CANCELLATION AND ABANDONMENT:
Cover can be arranged to protect Promoters and Investors against losses that arise through the cancellation or abandonment of a nominated event caused by a prescribed peril or circumstance.
CAPACITY:
The amount of insurance or reinsurance available from one insurer or from the entire insurance market in a particular locality or country.
CHARTERER’S LEGAL LIABILITY:
Covers the Insured’s legal liability to the owner of a chartered vessel and/or to third parties arising out of the signing of a charter party agreement.
CLAIM:
The indication to the insurance company of the loss that has occurred
CLAIMANT:
The party making a claim under an insurance policy. The claimant may be the Insured. Under Liability policies, the claimant is a third party.
CLAIM FORM:
A form filed by the Insured (or an agent/broker on behalf of the Insured) detailing the facts relating to the loss.
CLAIMS INCURRED BUT NOT REPORTED (“IBNR”):
Claims resulting from accidents or occurrences which have taken place but of which the Insurer has not received notice or report of loss.
COMMERCIAL PACKAGE:
This insurance package is typically designed for small business enterprises and provides coverage for both Assets and Liabilities within the framework of one policy.
COMPLETED OPERATIONS:
This exposure follows the construction of a project and protects various responsibilities of the Contractor after leaving the site.
COMPULSORY THIRD PARTY (“CTP”):
Insurance covering accidental bodily injury to or death of third parties as a result of road traffic accidents. All owners of motor vehicles using public roads in Australia are required to have CTP cover taken out in the State in which their vehicles are registered. The parties involved in a road traffic accident are:
- First Party – the Insured or policy holder.
- Second Party – the Insurer.
- Third Party – other persons involved, except the driver of the vehicle at fault.
CONSTRUCTION RISKS / LIABILITY:
Covers loss, destruction of or damage to contract works and all materials ascribed to the contract whilst in transit or on or adjacent to “the insured site”.
(Cover applies both during the construction and maintenance periods and is tailored to reflect the particular risks specified that relate to construction contracts).
Can also cover legal liabilities for injury to any person(s) and/or damage to any property of third parties arising out of the construction/maintenance operations.
CONTAINER LIABILITY:
Covers contractual liability for loss of and/or damage to hired or leased containers and additional costs incurred.
CONTRACT BONDING / CONTRACT GUARANTEE:
Covers financial loss arising from the failure of parties to a contract to fulfil their contractual obligations.
CONTRACT OF INSURANCE:
Policy issued by the Insurer.
CONTRACT PENALTIES / LIQUIDATED DAMAGES:
Covers penalties under contract for delay in completion of a contract on schedule.
CONTRIBUTION:
The amount provided by the Insured or others to a claim under the Contract of Insurance (Policy).
CONTRIBUTORY NEGLIGENCE:
Lack of care on the part of the individual injured or suffering loss which helped to cause the accident or aggravated the injury or damage.
CONTROL OF WELL (OPERATOR’S EXTRA EXPENSE):
Covers expenses incurred in bringing under control an oil/gas well. Can include expenses such as seepage and pollution cleanup costs, re-drilling expenses etc.
CORPORATE TRAVEL:
Covers baggage, overseas medical expenses, money, personal accident benefits, loss of deposits and other contingencies appropriate for insured persons whilst travelling on the business of the Insured. This policy is often purchased on an annual basis.
COST, INSURANCE & FREIGHT (C.I.F.):
The F.O.B. cost plus freight, insurance and all other charges for delivery to the declared port or final destination.
COVER:
The scope of protection provided by an insurance contract.
COVER NOTE:
Temporary contracts to protect the Insured while the procedures for the preparation and issuing of the insurance policy are progressing.
CREDIT:
Designed to protect the Insured against commercial losses brought about by the insolvency of trade debtors. A policy will usually cover 90% of insured debt and is recognised by financial institutions as an asset when considering granting loans or other facilities.
CROPS (GROWING):
Covers loss destruction or damage to crops from an insured peril.
CUSTOMS AND PAYMENTS BONDS:
Covers liability under the Customs and/or Excise Act.