Insurance Essentials

Report claim

Claims Made vs Claims Made and Reported

A Claims Made policy offers coverage for claims made against the insured during the policy period. This type of policy typically comes with a reporting requirement defined as “as soon as reasonably practicable.”

'Named Perils' and 'All Risks'

Named Perils vs. All Risks Explained in Plain English

‘Named Perils’ and ‘All Risks’ refer to two different kinds of insurance coverage. Named Perils wordings are common in property insurance policies. You’ll find All Risks wordings in general liability and errors and omissions policies.

Hammer Clause

The Hammer Clause

A ‘Hammer Clause’ is an insurance policy provision which stipulates what happens when an insured does not consent to settle a claim, as recommended by their insurer. Learn more…

pro-rata vs. short-rate cancellation

Pro-Rata vs. Short-Rate Cancellation

Pro-rata and Short-rate are two different ways of determining the refund amount that an insured party will receive if their insurance policy is canceled before the expiry date. Understand the difference between these two methods.

Resources

Browse Our Knowledge Library

Insurance Essentials