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Difference in conditions insurance

A master policy purchased by a multinational company to fill the gaps in cover that may arise through differences arising in insurances purchased locally in different overseas countries. The master policy only operates for risks not covered under local policies. It ‘tops up’ the cover to the level desired by the organisation as a whole. See difference in limits. In property insurance it may take the form of an ‘all risks’ cover on a large risk to supplement underlying insurances arranged on a named peril basis.
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Insurance contract that expands or supplements underlying property Insurance written on a named peril basis so as to cover that property on an All Risk basis, subject to stated exclusion designed to prevent overlaps with the underlying coverage.

Difference-In Conditions (DIC)

Difference-in-conditions (DIC) is a form of property insurance that is purchased to obtain coverage for perils not covered in most commercial property policies. The DIC policy excludes fire and extended coverage perils but provides “all risks” coverage otherwise. Often the coverage is purchased to cover flood, earthquake, collapse, and water damage. The coverage is often written on an inland marine basis. (See Inland Marine).

Digital

1. Pertaining to fingers or toes. 2. Of or relating to the technology of computers and data communications wherein all information is encoded as bits of 1s or 0s (binary digits) that represent electrical on or off signals and can be stored in computer memory.

Digital fax claim

Insurance claim sent to the insurance carrier via facsimile but never printed on paper. The fax is encoded with an electronic signal via an optical code reader and electronically entered into the claims processing system.