurance (A LOP) Terms and Conditions T he Insured Period of Insurance Deduct ible Indemnity Period Site of Insurance Perils Covered Sum Insured Policy Wordings Rat ing Principles Services Related to t he A LOP Claims Handling and Loss Settlemer'lt Business Prospects Conclusions Scope of cover The Insurance Policy broadly covers loss and/or damage by Burglary, Housebreaking (Theft following upon actual, forcible and violent entry of and/or exit from the premises) including hold-up risk and damage caused to premises. During the coverage period, the personal property is insured, in Canada: The main environmental policy wordings have been developed around three main types of risk scenario, where pollution or environmental damage is caused on owned sites, for activities away from own sites (for example, at customer or third-party sites), or both. Business interruption (BI) insurance has developed to help the Insured regain their predicted pre-loss trading position. Oct 19, 2023 · A first-loss policy, also known as a "first-dollar" policy, is a type of insurance policy designed to provide coverage for losses up to a predetermined amount without the application of a deductible. Loss Payee Clause. This is a sample policy document that provides full wording for all the covers we offer. Oct 5, 2023 · Learn about the important aspect of 'Notice of Loss' in general insurance terms, how and when to notify your insurer about a loss. In the event of an occurrence of any Insured Peril, You must first make a claim under the HDB Fire Insurance policy or MCST Fire Insurance policy or its equivalent policy. A First Loss policy is a policy that provides only partial insurance cover to a pre-agreed value or limit in the event of a claim. It is particularly beneficial for businesses and individuals looking to minimize insurance costs while ensuring protection against frequent and smaller-scale risks. It states what is covered, sets out the claims procedure, Exclusions and other terms and conditions of cover; your Standard Trading Conditions imposed on the cargo owners; the proposal which is the information you provide to us when applying for insurance cover; most current policy schedule issued by us. Jul 6, 2025 · A loss payable clause directs insurance companies to make payments to someone other than the policyholder. If you're an underwriter, wordings technician, or broker, you know that all the terms and conditions of an insurance contract - including policy wordings - need to be certain before policy inception. Key components include clear identification of parties, specified payment amounts, and conditions for claiming. Drafting a first-loss payee clause in insurance agreements is vital for establishing payment priorities and minimizing disputes. The main use of these policies is in circumstances in which a total loss is virtually impossible. What’s more, if you’re contacted by anyone else regarding your claim, simply pass them on to us. “With excess of loss insurance, the insured is responsible up to an annual level of aggregated loss and the policy pays out once this is exceeded,” says Anke Uebele, Head of XoL in Germany, Austria and Switzerland for Allianz Trade. These policies are often used in commercial insurance and can be beneficial for certain types of coverage. 2 Dual insurance – where multiple policies potentially cover the same loss, the insurer for whichever policy is claimed upon can seek a contribution from the insurer of the other insurance policy unless there is a clear priority between the policies as to which policy is to apply. Please note that all words and phrases that appear Feb 13, 2025 · Modern insurers are turning to advanced policy wording solutions to enhance clarity and accuracy with AI-enabled transformation platforms. In the case of Motor Insurance it also acts as a temporary Certificate. Preamble: Cyber Insurance Policy This Cyber Insurance Policy ("the Policy") is a contractual agreement between the Insurer and the Insured, collectively referred to as the Parties. Claims payments under this Policy shall be agreed with and payable to the Security Agent or as it directs. ” CONSEQUENTIAL LOSS POLICY WHEREAS the Insured named in the Schedule hereto have delivered to JUBILEE ALLIANZ GENERAL INSURANCE (K) LTD (hereinafter called the Company) a Proposal which it is agreed shall be the basis of this Contract of Insurance NOW IN CONSIDERATION of the Insured paying or agreeing to pay to the Company the first premium. Learn how they are used to protect lenders' interests. We’re here to look after It is hereby expressly stipulated and declared that it shall be condition to any right of action or suit upon this Policy that the award by such arbitrator, arbitrators or umpire of the amount of the loss or damage shall be first obtained. In the event of a claim (other than a claim for total loss, General Average or Salvage) you must bear first the amount of any excess specified in the schedule or elsewhere in the policy wording. “The XoL insurance kicks in, in our wording, after the company’s ‘aggregate first loss’. Sep 24, 2025 · Discover what a first-loss policy is, its purpose, benefits, and drawbacks. First and foremost, the words and phrases used in the contract define the covered and excluded risks and the circumstances or conditions that trigger the coverage. Dec 1, 2023 · First Notice of Loss is a critical milestones in an insurance claim. 000,00 from all sources, purchased by and on behalf of the Insured and for his sole benefit (other than any personal accident insurance) unless written notice of the existence of that other policy Aug 1, 2019 · Treat “named peril” policies differently. “The Resilience wording also clearly states that ‘this policy wording is accepted by and adopted as the wording of the insurer, notwithstanding that the policy or part thereof, may in fact, have been put forward in part or full by the insured and/or its brokers or other representatives’. In return for having accepted your premium we will in the event of injury, loss or damage happening during the period of insurance provide insurance as described in the section wordings and essential information document and referred to in your schedule. Insurance of loss following direct damage e. Type of insurance One of the first things to consider when looking at insurance requirements on any transaction is: what does the relevant business do and what are its insurable assets? For example, a manufacturing business is likely to have insurance relating to its premises The Insured may not receive Benefits under this Policy if the Insured is also insured under any other Loss of Licence policy, which exceed EUR 500. 5M worth of wines and spirits but the owner Maintaining insurance standards in this line of business at an appropriate level for all parties involved demands prudent underwriting, adequate pricing, clearly drafted wordings, comprehensive progress monitoring and thorough claims inves-tigation routines. It’s worth noting that first-loss policies may come with a deductible. A first-loss policy may have lower premiums than a policy which covers your property’s full value. Find free samples and templates to effectively support your insurance claim process. Get Started This is your insurance policy wording where you will find everything you need to know about your Contractor Plant and Equipment Insurance policy with Forte. Aug 14, 2023 · Explore the significance of the loss payable clause in insurance policies. Recognize whether an agent and their staff really know what they are doing. The cover We provide is subject to the terms, conditions and exceptions contained in this policy booklet or in any Endorsement Your policy wording This booklet contains details of your cover. Cyber Liability The Company shall pay, on behalf of an Insured, Loss on account of any Claim first made during the Policy Period or, if exercised, during the Extended Reporting Period, for a Wrongful Act occurring after the Retroactive Date. ABOUT THIS POLICY The Hiscox Professional Liability – US Direct policy is designed to offer coverage for the risks entities face in performing their Professional Services. It should be read along with your schedule and certificate of motor insurance. Oct 3, 2025 · What Is a Loss Payee? A loss payee is someone listed on an insurance policy who receives payment if a loss happens. But here’s the secret, mastering policy wordings is your compass. This important amendment, which added what frequently is referred to as the “known-loss” or “known- and continuing-loss” provision, has two key components that afect The advent of the steam engine also created novel hazards and prompted the need for an entirely new range of insurance covers. Once you have bought your policy you will be provided with the documentation specific to what you have requested. Oct 7, 2025 · A property insurance policy in which the policyholder arranges cover for an amount below the full value of the items insured and the insurer agrees not to penalize the policyholder for under-insurance. In return for You having paid or agreed to pay the premium, We will provide cover to You by payment or, at Our option, by reinstatement or repair in respect of loss, destruction, Damage, accident or injury What is First Dollar Defense? First Dollar Defense coverage is a feature found in certain liability policies, where deductibles for defense costs are waived regardless of any indemnity payments made for a claim. Follow the phone call with a fax, an email, and a Jun 14, 2019 · In this section, we will see how "absolute" exclusions impact the outcome of two claim situations. The policyholder agrees to accept an insured amount for less than the total value of property at risk. Let's understand first-loss policies by defining them, exploring their objectives, and A first loss payee is an entity or individual named in an insurance policy to receive the initial payout in the event of a covered loss. Identify and correct policy wording problems! Avoid costly surprises when a major loss occurs. The Contract of Insurance Your policy wording, Your Schedule and any Endorsement together form the contract of insurance between Us and You, the Policyholder, and must be read together. 5M worth of wines and spirits but the owner may An insurance policy for goods in which a total loss is extremely unlikely and the insurer. Having received and accepted your first premium, and any subsequent premiums required, Liberty General Insurance Berhad agrees to insure the Insured Person(s) against bodily injury caused by accidental means covered by this Policy subject to and in accordance with the exclusions, limitations, provisions, terms and conditions described herein. Marsh statement for FCA BI test case “The policy wording also clearly states that ‘this policy wording is accepted by and adopted as the wording of the insurer, notwithstanding that the policy or part thereof, may in fact, have been put forward in part or full by the insured and/or its brokers or other representatives’. First Underwriting Limited has not made any personal recommendation regarding the sale of this policy. Common drafting mistakes CONTRACTORS PLANT MACHINERY INSURANCE POLICY WORDING (First Loss Basis) Whereas the Insured named in the Schedule hereto by a proposal and declaration, which shall be the basis of this contract and is deemed to be incorporated herein has applied to the ICICI Lombard General Insurance Company Limited (hereinafter called the Company) for the insurance hereinafter contained and has paid the Sep 3, 2023 · A first-loss policy is a type of property insurance policy that provides only partial insurance. Accordingly, this brochure is designed to assist underwriters and the parties involved in large construction projects in this challenging However, the loss of property is often nothing compared to the loss of income that ensues as a consequence. loss of profits; loss of use insurance. This policy is issued in accordance with the authorisation that Accredited Insurance (Europe) Ltd have granted to First Underwriting Limited, First Underwriting Ltd, The Gherkin 30 St Mary Axe London EC3A 8EP. GENERAL LIABILITY INSURANCE POLICY WORDING (OCCURRENCE) Words and phrases which appear in this POLICY in all capital letters have the special meanings set forth in the Definitions section. A first-loss insurance policyholder should benefit from paying a lower premium for partial protection against property losses. Policy wording Please read the schedule to see if your loss of income, loss of gross profit, increased costs of working or additional increased costs of working are covered or if a first loss limit or flexible business interruption cover applies. A first loss insurance policy is useful for businesses with a large amount of inventory but little risk of large-scale theft. Claims management begins with a crucial first step: First Notice of Loss (FNOL). Nucleus Underwriting– Excess of Loss Wording In consideration of the Insured having paid in full the Premium and submitted to the Company a written Proposal Form and/or any other written information bearing the date stated in the Schedule; the Company hereby agrees to indemnify the Insured to the extent and in the manner hereafter provided, subject to the terms, exclusions, conditions and In return for having accepted your premium we will in the event of injury, loss or damage happening during the period of insurance provide insurance as described in the section wordings and essential information document and referred to in your schedule. When other property damage insurance applies to a covered loss, we will pay only the portion of the loss that the amount of coverage under this policy bears to the total amount of insurance covering the loss. A total loss policy covers for the full value of the property insured, whereas a first loss policy allows a proposer to insure a certain percentage of stocks when the probability of the entire stock being stolen is less. Mar 17, 2025 · Learn how First Notice of Loss (FNOL) streamlines the insurance claims process, who is involved, and what details are required for efficient reporting. COVER NOTE A temporary insurance document provided by the insurer or broker to the insured, confirming details of the cover that is in place before the actual policy documents are provided. Dec 14, 2021 · “With excess of loss insurance, the insured is responsible up to an annual level of aggregated loss and the policy pays out once this is exceeded,” says Anke Uebele, Head of XoL in Germany, Austria and Switzerland for Allianz Trade. Throughout this Policy the words: The Policy: The Unified vehicle insurance policy against loss and damage whereby the insurer undertakes to indemnify the insured upon the occurrence of damage covered by the policy in exchange for the premium paid by the insured. It is commonly associated with liability insurance policies, particularly in professional liability or errors and omissions insurance. Examples include Coverage B in the CGL policy and most other liability policies that cover a defined loss, such as a “wrongful act. In practice, this means that i Nov 4, 2016 · A standard burglary policy can be classified into three types, namely, total loss, first loss and stock declaration policy. This clause is commonly used in insurance and lending agreements to allocate risk and incentivize careful behavior by ensuring that the party with the first loss exposure has a direct financial stake in minimizing potential losses. This clause identifies a designated party to receive compensation first, mitigating financial exposure and fostering stability. INSURING AGREEMENTS All coverage granted for Loss under this policy is provided solely with respect to: (1) Claims first made against an Insured, and (2) Crises first occurring, in each such event, during the Policy Period or any applicable Discovery Period and reported to the Insurer as required by this policy. This protects the payee's financial interest, such as when a car or property is A Loss Payee clause designates a third party, typically a lender or financier, as the recipient of insurance proceeds in the event of damage or loss to insured property. It is a collection of all the professional indemnity insurance documents that may be provided to you, and displays all cover options, features and benefits available. Exceptions give coverage back in specific amounts. A first-loss policy is a type of property insurance that only covers a portion of the loss. Far from being a routine formality, FNOL sets the stage for how the entire claims process unfolds. Feb 10, 2025 · Entering the insurance industry can feel like stepping into a conundrum of legal jargon and intricate details. Information is correct as at 18 January 2024. This arrangement is particularly common in commercial insurance contracts, where multiple parties may have a financial interest in the insured property. It’s reassuring to know you have expert support when you need it most. This is the initial report a policyholder makes to their insurance provider after experiencing an event such as an accident, theft, or property damage. In the event of a claim, the policyholder agrees to accept a settlement that is less than the full worth of the property that has been damaged, destroyed, or stolen. STANDARD FORM FOR PRIVATE CAR PACKAGE POLICY Whereas the insured by a proposal and declaration dated as stated in the Schedule which shall be the basis of this contract and is deemed to be incorporated herein has applied to the Company for the insurance hereinafter contained and has paid the premium mentioned in the schedule as consideration for such insurance in respect of accidental loss or COMPREHENSIVE GENERAL LIABILITY INSURANCE Policy Wording (Occurrence basis wording) Various provisions contained in this Policy may restrict the scope of coverage. Please read the entire policy carefully to determine rights, duties and what is and is not covered. WRONGFUL ACT; which is first made during the POLICY PERIOD (or EXTENDED REPORTING PERIOD if applicable), provided always that a series of CLAIMS arising out of or which are attributable to or which are otherwise causally connected with a single WRONGFUL ACT shall constitute a single CLAIM for the purposes of this Policy. By insuring only a portion of their property, the policyholder pays lower premiums while still receiving some measure of protection. Feb 29, 2020 · first-loss policy A property insurance policy in which the policyholder arranges cover for an amount below the full value of the items insured and the insurer agrees not to penalize him for under-insurance. This comprehensive guide explores the intricacies of first-loss policies, including their application, advantages, disadvantages, and FAQs. CONTRACTORS PLANT MACHINERY INSURANCE POLICY WORDING (First Loss Basis) Whereas the Insured named in the Schedule hereto by a proposal and declaration, which shall be the basis of this contract and is deemed to be incorporated herein has applied to the ICICI Lombard General Insurance Company Limited (hereinafter called the Company) for the insurance hereinafter contained and has paid the Why Political Violence Insurance Political Violence and Terrorism insurance provides cover for assets exposed to war, terrorism and related perils typically excluded from traditional policies. The first case study involves a claim under an insurance agents and brokers professional liability policy; the second pertains to an insurance company errors and omissions (E&O) liability policy. CONTRACTORS PLANT MACHINERY INSURANCE POLICY WORDING (First Loss Basis) Whereas the Insured named in the Schedule hereto by a proposal and declaration, which shall be the basis of this contract and is deemed to be incorporated herein has applied to the ICICI Lombard General Insurance Company Limited (hereinafter called the Company) for the insurance hereinafter contained and has paid the Jan 18, 2025 · Learn how to write a no known loss letter. Please read your insurance policy documents carefully and thoroughly. The declared value clause in the “First Loss” insurance policies introduces a declared value into the wording, but this declared value is not the sum insured. Please provide relevant information such as circumstances of accident, location of loss/accident, date of occurrence, policy number/product, period of insurance and extent It is surprising, then, that a significant change to the standard CGL insuring agreement more than a decade ago has attracted so little attention, either in the insurance defense and coverage bars or the Minnesota courts. The titles of the paragraphs of this POLICY are inserted solely for convenience or reference and shall not limit or affect the provisions to which they relate. Notwithstanding any of the foregoing, any amounts of any kind payable to any Insured party shall be paid into the Insurance Proceeds Account or as the Security Agent may otherwise direct. Critically evaluate one insurance proposal against another on the accuracy and appropriateness of policy wording and structure. Subject to the foregoing and the other terms, conditions and limitations of Feb 9, 2021 · What's a Loss Notice? Suppose you suspect that the property that is the subject of the homeowner's insurance has been impaired or lost by a policy danger insured. CONTENTS Your Motor Policy Wording Introduction Contract of Insurance Your Policy Applicable Law and Jurisdiction Important Information How to Make a Claim Excess Complaints Procedure Definitions Section 1 - Loss of or Damage to Your Car Section 2 - Your Liability to Others Section 3 - Driving other Cars Section 4 - Liability to Members of Your Household Section 5 - Towing Liability Section 6 Aug 12, 2021 · Main classes of engineering insurance Cover for loss of Profits MLoP – Loss of Profit Insurance (Business Interruption) Loss of use or loss of income unless specifically provided elsewhere in this insurance; delay or loss of markets; depreciation; reduction in functionality; increased cost of working; any other consequential loss or damage except ensuing physical loss or physical damage which is not otherwise excluded by this policy and is directly caused by an CONSEQUENTIAL LOSS POLICY This Policy is issued in consideration of the payment of premium as specified in the Policy Schedule and pursuant to the answers given in the Insured’s Proposal Form (or when the Insured applied for this insurance) and any other disclosures made by the Insured between the time of submission of the Insured’s Proposal Form (or when the Insured applied for this The underwriting information that you provide, together with this Policy Wording, the Policy Schedule, any endorsements thereto and the requirement that you fulfill your obligations as stipulated in the Policy Wording, the Policy Schedule and any endorsements thereto form the basis on which the insurance policy is issued to you and, if so, on what terms and at what price. It ends upon expiration of the 45-day period or upon termination of this insurance policy, whichever occurs first. For further details please refer to the Policy. Two types of searches are Q. Conclusion A First-Loss Policy is a strategic insurance solution that provides coverage for probable maximum losses, offering a cost-effective alternative to full-value insurance. Technical covers including boiler and pressure vessel insur-ance and machinery insurance were designed to protect equipment such as steam boilers, turbines, generators and motors which generate or utilise power. Sep 9, 2024 · Policy wordings are the foundation of insurance contracts. The process will improve customer outcomes, increase contract clarity and reduce legal and reputational risk. ” 6) Read the exceptions to the exclusions. AXA’s UK-based claims team is ready to help. Click for English pronunciations, examples sentences, video. Jul 14, 2017 · Here insurer is willing to accept deliberate under insurance with a sum insured based on the insured’s own estimate of the maximum possible loss. Oct 5, 2023 · Learn about First Loss Insurance, the key policy for submitting initial claims and securing anticipated loss coverage. Read the list of covered perils first, then the exclusions. "Notwithstanding anything contained to the contrary in this policy, the Insurance by this policy is based on First Loss Basis at the Sum Insured This is an example policy wording. In return, the insurer agrees to not penalize the policyholder for under-insuring their goods or property, for example by not raising rates on renewal premiums. We urge You to read this Policy carefully so You understand the insurance that You have purchased, and the full extent of Your and Our rights and duties under this Policy. Won’t reviewing and redrafting insurance policy wordings take a long time to do? Putting together good, simple contracts does take time, but it is a worthwhile and necessary investment. Access vetted policy wordings and clauses regularly used within the London market You know that all the terms and conditions of an insurance contract—including policy wordings—need to be certain before policy inception. For example, a large warehouse may contain £2. First loss payee and non-vitiation endorsement You agree that, in respect of each and every claim payment that would be payable to You under this insurance where the claim payment exceeds £50,000, such claim payment(s) shall be made payable to the Finance Company in full and final settlement of Our obligations to indemnify You. The schedule i 1. Learn how it affects insurance claims and premium costs. Mar 18, 2024 · First-loss policies offer tailored insurance coverage by allowing policyholders to accept compensation only for losses exceeding a predetermined threshold. The insured must advise us of the other insurance policy/policies at the time of making a claim under the policy and provide us with details of other insurance. Ltd. 6 days ago · Post-Greensill litigation underscored how multi-year disputes over policy wording can drag on cash flows and ultimate loss picks even when reported loss ratios appear contained. How do you achieve contract certainty? Period of insurance and premium payment We have agreed to insure You against loss as described in this policy that may occur within the Territorial Limits of the policy during the Period of Insurance, provided that You have paid the premium shown in the Schedule. the policy wording. In that case, the insured should immediately (or as soon as possible after moving to a safe place) call or write to the insurance company, broker, or insurer to report the claim. Aug 12, 2023 · A reinstatement clause is an insurance policy clause that states when coverage terms are reset after the insured files a claim. In that case, the insurance covers the difference between your deductible and the maximum benefit you chose. This Policy is designed to provide comprehensive coverage to the Insured in the event of a cyber incident that directly impacts the Insured's operations, assets, and personnel. ” May 29, 2019 · In this article we discuss common insurance-related issues for lenders, as well providing some top tips on this issue. All available options are on our website which will enable you to choose the level and type of cover. Learn what FNOL is, why it matters, and how to do it the right way. Apr 10, 2019 · A first-loss policy is a type of property insurance policy that provides only partial insurance. To help you achieve contract certainty, the Lloyd's Wordings Repository enables you to view vetted policy wordings and clauses regularly used within the London market. In the event of a claim, the policyholder agrees to accept an amount less than the full value of damaged, destroyed, or stolen property. In the event of damage, the policyholder does not seek compensation for losses below the pre-established first-loss level. Learn how this clause influences coverage and claims. After Office Hours Assistance In the event of a New Accident occurring after ofice hours or during weekends/public holidays where assistance is urgently required, please contact one of the following firms of loss adjusters. g. If the recent COVID-19 disputes have proven anything it is that maintaining the status quo with This policy will only pay loss that is in excess of any amount recoverable from a more specific crime and/or cyber insurance available to the insured. The Insurer/Company: The insurance company that accepts insurance for the insured. 86 nni6j dcnvm jh6nzo u5z hqlne n1q ok668a 5iu 3mpmy