Insurance Essentials

'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.


Extended Reporting Period (ERP) Explained

An Extended Reporting Period, or ERP, is a finite window of time beyond the end of a claims-made policy during which the insured organization may report claims to the insurer. The ERP extension only provides …


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Insurance Essentials