An insurer or policy designed for less desirable risks premiums are generally higher and fewer coverages are offered.
Insurance Encyclopedia
Non-Standard Auto (High Risk Auto or Substandard Auto)
Insurance for motorists who have poor driving records or have been cancelled or refused insurance. The premium is much higher than standard auto due to the additional risks.
Non-standard construction
Buildings of unusual construction or incorporating materials more combustible than those used in standard construction. They fall below ‘grade 2’, i.e. buildings made of predominately non-combustible materials. The fire insurer is likely to increase the premium, and may restrict the cover
Non-Tariff Barriers (NTB)
Economic, political, administrative or legal impediments to trade other than duties, taxes and import quotas.
Non-Technical Account
The non-technical account is an account made up from the balance on the technical account plus the balance of the investment income and gains not included in the technical account, plus profits on any other activities less tax, dividends and any other charges.
Non-Underwriting Member
A member of Lloyd’s who is not empowered to underwrite, e.g., a retired underwriter.
Non-valued Policy
A contract of Insurance in terms of which the Insurance Company agrees to pay the actual cash value of property destroyed within the limits of the Policy.
Non-Vessel Operation Common Carrier (NVICC)
An F.M.C. registered cargo consolidator of small shipments in ocean trade, generally soliciting business and arranging for or performing containerization functions at the port. These carriers issue their own bill of lading referred to as a house bill of lading.
Non-Waiver Agreement
Assent by the insured that investigation and determination of the value of a claim by the Insurer does not constitute an admission that the Insurer agrees to pay the loss or claim. Also known as a “reservation of rights notice.”
Non-Waiver Clause
See: Estoppel.