Glossary

the table of discounts and increases used by a given insurer which are related to the previous claim history of the client; to put it simply, the table of discounts for claim-free periods and increases for claims in the recent insurance years.

insurance covering production shutdown (often mistakenly called “loss of profit” cover); the subject of insurance is the gross insurance profit comprising mainly the overhead costs (continuing costs) to be incurred by the entrepreneur, despite production shutdown, and, additionally, his probable net profit.

Traditional reinsurance billing document. Bordero distinguishes contribution (insurer settled with the insurance contracts) and damage (statement of benefits paid). Bordero is generally prepared on a monthly or quarterly basis.

a document, prepared by the broker and submitted to the insurer, describing the customer for which the broker is looking for coverage, the risk of that customer (technical description of the risk and security) and the manner in which the client has to be insured (insurance schemes, insurance sum, clauses); historically, an underwriter’s signature in the broker’s slip meant acceptance of risk by the insurer.

so called Bankers Blanket Bond meaning insurance of all risks in a bank, primarily to cover bank losses related to the misappropriation (dishonesty) of a bank employee and an additional risk of loss of cash and other assets from the bank or during transport, falsification of documents or bills of exchange, acceptance of counterfeit money.