A term used by workers compensation rating manuals or liability manuals. Listings that are followed by the abbreviation NOC are to be used only if the insured cannot be otherwise classified.
Insurance Encyclopedia
Not taken
A policy that has been applied for and issued to the possible insured but rejected and not taken or paid for.
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Policies applied and issued but rejected by the proposed owner and not paid for.
Not to inure clause
Clause 15 (Benefit of Insurance Clause) of the Institute Cargo Clauses provides that the insurance is not to inure for the benefit of the carrier or other bailee. Contracts of carriage or bailment may provide that the carrier or bailee will have the benefit of any insurance on the goods. The aim is to deny insurers their subrogation rights against the carrier or bailee. The ‘not to inure clause’ protects the insurer by negating this contractual provision.
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A clause in a Marine Cargo insurance policy providing that the insurance shall not inure to the benefits of the carrier or other bailee. In other words the clause reserves the insurer’s potential right of recovery from the carrier or bailee.
Not Under Repair
The clause in a Marine Hull Policy governing returns of premium when the vessel is laid up provides for a higher rate of return when the laid up vessel is not under repair.
Not under the direct control of the Management (Risk)
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.
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.