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Search Result for " E"
| TITLE |
DESCRIPTION |
| Earned Premium |
Premium in respect of that part of the insurance where the adventure has attached and terminated and during which the insurer was on risk. If the policy pays a total loss the whole premium is deemed earned. |
| Ex Gratia Payment |
A payment made by the insurer in respect of a claim for which he is not legally liable. The insurer may make such a payment as a sign of goodwill or to accommodate a valued assured. It is important to note that a reinsurer is not obliged to follow an ex gratia payment made by the original insurer. |
| Ex warehouse |
A term for the sale of goods. The term usually relates to the seller’s warehouse. The buyer is responsible for the goods and all charges from the time they leave the seller’s warehouse. The title to the goods usually passes to the buyer at this point, subject to agreement to the conditions for payment for the goods, and insurable interest during the whole period of transit is vested in the buyer who normally arranges his own insurance. Where the term relates to a port warehouse or to a warehouse other than that of the seller the seller remains responsible for the goods until they leave such port or other warehouse, arranging his own insurance up to the time his interest passes. |
| Ex. Quay |
Expression in a sale contract whereby all charges are the responsibility of the buyer once the goods are delivered to the quay. |
| Ex. Ship |
In a sale contract the obligation of the seller is to pay freight to destination if agreed “ex ship”. The insurable interest is generally a seller’s interest on the sea voyage in such cases, the buyer’s interest attaching “ex ship”. |
| Excess |
A deductible. An amount or percentage specified in the policy which must be exceeded before claims are payable. When the amount or percentage is exceeded only the excess of that amount or percentage is payable. |
| Experience |
The past claims experience of the assured. When a broker approaches an insurer he must be prepared to disclose the experience of the assured to the insurer. Failure to advise the insurer correctly on this material fact, on enquiry, amounts to non-disclosure and the insurer may avoid the policy from inception unless the difference between what was stated and what was true merely diminished the risk. |
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