Home Insurance: General Definitions

Home Insurance: General Definitions

 
Agent
An Agent is someone who acts on behalf of a company selling insurance. Ibex has over 250 Agents based in Spain, Portugal and Gibraltar, giving you the option to choose a face to face service to arrange all your insurances.

All Risks
Cover for personal effects and valuables inside and away from the Home applicable to permanent homes only.(Terms and conditions apply).

Buildings Sum Insured
The total amount of cover required for the home including swimming pools, outbuilidings, terraces, garages, tennis hard courts, patios, drives, footpaths, walls, gates, fences and hedges and landlords fixtures and fittings at the premises.

Claim
A claim is the process of notifying your insurance company of an event, such as a theft or flood damage to your home.

Community Insurance
Insurance jointly taken by owners or managing agents of a complex or apartment block.

Contents Sum Insured
Household goods and personal effects including general furniture and home entertainment equipment.

Endorsement
This refers to changes in the terms of your cover as shown in the schedule.

Excess
This is the standard amount you must pay towards any claim. Choosing a higher Voluntary Excess can help to lower your premium.

Exclusions
Exclusions are instances where cover may not exist.

Financial Services Commission
The Financial Services Commission is the financial regulating body in Gibraltar. The FSC provides financial services regulation to companies in order to protect the public from financial loss and enhance Gibraltar's reputation as a quality financial centre.

First Loss
Loss or damage to your fixtures & fittings up to the total sum insured, without reference to their value and without application of average should their value be greater than the Sum Insured. For example in the case of an apartment, where the buildings are covered by the association.

Holiday Home/Second Home
A home that does not meet the criteria for permanent residence.

Key Facts
The Key Facts provide you with a summary of our cover; they have been designed to give you the main benefits and exclusions to assist in your decision. Please refer to your Policy Documents for full details of cover.

Permanent Residence
A home where the insured normally lives, not left uninhabited for more than 30 consecutive days, and/or more than 90 days in total in any one year.

Policy
This details the contract between an Insurance company and the policy holder. Your Ibex policy will consist of your Policy Booklet, Schedule, Proposal Confirmation and Certificate of Insurance.

Premium
This is the money you have to pay in return for your insurance cover.

Risk
Physical object of indemnification.

Schedule
This is the document which identifies the policyholder and sets out personalised details of the cover your policy provides.

Voluntary Excess
You can select a voluntary excess which you will pay on top of your standard excess. The amount of your Voluntary Excess is reduced from the claim payment which you receive. Excesses are cumulative, which means that the amount paid for any claim will be the total of your Compulsory Excess and any Voluntary Excess. Selecting a Voluntary Excess will help to reduce your premium, however you should not choose a level higher than you are able or prepared to pay.

Underwriter
An underwriter is someone who assesses the risk and calculates the appropriate premium.

Valuables
Antiques, jewellery, gold, silver, precious metals, paintings, clocks and watches, coin, medal and stamp collections, furs.