Those risks which may be manageable to some degree or other such as the social, political and physical environment. These risks however include circumstances from which loss or gain may result.
Insurance Encyclopedia
Notice of abandonment
A condition that must precede a constructive total loss. If the insured fails to give notice to the marine insurer, the loss can only be treated as partial unless an actual total loss is proved (Marine Insurance Act 1906, s.62). An underwriter who accepts the notice admits liability for the loss. Notice is not necessary where it would not benefit the insurer. See ABANDONMENT.
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Notice given by the insured to the Insurer in Marine insurance when he considers that he has a claim for a constructive total loss and is therefore prepared to abandon the insured vessel or cargo to insurer.
Notice of Cancellation
Written notice by an insurer of intent to cancel insurance, or written notice by an insured requesting cancellation.
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Written notification of imminent cancellation from either party. Either the insured is requesting cancellation from the insurer, or the insurer is notifying the insured of its intent to cancel the coverage.
Notice of Cancellation (Reinsurance)
See: CONTINUOUS TREATY.
Notice of circumstances
A notice by the insureds to the insurer of facts or circumstances that may reasonably give rise to a future claim. D&O, EPL, fiduciary and similar insurance policies typically provide that if the insureds give such notice to the insurer during the policy period with sufficient detail regarding the facts, circumstances and potential claim, then any future claim arising out of the matters described within that notice will be treated for coverage purposes as a claim made during the policy period and therefore subject to the coverage afforded by that policy.
Notice of Claim (Notice of Loss) Condition
The insured is required to give immediate notice of any occurrence that may give rise to claim.
Notice of loss
Notice sent to an insurer informing them that a loss has occurred. How and when this notice must take place is usually specified in the policy.
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Notice the insured provides to the insurer that a loss has occurred.
Notice of loss/occurrence
See: Notification Clause.
Notice to company
A notification, in written form, sent to the insurer, informing them of an event upon which a claim will be based.
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Written notice to an insurer of the occurrence of an event which a claim is to be based.
Notification
usually in the sense of the notification by an insurer of acceptance of a proposal, and an essential element of acceptance unless specifically waived.