Dictionary of insurance terms
Useful terms regarding alfa money liability
Claim
Any (i) written demand or (ii) claim before a court, for the reparation of “damages”
Exemption
This is the amount referred to in the Insurance Tables, which is deducted from the “indemnity”.
Indemnity
This is the sum for which the “Insurer” is liable, when the event which the insurer agreed to cover occurs (insured event). The insured is defined as the “Policyholder”, and that includes his “employees”, if and when they manage cases acting under the orders of the “Policyholder”. The insurer is defined as the insurance agency…
Period of Insurance
This is the time period delineated in the Insurance Table.
Insured Amount
This is the monetary sum, defined by the insurance table and agreed by the insurer to be paid to its maximum amount through an insurance contract, which also states the liability of the “Insurer” for the duration of the “Period of Insurance”
Premium
This is the total annual “premium” stated in the Insurance Table, including expected premiums in the case of additional actions to the present.
Defense Expenses
These are the reasonable fees and expenses, incurred either by the “Policyholder” or on their behalf within the context of “Discovery”, adjustments, settlements or legal action in pursuit of any form of “Claim” as well as the justifiable fees and expenses undertaken for the defense needs of the “Policyholder”, in the event that legal action is taken against them. Not included in the “Defense Expenses” are the Policyholder’s non-mandatory expenses, the Policyholder’s time value based on time charges, and any expenses not agreed to by the “Insurer”
Documents
These are all the documents, of any nature, including files on computers and electronic or digitized information. This does not include any form of currency, securities or documents there of.
Trade Secrets
This is information which is of either potential or actual distinct financial value, by not being commonly available and remaining directly unverified through the usual means or by third parties, which can gain financial benefits from said information’s use or disclosure.
Professional Services
Damages
Damages are any amount which the Policyholder will be required to pay to a “Third Party”, pending a court decision in favor of the third party, or in accordance with a settlement, the negotiation of which will be undertaken by the “Insurer” with the consent of the “Policyholder”. The following are not defined as “Damages”, and therefore are not covered by the present insurance contract: a) possible taxes which the “Third Party” was required to pay, b) non-monetary demands, e.g. demands concerning criminal liability, c) fines and penalties imposed upon the “Policyholder”, d) costs and expenses connected with the settling of non-monetary claims, e) indemnities or expenses exceeding those provided for by the “Policyholder” or f) risks which cannot be covered by insurance.
Effective Date of Coverage
This is defined as the date on the Insurance Coverage Table. The Policyholder is defined as the contractant with the “Insurer” for the formulation of the insurance contract as delineated in the Insurance Table.
Property Damage
This is the “Damage”, the loss or destruction of material assets or their loss of use.
Action or Omission
This is any and every actual or claimed action, error, misleading statement, omission or dereliction of duty, “Infringement of Intellectual Property Rights”, or “Defamation”, according to the Code of Conduct, which might occur in the course of “Professional Services”
Infringement of Intellectual Property Rights
The unintentional use of a third party’s copyright without their consent, apart from patents and “Trade Secrets”.
Additional Disclosure Period
This is the time period lasting four (4) years beginning from the termination of the Insurance Contract. During this period, the “Insurer” can be notified in writing of any “Claim” covered in the insurance contract brought for the first time against the “Policyholder” for an “Action or Omission: which took place after the “Effective Date of Coverage” and before the termination of the “Period of Insurance”. The written notification of the above “claim” will be executed according to the parameters set by the Insurance Contract. The “Additional Disclosure Period” will not take effect in the case of failure on the part of the “Policyholder” to pay the “Premium” and / or the cancellation of the Insurance Contract on the part of the “Insurer” in the case of failure to pay the “Premium” on the part of the “Policyholder” or any other violation of the terms of the present Insurance Contract by the “Policyholder”. The “Additional Disclosure Period” does not take effect if the present Insurance Contract or the insurance coverages have been replaced.
Personal Injury
This defines any injury, illness or death, and – in the case it can be causally connected with the aforementioned events – nervous breakdown, depression, stress or mental disorder.
Third Party
This defines a legal entity or natural person, separate from the “Policyholder” and every legal entity or natural person which has a financial interest or an executive role in the function of the “Policyholder”
Employee
This defines any natural person expressly connected or connected at some point in the past, as an “Employee”, within the framework of an employment contract, with the “Policyholder”.
In short, alfa money stands out thanks to our:
In short, alfa money stands out thanks to our:
Extensive experience in the management of insurance liabilities
Discretion, tact and confidentiality in the management of liabilities
Extensive experience in Professional Liability Insurance
