A clause in the contract denying coverage for specific hazards, people, or property.
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A contractual provision that denies coverage for certain perils, persons, property or locations.
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UK: a peril or contingency specifically excluded from the cover afforded by a policy.
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A term in an insurance or reinsurance contract that excludes the insurer or reinsurer from liability for specified types of loss. An exclusion may apply throughout a policy or it may be limited to specific sections of it. In certain circumstances an exclusion may be limited or removed altogether following the payment of an additional premium.
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An exclusion is a provision in an insurance policy that eliminates coverage for certain risks, people, property classes, or location. Often excluded risks can be covered with additional insurance. For example, the personal automobile policy normally excludes coverage if the automobile is being used for business purposes, but a commercial automobile policy is available. In a commercial general liability policy, discrimination in employment is excluded, but the firm can buy Employment Practices Liability coverage separately.Related to an exclusion is the “conditions” portion of the insurance policy. A condition is language in the policy that qualifies or put limits on the insurance company’s promise to pay a claim. If the policy conditions are not met, the insurer can refuse coverage. Common conditions include giving timely notice of a loss, protecting property from further damage, and cooperating with the company during the investigation of a loss or the defense of a lawsuit.
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Certain causes and conditions, listed in the policy, which are not covered.
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The part of a policy that removes or restricts coverage. Common exclusions to most policies include war, intentional loss, governmental action, etc. All policies contain exclusions, as policies cannot provide coverage for everything in many situations the premiums for coverage would be prohibitively expensive, and some events are rare enough that there is no way to determine the odds of the occurrence happening or how to develop sound rates.