Deductible
The uninsured amount of a claim, only the amount in excess of this is payable by the insurer (also known as excess)
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Economic Limit
A limit within Business Interruption cover that limits the insurer’s liability in respect of additional cost of working to being no greater than the amount the insurer would have to pay out in respect of loss of Gross Profit
Employers Liability Insurance
Cover for an employer’s liability at law for injuries to employees (including temporary employees, volunteers, labour only sub-contractors and work experience) for bodily injury arising out of the course of their employment. This is compulsory within the UK (with very few minor exceptions)
Endorsement
Documentary evidence of a change in the wording of or cover provided by an insurance policy
Excess
The uninsured first amount of any claim/amount that must be borne by the Insured. This excess may be compulsory as part of the policy or (an additional) voluntarily entered into in order to reduce premiums
Excess Layer / Excess of Loss
Coverage that is purchased in addition to a primary policy to increase the total amount of coverage (often because the primary insurer does not wish to provide the higher amount of cover sought or it is more cost effective to arrange to spread the risk). The insurer providing the excess layer refers to the primary policy as underlying insurance
Exclusion
A specific elimination of a cover for a certain type of loss
Ex Gratia Payment
A payment made without acceptance of (legal) liability
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Financial Ombudsman
Established to oversee the interests of policyholders, dealing with complaints which remain unresolved via the companies own processes. The decision of the Ombudsman is binding to the insurer but the insured may appeal