The claim frequency calculated using only the number of claims disallowed under an NCD scheme (as opposed to the claims that are allowed not to be counted as claims for the purpose of scheme).

An insurance Policy providing broad coverage, in various amounts selected by the insured, against employee dishonesty, disappearance or destruction of money and securities and depositors, ‘forgery’ together with a great number of additional optional crime coverage.

Deductible in an insurance contract that provides for a decreasing deductible amount as the size of the loss increases, so that small claims are not paid but large losses are paid in full. Some carriers have used this term for personal lines policies where the deductible decreases each year the insured remains claim free until no deductible applies.
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Deductible that gradually disappears as the value of loss increases.
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Once commonly used in property insurance contracts, a disappearing deductible provides for a decrease in the amount of deductible as the amount of the loss increases. For example, if an insured has a $500 disappearing deductible on a homeowner’s policy, it would work something like this: On a loss under $10,000 the $500 deductible applies. For a loss between $10,001 and $25,000 the deductible amount drops to $250. For losses over $25,000 the deductible “disappears” and the insured has full coverage. Disappearing deductibles are rarely used in today’s insurance market.

A deductible that progressively fades away as the loss amount grows bigger. A deductible of $50 to $500 is progressively reduced, and losses that equal $500 are fully covered.

Disaster Management Act 2005 defines disaster as “Disaster is an event of natural or manmade causes that lead to sudden disruption of normalcy within society, causing damage to life and property to such an extent that is beyond the capacity of normal social and economic mechanism to cope up with.”

A disaster is a fortuitous event or series of events that can cause any form of damage to the public, employees, or the firm. These events can include perils such as fire or windstorm, damages that result in pollution, product recalls that damage the firm’s public image, or a sudden increase in the danger of working conditions such as the collapse of a mine shaft.Risk managers develop a plan of action for each reasonably possible disaster. The plan maps out, in advance, the firm’s response to the emergency and the methods to be employed to minimize the damage. Often, for large enterprises, disaster plans are required by the insurance company covering the risk.For example, suppose Get Well, a drug manufacturer, has product liability with Acme Insurance Company. Acme may require a disaster plan for a product recall. The purpose of the disaster plan is to determine the manner in which the product will be recalled, how it will be financed, and how any damage done by the product will be addressed in order to minimize the loss.

These are ship-owner’s expenses incurred in fitting out and provisioning the vessel and other items not included in the H & M Valuation. An amount up to 25% of the H&M value may be insured, provided no freight insurances are taken. The conditions are against Total and/or Constructive Total Loss of Vessel, plus excess liability for collision, GA, Salvage and Salvage charges and Sue and Labour expenses arising where there is a shortfall between the insured value of the vessel and the contributory value of the Vessel for claims purpose.