Tenant's Policy
A package policy specially designed to meet the normal insurance requirements of a private tenant covering personal belongings and liabilities.

Term
The period of time from the inception to the termination of an insurance policy or bond.

Theft
The wrongful taking of the property of another. It is a broad term and includes larceny, pilfering, hold-up, robbery and pick-pocketing.

Third Party
A claimant under a liability policy, so called because he is not one of the two parties (insured and insurer) who has entered into the insurance contract which pays his claim.

Third Party Insurance
A fire policy insures the policyholder against loss or damage to his own property. When a policy insures a person against the liability he may incur to another for damages, it is "Third Party Insurance." The insured is indemnified with respect to any loss which he might suffer as a result of his legal liability to others arising out of the peril against which insurance is written.

Title
The right to ownership of property. The owner of real property having just possession of his property.

Tort
A legal wrong arising from a duty fixed by law. Breach of this duty causing injury to persons or property is repressible by legal action for damages. Liability for tort involves private or civil wrong or injury and is distinct from that under contract in that the duty is owed to people, generally, rather than to a specified individual.

Total Loss
Loss of all the insured property. Also a loss involving the maximum amount for which a policy is liable.

Trespass
An illegal act against another person's rights or property.

U

Umbrella Policy
A special form of liability policy designed to protect the insured for certain unknown contingencies over and above coverages and to provide excess insurance.

Umpire
A third person appointed to decide an arbitration.

Underwrite
To insure. More commonly, to scrutinize a risk and decide on its eligibility for insurance.

Underwriter
1) The insurance company or group that underwrites or insures a particular risk.
2) The individual within an insurance company whose responsibility it is to accept or reject business in the particular line in which he/she specializes and in this way chooses risks his/her principals are prepared to underwrite.

Underwriters' Laboratories of Canada (U.L.C.)
An organization financed by stock insurance companies whose purpose is fire prevention and safety. It provides testing laboratories for various manufactured items and approves those that are acceptable. Labels issued by the Underwriters' Laboratories are evidence to the public that the particular item meets the safety standards.

Unoccupied
Where the premises contain contents but no human beings, such persons being temporarily away from the premises, on vacation for example, the premises are said to be unoccupied. This is distinguishable from Vacant in that in vacancy, the contents have been moved out leaving nothing but the building.

Unprotected
A property located in an area not regularly serviced by a fire department.

Utmost Good Faith
A phrase in a legal document calling for the highest standards of integrity on the part of the insured and the insurer. See also Uberrimae Fidei.

V

Vacant Building
A building with no occupants or furnishings. See also Unoccupied.

Valuation
An estimate or the act of assessing of value. This will frequently be done through the process of an appraisal.

Valued Policy
A policy which provides that a special amount shall paid in the event of a total loss of the property.

Vicarious Liability
Liability imposed upon a person even though not a party to a particular occurrence, e.g., the owner of a motor vehicle is vicariously responsible for injuries even though he is not driving the car at the time of the occurrence.

Void
1) Invalid, not legally binding.
2) An insurance contract that is prohibited by law and thus cannot be held to be a valid contract.

W

Waiting Period
The time which must elapse before an indemnity is paid.

Waiver
The intentional relinquishment of a known right. A waiver under a policy is required to be clearly expressed and in writing.

Warranty
Statement or stipulation in a contract, the breach of which nullifies the contract.

Warranty (Implied)
A warranty assumed to be a part of the insurance contract even though not expressly included.

Water Damage Clause
A Portion of the policy affording coverage for certain specific causes of water damage.

Windstorm Insurance
Protection against damage done to property by unusually high winds, cyclones, tornadoes or hurricanes. This coverage is available under the extended coverage endorsement of property policy.

Without Prejudice
An action taken during claims negotiations designated as "without prejudice" is intended to be without detriment to the existing rights of the parties.

Writ
A Court document commanding the defendant to enter an Appearance within a specified number of days if he wishes to dispute the claimant's claim.