A Marine Policy which combines the traditional transit exposures along with storage risks of stocks under a single document. Cover will be for (i) Raw materials, consumables, stores and spares, fuel, from the time they are purchased locally or imported till they reach the factories/warehouses of the insured or the factories/warehouses of any job-workers, sub-contractors etc., (ii) storage cover for the entire duration the materials lie at the locations under (i), (iii) cover during process phase or assembly line phase when the raw materials become work in progress/semi-finished goods and till the time they get converted as finished goods. While stock in process is covered the loss due to process risks is not covered. (iv) Movement of finished goods from the factories to mother warehouses for storage, cover during the said storage and subsequent transits within the country or overseas to customers, C & F Agents or distributor, dealers, stockiest or to insured’s branches/trading arms.

Stockbrokers can be liable for wrong advice to clients and also failure to execute or wrong execution of clients’ instructions to trade. One of the condition of the coverage is that they are registered members of a Stock Exchange.

Property the possession whereof has been transferred by theft, or by extortion, or by robbery, and property which has been criminally misappropriated or in respect of which criminal breach of trust has been committed, is designated as “stolen property,” whether the transfer has been made, or the misappropriation or breach of trust has been committed, within or without India. But, if such property subsequently comes into the possession of a person legally entitled to the possession thereof, it then ceases to be stolen property. (Section 410 of the Indian Penal Code).

A provision that eliminates the coinsurance feature after an insured’s out of pocket expense reaches a specified amount.

(01) Any provision in a Policy designed to cut off the Company’s loss at a given point i.e., a Policy where no payment is made until the accumulated total losses in the year exceed the stop loss level, when the Insurer takes over. (02) A form of excess insurance. For example, in a group health plan, the stop loss coverage may begin benefits when self-funded claim exceed 125 percent of the claims an insurer would have expected under a fully insured contract.
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MEDICAL, US: 1. An agreement between a managed care company and a reinsurer in which absorption of prepaid patient expenses is limited; or limiting losses on an individual expensive hospital claim or professional services claim. 2. Form of reinsurance by which the managed care program limits the losses of an individual expensive hospital claim. See excess risk .
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US: A form of reinsurance also known as “aggregate excess of loss reinsurance” under which a reinsurer is liable for all losses, regardless of size, that occur after a specified loss ratio or total dollar amount of losses has been reached.
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UK: a form of reinsurance under which the reinsurer reimburses the cedant’s losses in any year to the extent by which they exceed a specified loss ratio or amount, subject to some specified limit (see also aggregate excess of loss cover and loss ratio reinsurance).
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A provision in an insurance policy that cuts off an insurer’s losses at a given point. In effect, a stop loss agreement guarantees the loss ratio of the insurer. In reinsurance, the reinsurer pays some or all of a cedant’s aggregate retained losses in excess of a predetermined dollar amount or in excess of a percentage of premium. See Loss ratio coverage.
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A term for a clause that stops the insurer’s losses at a particular point.