List of Definitions
Aviation:
policies usually cover the aircraft (the hull), the liabilities
to passengers and to others.
Consequential Loss:
covers the loss of profits of a business or the additional
expenditure necessary after the physical property has been
damaged by an insured peril.
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Contingency:
covers the cost of an event should it not take place for reasons
beyond the insured’s control.
Contractors All Risks:
provides compensation to the contractor in the event of damage
to the construction works from a wide range of perils, prior
to the completion of the works. Certain risks are excluded.
Credit Insurance:
covers traders against losses by reason of insolvency or protracted
default on the part of buyers of their goods.
Directors
& Officers Liability:
covers a company officer or director against the risk of being
sued for negligence in operating the company.
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Electronic Equipment All
Risks:
covers accidental physical loss and/or damage to the subject
matter insured from any cause subject to the exclusions of
the policy.
Employers Liability:
covers an employer against damages payable to an injured employee
or representatives of an employee that is fatally injured
as a result of negligence by the employer.
Erection All Risks:
covers the insured against the loss of or damage to plant
and machinery during the course of installation, and any third
party liability arising out of the process. Certain risks
are excluded.
Fidelity Guarantee:
covers the insured against direct pecuniary loss sustained
as a result of fraud or dishonesty by an employee
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Goods in Transit:
provides compensation to the owner of the goods if the goods
are damaged or lost while in transit.
Group Life:
arranged by employers to provide cover for employees in the
event of their death during their term of service with the
employer. Payment of the sum assured is made on death provided
death occurs with a specified period.
Group Pension Plan:
provides a variety of benefits for members, but main aim is
to guarantee a pension is available on retirement.
Key Man:
provides protection for a company against unexpectedly losing
the services of a key member of staff, whether the loss is
due to death, disability or critical illness.
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Liabilities:
covers the need to pay damages to someone who suffers injury
or loss, which they can prove resulted from the insured’s
negligence.
Machinery All Risks:
covers the insured against unforeseen and sudden physical
loss or damage to the machinery whilst being used as a tool
of trade. Certain risks are excluded.
Marine Cargo & Hull:
these are insured against perils such as fire, theft, collision,
and a wide range of other related perils.
Money Insurance:
covers the insured against money being stolen from the business
premises, the insured’s home, or while it is being carried
to or from the bank.
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Motor Comprehensive:
covers accidental loss or damage to own vehicle and legal
liability to pay compensation to third parties for death and/or
bodily injury and/or third party property damage.
Permanent Health Insurance:
covers the insured for loss of income until retirement, due
to accident &/or sickness.
Personal Accident:
provides compensation in the event of an accident causing
death or injury.
Product Guarantee:
covers the insurer against the cost of financial penalties
&/or losses due to product failure.
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Professional Indemnity:
covers liability arising out of professional negligence.
Property All Risks:
covers property (buildings, machinery and stock) against a
wide range of perils, including fire and theft. Certain risks
are excluded.
Travel:
Policy that provides cover for a specific period against,
Accidental Death, Liability, Medical, Loss of Luggage, Passport,
Cancellation etc, whilst on business or holiday.
Workmen’s’ Compensation:
as per UAE Labour Law No 8 of 1980, covers the insured against
the risk of an employee sustaining personal injury or disease
by accident, in the course of employment.
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