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General Insurance Glossary Terms

Accident: An event or occurrence which is sudden, unforeseen and unintended.

Additional Insured: An Insured party specifically named with the main Insured under an insurance policy.

Adjuster/Loss Adjuster: An independent professional individual who investigates claims and recommends settlement amounts to an insurance company. Also known as Surveyor (A surveyor need not be a loss adjuster also).

Arbitration: When there is a dispute regarding “quantum” or the amount of the loss, the two parties, the Insured and Insurer may go to arbitration. An arbitrator is chosen in agreement by both parties. The decision of the arbitrator will be binding on both parties unless a point of law is raised or the arbitrator has misconducted the proceedings.

Bad Faith: The allegation that Insurers have failed to act in good faith i.e. that they have acted in a manner inconsistent with what a reasonable policyholder would have expected. Bad faith can also be attributed to the proposer or assured.

Cancellation: The termination of an insurance policy before its normal expiry date, either by the Insured or by the insurance company. The cancellation clause in the policy will show the terms for such cancellation and the period of notice required.

Certificate of Insurance: Official evidence, in the form of a certificate, as prescribed by law, that an insurance policy exists and that such policy at least covers the minimum requirements of the law, for example, that there is a motor insurance in force which compiles with the terms of the Motor Vehicles Insurance (Third Party Risks) Ordinance.

Claim: A request for payment of a loss which may come under the terms of an insurance policy.

Contract of Insurance: An agreement of utmost good faith between the Insurer and one or more parties, called the Insured, whereby the Insurer undertakes in return for the payment of a certain consideration, called the premium, to pay to the Insured a certain sum of money or to grant certain compensation on the happening of a specified event.

Cover Note: A document issued as evidence that insurance has been granted, pending the issue of a policy. There may be a time limit of 15 or 30 days for the issue of the policy although in some cases the time limit could be longer.

Duty of Disclosure: The duty of the proposer to disclose all the material facts (to the Insurer) about the risk being proposed whether such facts are requested or not.

Endorsement: Any amendment to the standard terms of a policy or to the original agreed terms. These amendments are evidenced by an additional document that is attached to the policy.

Excess: The first portion of a loss, being an agreed or fixed sum, which the Insured agreed to pay.

Exclusion or Exception: Specific conditions or circumstances listed in the policy for which the policy will not provide cover.

Indemnity: Legal principle that specifies that an Insured should not collect more than the actual cash value of a loss but should be restored to the same financial position that he enjoyed before the loss. This does not apply to policies which offer defined benefits or “new for old” cover.

The Insured: A person or organization covered by an insurance policy, including the “named Insured” and any other parties for whom protection is provided under the policy terms.

The Insurer: The name given to the organization providing insurance (also known as principal or policyholder).

Policy Term: The period for which an insurance policy provides coverage.

Premium: The sum paid to an insurance company in exchange for the insurance protection provided by a policy of insurance.

Write-off: A term usually used in motor insurance to denote that the vehicle has been damaged beyond economic repair. This depends on the ratio of the repair costs to the replacement value of the vehicle.


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Take Care of Your Business

Insurances for
Your Business Needs

We offer coverage for Business Interruption, Employers Liability, Workmen's Compensation, Property Owners and Personal Liability with both Local and Worldwide Jurisdiction and many others.

Corporate Office:

Geo. W. Bennett Bryson & Co. Ltd.
P.O. Box 162
Friars Hill Road
St. Johns
Tel: +1 (268) 480-1200
Fax: +1 (268) 462-0320



Brysons Insurance Agency
Tel: (268) 480-1220
Fax: (268) 462-5538

Brysons Insurance Agency - Falmouth Office
Tel: 1-268-480-1270
Fax: 1-268-480-1271

Brysons Shipping
Tel: (268) 480-1240
Fax: (268) 462-0170

+1 (268) 480 1220

Opening hours:
Mon-Thu - 8:00am - 5:00pm
Friday - 8:00AM – 4:00PM