Car loans, house and personal loans for the UK. Find specialist information sites
Car, contents and travel insurance. Holiday travel insurance and personal cover.
Mortgage low interest repayment for home loans and home improvement.
Credit and loan sites in the UK for debt advice and cash loans online.
Investment advice and information for UK markets plus bank deposit and building society rates.
Insurance jargon and advice for the UK
Here is a list of commonly used phrases in the UK insurance market. This website and its information is for guidance only. Discuss full details with your insurance broker or supplier.
House Insurance
Buildings and contents insurance are the two main types of House insurance. Buildings insurance covers the structure of your house/office/buidings in the event of damage by perhaps a storm or fire. Make sure it covers 'outbuildings' and remember that your mortgage company may insist you have proper insurance. If you own a listed building, you almost certainly need to have it insured. Contents insurance covers your possessions like furniture or clothes and any objet d'art such as paintings or books.
Policies can also cover garden equipment or freezers and the food within. Single out valuable objects and make sure they are itemised, photographed, valued and that the insurance company is clear about their worth. Never under insure, because if you have a claim for, lets say, a kitchen flood, then the insurer may visit and say "I think overall you are under insured by 50%, therefore we will only pay 50% of your claim!" This happens! A friend had a large collection of books which the insurance company suddenly estimated to be worth a lot of money, thus making his claim on a kitchen fire effected. Be aware.
Actual Total Loss All Risks Excess Franchise Insurable interest Business interruption Compulsory insurance Employers liability Indemnify Liability Insurance Loss Assessor or Adjuster Employer's Liability Insurance Public Liability Insurance Van Insurance Lorry Insurance Office insurance Key Man Insurance Landlord Insurance Life Insurance Product Liability Product (Sales/Servicing) Indemnity
An actual total loss is a term often used in car insurance. If a car has been damaged beyond repair or stolen, it is an 'actual total loss'. In otherwords, if there is nothing left to insure, it is an actual total loss.
This term usually describes an insurance policy covering fortuities but not inevitabilities such as wear and tear or depreciation. All risks insurance is applicable to property insurance and details a list of risks that are covered.
Although it is called all risks, if often has a long list of exceptions which you should check.
This is the amount you will have to pay if you make a claim. It is the first part of the cost of a claim, which the insured has to bear. An example is, if your car insurance excess is £250, and the claim amount is £2000 then the amount you will receive will be £1750 as the excess will be deducted.
A minimum % or amount of loss which must be reached before insurers are liable to pay.
Basically, if you insure something then it must be of more benefit to you undamaged than if it is stolen or damaged. In the absence of such an interest, reffered to as an 'insurable interest', the insurance will become invalid.
The insurance of loss as the result of an interruption to business by an unforeseen event. E.G. fire or machinery malfunction.
Insurance that someone by law has to have for a specific activity, such as motoring.
Businesses in the UK have to insure their liability to employees for bodily injury or disease arising from their employment.
Indemnify means you are covered against insured risks. In otherwords, someone will compensate you for the loss incurred.
Insurance for liability to 3rd parties, usually accidents resulting in injury or perhaps damage to property. Liability insurance is available to cover you if you are sued for compensation.
The negotiation and settlement of loss by fire or other contingencies is done by the loss adjuster. A loss assessor works on behalf of a client while a loss adjuster works for an insurer.
Business types of insurance
This basically is a cover for loss as a direct result of an action by you or an employee.
If there is an accident or loss as a result of negligence on your part to any member of the public then you are covered with Public Liability Insurance, providing you have it!
Any business conducted in a van should be declared and factored into the insurance policy.
If any commercial business is conducted by the lorry, you will need to declare it to your insurer.
In association with employers liability and public liability insurance, any business conducted in a room, be it within your home or elsewhere, you would be advised to have insurance, especially if the public visit the premises. Likewise, if you have valuable computers or software and other office equipment. Small business package deals can be arranged by a commercial insurance broker in the UK.
Staff that cannot easily be replaced and their absense results in a loss of business/income can be insured.
For property that is let there are specialist insurance policies available.
To protect your familly in the event of your death a life insurance policy is an option.
Any goods you produce opens you up to being sued, so a product liability insurance is a worthwhile security for your peace of mind.
As above.