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With terms like 'excess' and 'endorsement' used by risk professionals every day it's helpful to know what they mean in plain English. And no, 'excess' isn't something that happens at the best parties!

Flood Insurance

This is designed to reimburse property owners from loss due to flood. Usually sold in connection with a government flood insurance plan. Some insurers no longer offer insurance policies in places where there is a high risk of flooding.

Shareholder Protection

Usually taken out to protect a business loan or mortgage and will pay out a lump sum if someone dies. It can also be used to protect shares by company directors. 

Single Policy

Where only one person is insured on a policy.


Where a party, having paid out under a contract, takes over the rights of the party with whom they have settled. An insurer will acquire the legal rights of a motorist when they have paid out for damage to their car caused by a third party and will therefore be able to recover their outlay.

Sum assured

The amount of cover that a policyholder asks to be insured for.

Sum Insured

This is the amount for which the subject is covered.  

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