Property Insurance on explicitly described real or personal property. It contrasts with Insurance that covers on a blanket basis, all property at one or more locations without specific description of that property. Specific Insurance is considered primarily over blanket Insurance when coverage overlap.
Insurance Encyclopedia
Specific insurance (Property Insurance)
A policy whose coverage is specific to one property. If a property is covered by specific insurance and a blanket policy that covers more than one location, the specific insurance would be the primary insurance.
Specific insurance coverage
An insurance policy that covers only property specifically described in the policy, as opposed to blanket insurance that usually covers all property at specified locations.
Specific Limit
Insurer’s maximum liability for a specified type of loss or claim, usually smaller than the Policy limit, applicable to losses or claims generally.
Specific Policy for Marine Cargo
A policy covering a single defined transit from one location to another is called a Specific Policy or Trip Policy.
Specific rate
A rate applying to an individual piece of property.
Specific stop loss insurance
Medical insurance plan that pays when an individual’s claim reaches a certain threshold chosen by the employer. After the threshold is attained, the stop-loss insurance policy pays claims up to the lifetime limit per employee.
Specification
(01) Details of large risks appended at the end of the Policy form. (02) A description sent to potential bidders (insurers). They describe the types and amounts of desired insurance, minimum qualifications for bidding agents and insurers and other characteristics of one’s insurance needs.
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UK: Usually it amplifies the schedule and gives details of the breakdown of the total sum insured shown in the schedule. Additional clauses may also appear in the specification.
Specifications
List of qualifying factors of a specific group of individuals, insurance coverage, and services that an insurance company assembles to administer and manage a group insurance program.
Specifics
Items that are specific to a particular insurance and not generally applicable. There may be specific exclusions or additions to cover.