The International Underwriters’ Asssociation has drafted standard clauses for a number of trade associations to give them the comprehensive cover they require. The trades affected include: rubber, timber, coal, sugar and flour.
Insurance Encyclopedia
Trade contents
This term often appears as an insured item under the combined policies effected by small businesses. It may bring together in one sum stock, trade fixtures, fittings and machinery. An alternative is to cover stock separately while combining other forms of trade property into a single figure under the title trade contents.
Trade endorsements
Endorsements to reflect the requirements of a trade, or category of risk, within a particular trade. They may be restrictive or expansive. See RESTRICTIVE ENDORSEMENTS.
Trade Internal Risks for Motor
In contrast to the Motor Trade Road Risks Policy (which offers cover in respect of vehicle in a public place but not in or on the premises of the insured or in his occupation), Motor Trade Internal Trade Risks cover applies to accident, loss or damage or liability arising out of an event occurring only on the insured’s business premises.
Trade Loss
for commodities that are shipped in bulk, loss of that percentage of shipment that is considered normal and is, therefore, excluded from Insurance.
Trade Mark
A distinctive mark or device on or accompanying an article intended for sale to indicate by whom it is made, selected or sold.
Trade name
See: brand name drugs .
Trade name restoration (TNR)
Foodborne illness damages the reputation and therefore income stream of restaurants and similar businesses. TNR provides protection and crisis management against the financial costs of: (a) foodborne illness business interruption; (b) adverse media; and (c) reputation crisis management.
Trade plate basis
A method of rating motor traders’ road risks policies. The insurer charges a flat rate for each set of trade plates. Cover is limited to vehicles carrying a set of specified trade plates. Alternative methods of rating: named plate basis and points basis.
Trade Risk
A risk inherent in a trade, such as occasional breakages in a china shop, which insurers do not normally cover.
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A business person may sustain financial losses due to change in fashion relating to fall in demand to his goods. This is commercial or trading loss which the business person must bear himself. This is called trade risk which is peculiar to the trade and con not be insured. This is synonymous to speculative risk.