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Insured’s Declared Value for Motor Insurance : (IDV, Sum Insured)

The Insured’s declared value is deemed to be the sum insured for the purpose of the Motor Insurance Policy and is fixed at the commencement of each policy period for the insured vehicle. The IDV is generally treated as the Market Value throughout the policy period without further depreciation for Total (TL) or Constructive Total Loss (CTL) claims. CTL is understand as and when the repair and retrieval cost of the vehicle as permitted under the policy exceeds 75% of the IDV. The IDV is usually fixed on the basis of the manufacturers’ listed selling price of the brand and model and is adjusted for depreciation up to age 5 years. IDV for vehicles over 5 years and obsolete vehicles is to be determined on the basis of an understanding between the insurers and insured. For the purpose of TL/CTL claim settlements, IDV does not change during the currency of the policy. It is clearly understood that the liability of the insurer shall in no case exceed the IDV subject to reduction of the value of the wreck on “as is where is” condition.

Insurer

(i) Party to an Insurance contract who promises to pay losses or render service. (ii) A body or person authorized to sell Insurance. It is desirable to use the word “insurer” in preference to “carrier” or “company” since it is a functional word applicable without ambiguity to all types of individuals or organizations performing the insurance functions. The word insurer is generally used in statutory law.
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MEDICAL,USA: 1. See insurance carrier . 2. See fiscal agent . 3. See fiscal intermediary . Also known as carrier, contractor, indirect payer, insurance company, or payer .
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A provider of insurance. If the insurance is underwritten at Lloyd’s the insurer(s) will be the members of one or more syndicates. If the insurance is not underwritten at Lloyd’s the insurer(s) will be one or more insurance companies. Some insurances may be underwritten by syndicates and insurance companies.
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Also known as the carrier or company. In an insurance contract, the entity that agrees to indemnify the losses of the insured.
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The insurance company that undertakes to indemnify for losses and perform other insurance-related operations.
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The insurance company.
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US: The party to the insurance contract who promises to pay losses or benefits. Also, any corporation engaged primarily in the business of furnishing insurance to the public.
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UK: The term used by the FSA to describe a product provider in relation to non-investment insurance contracts. When the term insurer is used, it does not relate to the activity the insurer conducts as an intermediary.

Insurer concerned

Insurers who, under the Motor Insurers’ Bureau’s Unisured Drivers Agreement, settle a third party claim because at the time of the accident a policy, albeit invalid, issued by them was in force in respect of the defendant. The payment is made notwithstanding that the defendant, by reason of breach of policy, had no valid right to indemnity under the policy. As insurer concerned they have a right of recovery against the uninsured motorist himself.

Insurer’s option

Material damage insurers reserve the right to provide the indemnity by monetary payment, repair, reinstatement or replacement. In the absence of an option the insured could demand a cash payment. The insurer loses the option if he fails to exercise his alternative rights in a reasonable period of time. An insurer who has indicated his preference may be estopped from choosing an alternative course.

Insuring agreement

In an insurance contract, the insurer’s promise to pay.
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That part of an Insurance Policy which states in general terms the agreement of the Insurer to protect the insured. See Also: “Insurance Policy.”
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US: That portion of the insurance policy in which the insurer promises to make payment to or on behalf of the insured. The insuring agreement is usually contained in a coverage form from which a policy is constructed. Often, insuring agreements outline a broad scope of coverage, which is then narrowed by exclusions and definitions.
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The section of the policy contract that specifies the hazards the insured is covered against, the people covered, and the length of the contract.

Insuring Agreement A

This pays on behalf of the directors and officers any money owed due to negligent acts committed by them. Firms may, if the law in its locality allows, reimburse directors and officers for losses due to their negligent acts. There are three main reasons a firm may not reimburse its directors and officers. One is that some state laws do not allow reimbursement. A second reason is that the firm may not be financially able to reimburse and, third, the firm may simply choose not to reimburse.

Insuring Agreement B

If the firm does reimburse directors and officers for negligent acts associated with their duties, insuring agreement B reimburses the firm for a like amount.Entity Securities Coverage and Employment PracticesLiability may also be added to the D&O policy. Coverage forms for D&O are not standardized and need to be carefully examined. One issue that often arises is the definition of an insured. For example, if a director, who owns stock in the firm, sits on a corporate board and there is a shareholder suit against the board, the director is both defendant and plaintiff. Similarly, if a homeowner is a director of the local homeowners’ association and there is a suit, is the director acting as a director or homeowner? The definition of insured in the D&O policy needs to make this clear.