Plain English Definitions

All Risks
Business Interruption
Contract works
Damage to Property Worked Upon
Defective Workmanship
Efficacy
Employee dishonesty
Employers Liability
Engineering
Financial Loss
Freezer Contents
Goods in Transit
Hired in Plant
Legal Expenses
Loss of License
Loss of rent
Money / Assault
Personal Accident
Products Liability
Professional Indemnity
Property Owner's Liability
Public Liability
Subsidence
Terrorism

All Risks
This covers damage to material property belonging to the business insured caused by one of the following optional Specified Perils and Accidental Damage

• Fire
• Lightning
• Explosion
• Aircraft
• Riot, Civil Commotion
• Malicious Damage
• Earthquake and Subterranean Fire
• Storm
• Flood
• Escape of Water
• Impact by own and third party vehicles or Animals
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Business Interruption
Insurance cover to protect business income and/or increased cost of working following a material damage loss. Cover can be extended to cover book debts, which covers the cost of tracing and establishing how much your customers owe you and the amount of any unpaid debts following an insured loss.
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Contract Works
This covers physical loss or damage by an insured peril to buildings / installations in the course of erection and the materials, plant, works and equipment associated with the construction.
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Damage to Property Worked Upon
Provides aggregate cover in respect of liability for damage to customers property whilst removed from their premises and in the Insured's custody and control. Full Public Liability cover applies to customer's property being worked upon if damaged at the customer's premises.
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Defective Workmanship
Provides cover for liability in respect of damage to or the cost incurred in repairing, removing, replacing, reapplying, rectifying or reinstating Products Supplied and The Works.
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Efficacy
The policy covers your legal responsibility for loss or damage to property arising from the failure of an intruder or fire alarm, CCTV, door entry system or other security equipment to fulfill its intended function e.g. alleged failure of system during theft from customer's premises.
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Employee Dishonesty (Fidelity Guarantee)
Cover against loss of money or stock arising from dishonesty by your employees.
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Employers Liability
By law, all employers must insure against their legal liability for injury, disease or death to employees sustained by them and arising from their employment.
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Engineering
Provides cover against electrical or mechanical breakdown for most machinery, including computers. By law, many items of plant such as boilers, lifts and lifting machinery must be inspected regularly by a qualified person and a certificate issued.
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Financial Loss
Cover for pecuniary loss or expenses sustained by a customer arising from their business activities e.g. cancellation of an event due to faulty wiring installation.
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Freezer Contents
Cover against loss of frozen food in deep-freeze units caused by breakdown or damage to the unit or failure of the electricity supply.
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Goods in Transit
Goods in transit insurance covers own goods against loss or damage while in your vehicles or when sent by carrier.
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Hired in Plant
This covers legal liability under a hiring agreement for loss of or damage to specified plant and can be extended to include continuing hire charges.
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Legal Expenses
Insurance against your exposure to professional legal expenses in connection with a variety of events alongside the provision of legal advice
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Loss of License
This provides indemnity for depreciation in the value of the premises insured following the forfeiture of a license granted under the current Licensing Act for the sale of intoxicating liquor up to the limit specified in the Policy Schedule.
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Loss of Rent
Insurance cover to protect loss of rental income following a material damage or loss.
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Money / Assault
Money insurance is on an "all risks" basis and covers cash, cheques, postage stamps and certain other negotiable documents, including whilst in transit. Personal assault cover may be included, which will provide compensation for you or your employees following injury during theft or attempted theft of money.
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Personal Accident
Protection in the event of injury to any person whilst engaged on their occupation in the business.
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Products Liability
If you make, repair or sell products, you could be held legally liable for damage or injury arising from defects in their design or manufacture even if you have not been negligent.
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Professional Indemnity
This protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them. Professional indemnity insurance will also cover legal costs.
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Property Owner's Liability
Property Owner's Liability insurance enables you to meet any costs and damages awarded to a third party if they suffer an injury following an accident on, or linked to, your premises.
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Public Liability
Public Liability insurance covers your legal liability to pay damages to third parties for death, bodily injury or damage to their property that occurs as a result of your business activities.
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Subsidence
An extension to the policy to include the risk of claims arising form Subsidence or Ground Heave of any part of the site on which the premises stand and Landslip.
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Terrorism
Insurance will provide cover following physical damage to your property as a result of an act of terrorism.
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