Glossary of insurance terms
- Introduction to Vans and Commercial Vehicles Insurance
Unless vehicles are used for pleasure use only they may need to be insured on a Commercial Vehicle Insurance Policy. It is sometimes difficult to obtain a pleasure use only policy covering a van or Commercial Vehicle as the insurer will feel that the vehicle has been purchased with the intention of carrying goods. Basically this is a sound argument, why buy a van if you don’t intent carrying something in the back of it. There are four main types of Commercial Vehicle Insurance. more...
- Introduction to Motor Traders Insurance
If you mend or repair cars or perhaps buy and sell vehicles then you will require a motor trader’s policy with a minimum of Road Risks Insurance. Some people in the past have tried to motor trade or part time motor trade by using the driving other cars extension of a private car insurance policy. This is not correct and if you insurance company discover that you are using your private car insurance policy for business purposes, then you are likely to have any claim refused. There are two basic types of Motor Trade Insurance Policy. more...
- Employers Liability Insurance
This type of insurance was made compulsory by the Employers Liability Protection Act of 1969 and covers almost all employees. The definition of an employee is very wide and can include volunteers, persons on work experience from schools and persons borrowed or hired from other companies. The law also lays down a minimum amount of cover required which at the present moment is £5,000,000 although it is the usual practice of most insurers to provide £10,000,000 cover. As claims arising under this type of cover can take a while to manifest, you are required to keep certificates of Employers Liability for a period of 40(forty) years after they have expired. The act also requires that you obtain a certificate of Employers Liability from your insurers and display it where it can been seen by your employees, failure to display a certificate can lead to a £1000 fine.. more...
- Legal Expenses Insurance
This form of insurance, Legal Expenses Insurance has become very popular in recent years. If you run a business, this type of cover can often be purchased quite cheaply, sometimes it is rated on the turn over of your business, the more you turnover, the more your Business Legal Protection Insurance Policy will cost you. Although "General Policies" are on sales, it may be possible to obtain a cover which has been specially designed for your trade. You may find that you already have Legal Expenses insurance included as part of a package of other covers such as Shop Insurance or sometimes even Liability Insurance. If you are an Individual, your insurance advisor should be able to sell your Motorist Legal protection Insurance cover to help you recover uninsured losses under a motor insurance contract. If you are a Homeowner, your insurance advisor should be able to sell you a Legal Expenses Insurance to help you with consumer disputes etc. If you are worried about Legal Expenses, you should always check the insurers Key Facts document before you buy cover to make sure that you have the cover you require. Amongst the sections covered under a Business Legal Protection Insurance policy you may find the following included. more...
- Glossary of Commercial Insurance Terms
If you are a Property Owner or a Leasehold, or a Commercial or Private Tenant or are perhaps responsible for arranging insurance on the block of flats or property you occupy, we have listed below some of the terms in every day use in the Let Property and Insurance Markets. more...
