Covers property in a safe deposit box on either a legal liability basis or direct basis, regardless of liability.
Insurance Encyclopedia
Safe depository coverage (Criminal)
Coverage that protects businesses that rent safe deposit boxes to individuals. These forms do not cover financial institutions. There are two forms of coverage for this type of business. Both cover the customers’ property while on the premises. One covers the insured for liability costs, while the other covers direct losses.
Safe Driver Plan
A method of adjusting rates in automobile insurance to reflect driving safety of the insured, in accordance with his or her record of traffic accidents o citations.
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Merit rating of automobile insurance. In most states drivers are charged with points for traffic violations and auto accidents. These points translate to surcharges on the drivers’ insurance rates.
Safe driver plan (Vehicle Insurance)
A plan wherein points are assessed to a driver for each accident he or she is involved in or traffic violations they incur. The amount of points they earn adds a surcharge to the cost of their insurance.
Safe harbor
1. Area or means of protection. 2. Business arrangement that is legal under a specific law but in other circumstances might be considered illegal. 3. Categories defined by the Department of Health and Human Services for practices that technically violate either the antireferral or antikickback statutes but have been exempted from penalty because they are not likely to bring harm to the federal health care programs.
Safe harbor regulation
1. Provision that affords protection from liability or penalty. 2. Protected business arrangement between a managed care plan and physicians in which the arrangement would not violate Medicare fraud and abuse laws. This statute can be found in the Code of Federal Regulations 1001.952.
Safe place of work
At common law means a place of work that an employer has made reasonably safe. He does not have to eliminate every conceivable risk if the burden of doing so is unduly onerous. The duty is higher than the common duty of care under the Occupiers’ Liability Act 1957. See wORKPLACE REGULATIONS.
Safe system of work
System of work that, in pursuance of his common law duty, an employer has made reasonably safe. The term may include: physical layout of the work, sequence of the work, the provision of warnings and notices, and the issue of special instructions. A system may have to be modified as circumstances change. The employer must take reasonable care to see that the system is followed. The duty applies to work that follows a regular pattern but may also apply to single operations.
Safely landed
The risk on goods and moveables continues until they are safely landed in the customary manner and within a reasonable time after arrival at the port, otherwise the risk under the insurance ceases (Marine Insurance Act 1906, Schedule, Rules for Construction, rule 5).
Safety Audit
Periodic, methodical examination of an organization to provide the basis for management decisions affecting the organization’s safety programme. It includes reviewing loss records, analyzing loss control costs, assessing management support and employer participation in accident prevention, and inspection of the premises.