Elect - Insurance Terminology

  • Accident Year - The accounting year in which a loss has occurred.
  • Act of Terrorism - An act, including but not limited to the use/or planned use of force or violence and/ or the threat of any person or group of persons whether acting alone, or on behalf of, or in connection with any organisation, or government, committed for political, religious, ideological or similar purposes including the intention to influence any government and/ or the public, or to put any section of the public in fear.
  • Age Eligibility - The age permitted for a policy, age restrictions vary from insurers to insurer.
  • Additional Premium - A further premium payable by the insured as a result of a policy update or amendment, that may increased the risk exposure or and in turn change the policy conditions sum insured.
  • Annual Premium - The amount you are quoted by an insurance provider to cover the risk you have been supplied with, inclusive of all insurance taxes (insurance premium tax -IPT).
  • Assured - Another terminology to describe an insured person.
  • Authorised Person - A company or person that has been approved by the Financial Conduct Authority (FCA) to carry on out one or more FCA regulated activities.
  • Beyond Economic Repair Where the cost of repairing the insured property (eg computer equipment) exceeds the market value of that particular item.
  • Binding Authority - An agreement between a Lloyd's managing agent and a coverholder under which the Lloyd's managing agent delegates its authority to enter into a contract or contracts of insurance to be underwritten by the members of a Lloyds syndicate.
  • Bodily Injury - Means an identifiable physical injury sustained by you caused by sudden, unexpected, external and visible means.
  • Bordereaux - An amount of declared premiums payable or is due prepared by the coverholder for the insurer or managing agent. Bordereaux are commonly produced on a monthly or quarterly basis.
  • Broker - A broker is an independent intermediary who markets various types of products and policies which are in turn arranged through different underwriters/insurance companies.
  • Cancellation - The Termination of a policy before it is due to expire usually provide with a 14 day cooling of period allowing time to absorb what you have contracted in for.
  • Certificate of Insurance - An insurance validation certificate issued by the issuing agent which describes you and the Insured person(s) who are covered under this policy.
  • Claim - An accident Injury or loss to the insured person which results in liability to the insurer under the policy it has issued on its behalf.
  • Claimant - The person making the claim.
  • Claim Settlement - the amount awarded by the insurer to the insured in respect of their claim.
  • Claims Notification Clause - A clause in an insurance contract which sets out the procedure which the insured must follow in order to make a claim under the contract provided.
  • Close business associate - A person in the same employment as you in your country of residence, whose absence from work or place of employment for one or more complete days at the same time as you, prevents the effective continuation of that business.
  • Common Law Partner - Any couple (including same sex) in a relationship who have co-habitated for a certain perid.
  • Concealment - The Deliberate hiding of an important fact relating to a risk which can potentially result in the contract being made null and void for non-discloser of a material fact.
  • Cover - The Insurance cover as it applies to one or more specific risks provided.
  • Deductible - The specified amount a loss must exceed before a claim can be payable.
  • Depreciation - The decrease in value of an item due to its age, use or wear and tear.
  • Duty of Disclosure - The duty of every insured person seeking insurance to inform the underwriter or insurer of all material facts that may change an insurance risk.
  • Excess - The first amount you and each person named under the insurance certificate have agreed to pay towards a claim under each section of this policy, as outlined within the Schedule of Benefits.
  • Exclusion - A term in an insurance contract that excludes the insurer from liability for specified types of loss. An exclusion may apply throughout a policy or it may be limited to specific sections of it. In certain circumstances an exclusion may be limited or removed altogether following the payment of an additional premium.
  • Financial Ombudsman Service - A company body established to oversee the interests of policyholders whose complaints remain unsolved through normal company channels of communication.
  • Financial Conduct Authority (FCA) - A Regulated Body, that oversees all financial services companies including insurance companies, brokers and subsidiaries alike.
  • Fragile articles - Means any item(s) carried as your personal possessions which could be easily damaged or destroyed.
  • Golf Buggy Insurance - A specialist insurance cover specifically designed at insuring golf buggies for the use on a golf course.
  • Golf Club Group Cover - A type of 'group' insurance cover offered to individual golf club members, often as part of their membership fee and usually limited cover.
  • Golf Equipment - Those items that are usually worn, used or held during the participation in Golf. For example, Golf Clubs, Golf Bags, Golf Shoes.
  • Gross Premium - A terminology used before the deduction of any brokerage/commission or discounts.
  • Hazard - Something that causes an (bodily or property) exposure to injury, loss or damage.
  • Home - Your usual place of residence in the United Kingdom for no less than 6 months of the year.
  • Illness - Any disease, infection or bodily injury which is unexpectedly contracted by you prior to your trip or unexpectedly manifests itself for the first time during your trip.
  • Indemnity - Indemnity cover means you are insuring your equipment for a claim settlement based on its depreciating amount over the term of your policy.
  • Insurance Premium Tax (IPT) - A Compulsory Government insurance tax charge worked on a percentage of the insurance premiums.
  • Insurable Interest - For a insurance contract to be valid, the policyholder must have a legal interest in the insured items whereby he benefits from its safe keeping, well being or freedom from liability and would be prejudiced by its damage or the existence of liability. This is called the insurable interest and must exist at the time the policy is taken out and at the time of the loss.
  • Insurable Value - The value of the insurable equipment which an individual requires to be covered for in the event of accidental damage, loss or theft.
  • Insured - The person whose property is insured or in whose favour the policy is issued.
  • Insurer - An insurance company or Lloyds underwriter who, in return for a premium, agrees to make good in a manner laid down in the policy any loss or damage suffered by the person paying the premium as a result of some accident or occurrence.
  • Intrinsic Value - Unusual term describing the component value of equipment ie not second hand or market value.
  • Liability Insurance - An insurance which will cover an insured against any third party claims.
  • Limit of Indemnity - Another term for policy limit. It refers to the maximum amount payable under an insurance policy.
  • Loss - This term generally refers to some injury, harm, damage or financial loss that a person sustains. Losses are either insured or uninsured.
  • Loss Adjuster - A person who is appointed to investigate the circumstances of a claim under an insurance policy providind advise on the amount payable to the insured/policyholder in order to settle that particular claim.
  • Material Fact - Any information that may influence the insurer's decision to offer cover or the premium they charge for it. If you omit any information which may influence a decision to offer cover, your policy may be invalidate, null and void.
  • New for Old - if equipment is insured on a new for old basis, means your insurance provider will replace it for a brand new one no matter how old it was at the time of loss.
  • Peril - The dangers or difficulties that arise from a particular situation or activity. Insurance companies use the word peril to explain particular risks that cause damage that the insurance contract will agree to cover. Or in other words, events that could cause damage to the property covered.
  • Personal Accident Insurance - A type of insurance which provides payment of a specified sum in the event that the insured suffers some bodily injury as the result of an accident.
  • Personal Liability - An amount you become legally liable to pay as compensation for any claim or series of claims arising from any one event or source of original cause in respect of accidental (including legal costs and expenses) bodily injury, death, illness or disease to any person who is not in your employment or who is not a close relative or member of your household Loss of or damage to Property that does not belong to and is neither in the charge of or under the control of you, a close relative, anyone in your employment or any member of your household other than any temporary holiday accommodation occupied (but not owned) by you.
  • Policy - The Terms and conditions commonly known as the wording of a contract of insurance. Your certificate, this policy and endorsements.
  • Policy Fee - Some insurers may apply a policy fee as a form of an administration fee in order to complete the insurance application process.
  • Policy Holder - The person in whose name the policy has been issued in.
  • Policy Limit - The maximum amount payable under an insurance policy.
  • Premium - The amount that is paid for a contract of insurance.
  • Replacement - The insurer agrees to replace irreparably damage or where an item has been stolen with goods of a similar type and quality instead of paying a cash amount to the insured.
  • Schedule - The part of a policy containing information which is relevant to that particular risk.
  • Sum Insured - A maximum amount payable in the event of a claim under a contract of insurance.
  • Third Party - Someone who is involved in a claim who is neither the policy holder nor the insurer.
  • Third Party Liability - The Liability of the insured to persons who are not parties to the contract of insurance and are not employees of the insured.
  • Total Loss - Where the subject of the insurance is either lost, destroyed or damaged beyond repair.
  • Unattended - Means when you are not in full view of and not in a position to prevent unauthorised interference with your property or vehicle.
  • Utmost Good Faith - Insurance contracts are contracts of utmost good faith, which means that both parties have a duty to disclose, clearly and accurately, all material facts which relate to the proposed insurance risk. Any breach may result in the insurer refusing to accept any liability.
  • Warranty - A condition in a policy imposed by an insurer. A breach entitles the insurer to deny liability.
  • Wear and Tear - This is the amount deducted from claims payments to allow for any depreciation of the property insured through usage of it over time.

Elect Hazardous Activities

Elect Travel Insurance includes certain hazardous sporting activities at no extra charge (STANDARD), providing they are amateur activities conducted under adequate supervision and only participated on an incidental basis.

These inclusive activities are available to be viewed on the policy terms and conditions under Hazardous Sports and Activities.

In order to be sufficiently covered, you are required at all times to wear the appropriate safety equipment for any activity (i.e. protective clothing and/or suitable head protection).

Participating in any hazardous activity where you are exposing yourself to a needless peril, will be excluded from cover.

Listed below are the activities which are included within cover SHOWN as STANDARD above:

The hazardous sporting activities which are not included within your standard cover are also shown at the appropriate multiplies

  • Archery
  • Badminton
  • Baseball
  • Basketball
  • Beach games
  • Black water rafting (Grade 1 to 4)
  • Bungee jumping (Maximum of two jumps)
  • Canoeing (excluding white water canoeing of any grade)
  • Cricket
  • Cycling (excluding BMX or mountain biking)
  • Dinghy sailing
  • Fell walking
  • Fencing
  • Fishing (excluding wade fishing)
  • Football
  • Golf
  • Giking (under 2,000 metres altitude)
  • Horse riding (excluding jumping, hunting, polo and racing)
  • Hot air ballooning which has been booked in the United Kingdom prior to departure
  • Jet boating
  • Jet skiing
  • Jogging
  • Marathon running
  • Motorcycling up to 125cc (Providing rider holds a full driving license and is wearing a crash helmet)
  • Netball
  • Orienteering
  • Paintballing (Providing protective eye-wear and clothing worn)
  • Parascending (over water)
  • Pony trekking
  • Racquetball
  • Rambling
  • River canoeing
  • Roller skating
  • Roller blading
  • Rounders
  • Rowing
  • Safari (if pre-booked through United Kingdom operator, excluding the use of firearms)
  • Sail boarding
  • Sailing within territorial waters
  • Scuba diving down to 15 metres (excluding solo dives and no dives less than 24 hours before departure)
  • Skate boarding
  • Snorkelling
  • Squash
  • Surfing
  • Tennis
  • Track events
  • Trekking (under 2,000 metres altitude)
  • Triathlon
  • Volleyball
  • Water skiing
  • White water rafting (up to grade 4 life vest and helmet must be worn)
  • Windsurfing
  • Yachting (inside territorial waters)

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