PERSONAL ACCIDENT / ILLNESS:
Can provide weekly and lump sum benefits for accidental death or injury to a specified person or persons. Protection is also available to cover sickness.
PERSONAL ADVICE:
Has the same meaning as defined in the FSR and includes personal advice by way of a recommendation or opinion by the Intermediary which is in response to a client’s unique situation and needs and intended to influence or be reasonably regarded as intending to influence the client in relation to the financial product.
PLEASURECRAFT:
This policy can cover the craft itself, accessories and also Third Party Liability (including to and by water skiers).
PLUVIUS (WEATHER):
Insurance to provide an agreed sum in the event that a nominated quantity of rain should fall during a specified time period, on a specified date and location. Cover is often required by promoters of sporting and outdoor events who would expect to incur financial loss should rain affect attendance at an event.
POLICY WORDINGS:
The application form completed by the person applying for the insurance.
POLITICAL RISK:
Covers loss by confiscation, expropriation, nationalisation,
requisition, destruction or deprivation by actions of governments or local authorities of countries in which the Insured may trade.
PRODUCT DISCLOSURE STATEMENT (PDS):
A Policy description statement issued by the Insurer and provided to the Insured by the Intermediary pursuant to the requirements as set out in the FSR.
PRODUCT PERFORMANCE GUARANTEE:
Covers legal liability either at law or under contract to repair or replace defective products made, sold or distributed by the Insured.
PRODUCT TAMPER / CONTAMINATION:
Covers the costs and loss of net profit where products are withdrawn or destroyed due to actual or alleged contamination or malicious tamper so as to render the product unfit or dangerous for use.
PRODUCT RECALL:
Covers legal liability for all costs, expenses and damages for withdrawal or recall of goods or products because of any known or suspected defect or deficiency therein.
PROFESSIONAL INDEMNITY / ERRORS AND OMISSIONS:
Covers legal liability to compensate third parties for loss sustained by them arising out of negligent acts, errors or omissions or civil liability on the part of the Insured in the conduct of their business.
PROPOSAL FORM:
The application form complete by the person applying for the insurance.
PROTECTION AND INDEMNITY:
Covers liability to third parties arising out of the ownership of watercraft/vessels.
PROXIMATE CAUSE:
The most directly related uninterrupted cause which causes the injury or damage.
PUBLIC AND PRODUCTS LIABILITY:
Legal liability to pay compensation (including legal expenses) to third parties in the event of the Insured causing injury, death or loss of or damage to property arising out of business operations or products.