What is Return Period? Basic 101
In the context of natural disasters like floods, the return period refers to the average time interval between the occurrences of events of a particular magnitude or severity. It is…
Why do DSU and BI exclude variable cost?
Variable cost refers to expenses that change proportionally with the level of production or business activity. These costs vary based on the volume of output or the level of sales…
What are Loss Payee, Additional Insured and Insured?
From an insurance perspective, "Additional Insured" and "Loss Payee" are both terms used to describe how parties other than the named insured are covered under an insurance policy. However, they…
What are the differences between additional increased cost of working cover (AICOW) and increased cost of working (ICOW) cover?
The terms "additional increased cost of working cover" and "increased cost of working cover" are related to insurance policies that provide coverage for financial losses incurred by a business due…
How does turnover based annual construction all risks insurance programme work?
A turnover-based annual construction all risks insurance program is a type of insurance coverage specifically designed for construction projects. It provides protection against a wide range of risks and perils…
What is cut-though clause in insurance or reinsurance?
In the context of insurance or reinsurance, a "cut-through clause" is a contractual provision that allows a policyholder to bypass the normal claims process and make a direct claim against…
What is Claim Control Clause and Claim Cooperative Clause?
In the context of general insurance, the terms "claim control clause" and "claim cooperate clause" are not widely used or recognized industry-specific terms. However, I can provide you with an…
Cross Liability Clause – Explain with Simple Terms and Example
"Cross Liability Clause: It is hereby agreed and understood that if any claim or suit is brought against any insured party named in this policy, the coverage provided shall apply…
Differences between Workers Compensation Insurance and Employer Liability Insurance
Workers Compensation Insurance and Employer Liability Insurance are two distinct types of insurance coverage that provide protection to employers and employees in the event of workplace injuries or illnesses. While…
Differences between Workers Compensation Insurance and Employer Liability Insurance
Workers Compensation Insurance and Employer Liability Insurance are two distinct types of insurance coverage that provide protection to employers and employees in the event of workplace injuries or illnesses. While…