Call Now 0345 216 3000
At Ravenhall Risk Solutions, we understand that insurance documents can be filled with insurance jargon and legal terms that can be confusing and leave you feeling puzzled. Our highly skilled team are experts in this field and have years of experience under our belt, so we wanted to clear a few general terms up to ensure you understand everything within your insurance policy.
Our team of experienced Insurance Brokers work with businesses across the UK to source the right insurance to suit the risk and requirements of every individual business’s circumstance. Our tailor-made solutions ensure that your business can continue with what you do best, leaving the insurance to our team of Chartered Insurance Brokers. Our team offer a range of Insurance solutions for your business, that include Directors & Officers Liability, Business Travel Insurance, Commercial Liability and Cyber insurance.
Operative clauses identify the actions or recommendations that is required within the policy. It includes the name of the insurance company and the name of the person who has applied for the policy. It would also state that the insured carrying out the business as stated in the policy would be indemnified on the basis of the contract.
If you intentionally or even mistakenly injure someone or damage someone’s property, you could end up being responsible for paying for the other person’s losses. This is known as “civil liability.” Civil liability concerns the times when there isn’t any intention to cause harm, but harm occurred anyway. If you’re a business owner, that might mean having a faulty piece of equipment that injures someone. In situations like this, the person affected might decide you bear civil liability for whatever’s gone wrong and try to claim damages. This can leave you with unexpected high compensation payments and legal costs.
Runoff insurance protects an acquiring company from legal claims made against a company being acquired or a company that has merged or ceased operations. Professionals may also purchase runoff insurance to cover professional liabilities that occur after a business has closed. The length of the runoff policy, referred to simply as the “runoff,” is typically set for several years after the policy becomes active. The provision is purchased by the acquiring company, and the purchase funds are often included in the acquisition price.
In employment law, an employer’s liability for the acts of its employees.
In common law an employer is vicariously liable for the tortious acts of its employees if they are carried out “in the course of employment”. Under discrimination legislation, discriminatory acts done by an employee in the course of employment are treated as having been done by the employer. The test in discrimination cases is wider than the common-law test, but the employer will not be liable for discrimination if it can show that it took such steps as were reasonably practicable to prevent the employee from doing the discriminatory act.
Indemnity to Principals protects the principal (usually the end customer) or the principal contractor by outlining that if a claim is paid, the beneficiary of the policy will not necessarily be the policyholder but instead the third party who has suffered the damage or injury.
Ancillary benefits are a secondary type of health insurance coverage. It takes care of miscellaneous medical bills that may add up in an emergency. Health plans aren’t enough to keep employees healthy because they still need oral and vision care. Covering costs for these insurances make sense for companies because research shows that dental and vision plans can be effective.
Arbitration clauses are undoubtedly very common in insurance contracts. Insurance contracts have included arbitration clauses as their mechanism for dispute resolution. An Arbitration Clause is used to resolve a claims dispute in lieu of litigation. In these instances, both the insurer and the policyholder select an independent individual known as an arbitrator, or a panel of arbitrators, to decide the matter based on the facts available.
