- – reduction in the amount that the insured receives from the insurer, after having incurred a property loss, because the insurer failed to carry the amount of coverage required by the “under insurance clause.”
- - actual or accounting recognition of the decrease in the value of a hard asset (property) over a period of time, according to a predetermined schedule such as straight line depreciation
- - In cases where damage is caused by any of these natural disasters: Hurricane, Fire, Cyclone, Tornado, Windstorm, Earthquake, Volcanic Eruption and Flood (including overflow of the sea), the excess will be calculated at 2% of the sum insured of each item insured.
All other losses except Fire or Lighting will be calculated at 1% of the claim – minimum $10,000 and maximum $250,000.
- - provision in an insurance policy that indicates what is denied coverage.
- – reckless action without regard to life, limb, and/or property; for example driving 100 miles per hour on a road or highway.
- - action brought by a worker or creditor for failure to receive payment for labour and material provided. Property insurance is available for individuals with an insurable interest in property against which they may bring a lien.
- - Discount that is earned when insured remains accident free for over a year
- – wrongful inaction; failure to act; inactivity
- - A written promise to repay a specified amount over a specified period of time
- – sum it takes to replace an insured’s damaged or destroyed property with one of like kind and quality, equivalent to the actual cash value, minus physical depreciation and obsolescence. The objective is to place the insured in the same financial position after a loss as prior to it; the insured should not profit or lose by incurring a loss.
- – method of determining the worth of property to be insured to be insured, or of property that has been lost or damaged.
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