A clause in material damage and public liability policies excluding liability directly or indirectly caused by or contributed to by or arising from the radioactive toxic explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof. See NUCLEAR PERILS.
Insurance Encyclopedia
Expona Clauses
Clauses in reinsurance treaties that define the extent if any to which exposure to liability in North America is included.
Export Broker
The individual who brings together buyer and seller for a fee, eventually withdrawing from any transaction.
Export Credit Guarantee Department (ECGD)
The UK’s official export credit agency under the Export Credit and Investment Guarantee Act 1991. Exporters selling UK goods and services on credit terms of less than two years now insure with private credit insurers for whom ECGD provides a number of reinsurance facilities. Direct cover from ECGD includes: export insurance policy; overseas investment insurance (visit www.ecgd.gov.uk).
Export Credit Insurance
Insurance for Exporters against the risk of non-payment for political and/or commercial reasons.
Export Declaration
A form to be completed by the Exporter or their authorized agent and filed in triplicate by a carrier with the appropriate Government authority.
Export Insurance Policy
EXIP issued by the Export Credit Guarantee Department. Insures exporters against the principal political and commercial risks of not being paid in connection with individual capital goods, major services and construction projects. Contracts involving the sale of consumer goods or commodities on short payments are insured in the private sector. EXIP covers up to 95 per cent of the value of any loss suffered.
Export License
A documents secured from a government, authorizing an export to export a specific quantity of a particular commodity to a certain country. An export license is often required if a government has place embargoes or other restrictions upon exports.
Export Trading Company
A corporation or other business unit organized and operated primarily for the purpose of exporting goods and services or of providing export related services to other companies.
Exposure
(i) The state of being subject to possibility of loss (ii) Hazard i.e., a condition which create the probability of loss or a condition or activity which increases the probable frequency or severity of loss. (iii) The measurable extent of risk. (iv) The possibility of loss to insured property caused by its surroundings.
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MEDICAL,USA: 1. State of being subject to the possibility of loss. 2. Number of insurance contracts subject to the chance of loss over a certain amount of time. This may be measured by participation in a group, ratio of female lives to total lives, ratio of male lives to total lives, or amounts at risk. 3. Condition of being subjected to extremes of weather or radiation, which may have a harmful effect.
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UK: A term used in two senses. 1. The state of being subject to the possibility of loss. 2. The extent of risk as measured by turnover, payroll, etc.
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Being in a situation that makes it possible to suffer a loss. This term can also mean the chance of a loss happening due to the area around the insured. Another possible meaning use of this term is in the context of an area around the insured that results in a loss to the insured.
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Degree of hazard threatening a risk because of external or internal physical conditions.