Fire insurance of business property as distinct from the insurance of the property of private individuals.
Insurance Encyclopedia
Industrial injuries benefit
A social security benefit payable tax free to employees who either (a) suffered an accidental injury arising in the course of work; or (b) contracted a prescribed disease or prescribed injury while working. It is a no fault compensation scheme running parallel with any rights the injured party may have against his employer. Benefits include the industrial injuries disablement benefit payable for loss of capacity through an industrial accident or prescribed disease. Payments are based on the percentage disablement caused by the injury, e.g. 40 per cent disablement attracts £46.72 per week (2003).
Industrial Injuries Insurance
A form of social insurance providing benefits for employed persons for injuries arising out of and in the course of their employment.
Industrial insurance
See: workers’ compensation (WC) insurance .
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Insurance designed primarily for hourly wage worker. It may however be sold to any type of individual.
Industrial insured
A commercial insurance buyer presumed by virtue of its financial size to be able to negotiate insurance contracts with insurers without the protection of insurance regulators. Restrictions may apply on the ability of the insured to recover from a state’s guaranty funds. Under some state insurance laws, an industrial insured must meet size criteria (net worth and number of employees) to be eligible to purchase nonadmitted insurance.
Industrial life assurance
Low value life and savings policies issued by industrial life offices and friendly societies. Premiums were formerly collected at regular intervals, e.g. weekly/fortnightly, from the homes of the policyholders. Premiums are now generally paid by monthly bank mandate.
Industrial life insurance (Life Insurance)
A classification that refers to insurance sold on debits, in the amount of less than $1,000. Premiums are then collected on a regular basis, whether weekly or monthly.
Industrial Property Form
A package Policy insuring manufacturers against various losses to personal property and building at more than one location.
Industrial Property Rights Insurance
Insurance against the infringement or alleged infringement of patent, design, trademark,, trade name or copyright actions for passing off, in respect of goods sold or supplied.
Industrial risk insurers
An association of stock property insurers and casualty insurers that was formed to write insurance for risks in large amounts.