Glossary

Accidental Damage

Accidental Damage is damage caused by external means which is not expected by you and not deliberately caused by you.

Authorised Driver

An authorised driver is anyone driving a commercial vehicle with the permission of the company/directors.

Comprehensive Coverage

Motor vehicle comprehensive coverage is protection against a wide array of damages such as theft, fire, vandalism, weather, falling objects and animal damage in addition to third party claims.

Contents

Contents are the property of the insured or for which the insured is responsible for; stock-in-trade, consumable stores, furniture, furnishings, fittings, utensils, printed books, unused stationary, machinery and equipment. Decorations or tenants improvements, goods and equipment held in trust documents and business books, including computer systems.

Effective Period 

The time between the date your insurance policy actually begins and date when it ends.

Endorsement

An endorsement is a change to the pre-printed policy wording that reflects your individual terms and conditions.

Excess

The amount you pay as the first part of any claim before Argus pays anything under the policy.

Infidelity of Employees

Employee infidelity is defined as any act of fraud or dishonesty committed by an employee.

Injury

Bodily injury caused by an accident occurring while the insurance policy is in force with respect to the insured person.

Liability to the Public

This is your legal liability to third parties; for example if your litigious brother-in-law slips down your steps on a rainy day and injures himself (Buildings section) or if he trips over a loose rug (Contents section).

Limit of Insurance

The maximum amount payable in the event of a claim under your insurance policy.

Multi-Policy Discount

A multi-policy discount is reduction in the cost of insurance and is offered if the business or household has more than one insurance policy with Argus.

No-Claims Discount/No-Claims Bonus

A reward for claim-free driving.

Peril 

A peril is the cause of loss or damage. The policy wording will specify each peril covered.

Personal Belongings

Personal Belongings are items such as spectacles, mobile phones, laptops or jewellery.

Policyholder 

The person in whose name the policy is taken out. There is normally an option for more than one person to be shown as a policyholder.

Private (Non-Commercial) Vehicle Fleet

A private vehicle fleet is said to exist when multiple (?5) vehicles in one household are used for personal, non-commercial uses.

Wear & Tear

Wear & Tear is the deterioration of an item over time through normal usage. Things prone to 'wear and tear' can include flat roofs, fascia boards, drain pipes on a building and tires on a car. In the home, this includes the finish of carpets, curtains and other soft furnishings or appliances.