need help with a financial\legal term
Mar 23rd 2014, 3:36 pm
#16
BE Enthusiast
Joined: Feb 2013
Location: AB
Posts: 905
Re: need help with a financial\legal term
At risk?
Mar 23rd 2014, 3:56 pm
#17
Forum Regular
Joined: Apr 2010
Location: Toronto
Posts: 174
Re: need help with a financial\legal term
does the term "rider" apply when you are additionally insuring against something the primary insurer has specifically forbidden though? the problem in the first example is that if you total the boat at night the insurer is going to come after you for considerably more than the damage you caused because you willfully breached the conditions of your policy
I always thought rider was just for additional coverage.
I always thought rider was just for additional coverage.
Would it not just be the "plan provision" of the extra insurance taken out to cover what's not covered in the main insurance policy?
If you can understand what I've just written you're a better person than me!!!!!
Mar 23rd 2014, 4:57 pm
#18
Retired
Joined: Apr 2004
Posts: 34,649
Re: need help with a financial\legal term
I think the term that everyone is looking for, although not sure if there is a special Canadian equivalent, is "secondary insurance". In other words, this is an insurance policy which will pay out in certain circumstances, but only if the primary insurance does not cover the situation.
A lot of car rental protection policies that are attached to credit cards, or offered by the rental company, come into this category.
Mar 23rd 2014, 5:25 pm
#19
BE Forum Addict
Joined: May 2011
Posts: 1,348
Re: need help with a financial\legal term
In the UK, we would have added a Special Endorsement to an existing policy to cover an extra thing.
If we issued a policy for something specific, it would have been named after that thing, such as Marine Insurance, or a Forces Policy etc.
If we issued a policy for something specific, it would have been named after that thing, such as Marine Insurance, or a Forces Policy etc.
Mar 23rd 2014, 5:46 pm
#20
Joined: Sep 2008
Posts: 12,830
Re: need help with a financial\legal term
does the term "rider" apply when you are additionally insuring against something the primary insurer has specifically forbidden though? the problem in the first example is that if you total the boat at night the insurer is going to come after you for considerably more than the damage you caused because you willfully breached the conditions of your policy
I always thought rider was just for additional coverage.
I always thought rider was just for additional coverage.
Last edited by Aviator; Mar 23rd 2014 at 5:48 pm.
Mar 23rd 2014, 6:43 pm
#21
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: need help with a financial\legal term
Named Perils - Perils specifically covered on insured property?
Residual?
Have a look at Lloyds of London glossary, it might help. http://www.lloyds.com/common/help/glossary
Residual?
Have a look at Lloyds of London glossary, it might help. http://www.lloyds.com/common/help/glossary
Last edited by Siouxie; Mar 23rd 2014 at 6:57 pm.
