Single premium tenyear (or longer) latent defects insurance indemnifying the owner against physical damage to the premises caused by an inherent defect in the design, materials, or construction of the structure. Cover includes remedial work when an inherent defect threatens the stability of the building. Subsidence, heave and landslip are covered if accompanied by damage to the structure. Insurers paying claims may acquire subrogation rights against any contractor or professional otherwise liable for the defect. The policy is assignable by the insured to new owners.
Insurance Encyclopedia
Decision notice
Issued to inform a person of the disciplinary action the FSA proposes to take against him. The recipient is allowed 28 days in which to refer the matter to the FSMA Tribunal. If no referral occurs the FSA issues a final notice stating the action to be taken and the date upon which their decision takes effect. The FSA’s Decision Making Manual refers. (Visit www.fsa.org.uk).
Deck cargo
Cargo carried outside rather than within the vessel’s enclosed cargo spaces. Rule for Construction 17 provides that, in the absence of custom and trade practice, deck cargo and living animals should be insured specifically and not under the general denomination ‘goods. The insurer’s knowledge is such that a mere description of the goods may be sufficient notice that the cargo will be carried on deck.
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Cargo carried on deck rather than stowed under deck. On deck carriage is required for certain commodities such as explosives.
Declaration
(i) The statement of the proposal form signed by the insured to certify the accuracy of the information he has given. (ii) Portion of some Insurance policies that contain information identifying the insured, the general nature of the coverage, and the basis on which the premium is computed. (iii) In Fire Insurance, declaration refers to periodical returns of the value of the goods dispatched. Under declaration policies these returns stand for the purpose of premium adjustment.
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UK: 1. A statement on a proposal form whereby the proposer affirms the truthfulness of his answers, usually to his best knowledge and belief. The declaration may convert the statements into warranties which become the basis of the contract. 2. Periodic declarations of a variable, e.g. wages, made by the insured under adjustable policies.
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MEDICAL,USA: Section in a property or liability insurance policy that lists the name and address of the policyholder, property insured, location and description, policy period, amount of insurance, premium, and additional information given by the insured.
Declaration (Legal Terminology/Liability/Property Insurance)
A legal term for a written declaration, made under oath, of what the individual knows to be factual information. In liability or property insurance, a declaration is the part of the contract that contains basic information, for example, the insured’s contact information or the address of the property.
Declaration Basis
An arrangement whereby a provisional premium is paid and subsequently adjusted by an additional or return premium on receipt of a declaration from the insured giving details of value at risk.
Declaration Clause under Standard Fire and Special Perils Policy
In consideration of premium by policy being provisional subject to adjustment on expiry of each period of insurance the insured agrees to declare in writing the value of the stocks (other than retail) less any amount insured by policies other than declaration policies, in each separate building or non-communicating compartment or in the open on the following basis namely (1) average of the values at the risk on each day of the month, or (2) The highest value at risk during the month and to make such declarations by the last date of the succeeding month. In respect of a declaration not being made as stipulated the insured shall be deemed to have declared the sum insured hereby as the value at risk. On expiry the premium shall be calculated on the average sum insured and if the resultant premium is less than the provisional premium the different shall be repaid to the insured buy such repayment shall not exceed 50% of the provisional premium. No reduction in sum insured to be allowed mid-term. Basis of value for declaration shall be the market value and any loss shall be settled on the basis of market value immediately anterior to the loss. Midterm cancellation by insured the premium to be retained shall be the appropriate short premium calculated on the average amount insured up to the date of concealment or 50% of the provisional premium whichever is greater. If cancellation by insurer premium to be retained shall be the appropriate pro-rata premium calculated on the average amount insured up to the date of concealment or 50% of the provisional premium whichever is greater.
Declaration of health
A declaration confirming continued good health, sought by a life insurer, from a proposer who, having been offered life insurance, has failed to pay the premium within the stated time or from a policyholder who wishes to revive a lapsed policy.
declaration of readiness (DOR) to proceed
In workers’ compensation cases, a formal statement that a legal party is ready to proceed to hearing on issues and lists efforts made to resolve the issues.
Declaration of value
A declaration at the foot of a proposal form that the sum insured represents the full value of the property at risk. The declaration forms part of the basis clause and is commonly used in the insurance of private dwellings and their contents as an alternative to using an average clause.