It refers to a fire of volcanic origin but would embrace a fire in a coalfield or oil well. The risk, and earthquake, are excluded from the standard fire policy but are insurable in the UK as an additional (special) peril.
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The Fire caused beneath the surface of the earth.
Insurance Encyclopedia
Subtraction
Act of removing an overlying structure to better visualize the structure being examined (i.e., imposing one x-ray on top of another).
Successive Losses
A principle, applicable to hull Insurance in practice, whereby an indefinite number of partial loss claims can be met during the Policy period, with no aggregate limit and non-reinstatement premium, but subject to the limit of the sum insured by the Policy in respect of any one accident.
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Section 77 of the Marine Insurance Act provides: Unless the Policy otherwise provides and subject to the provisions of Marine Insurance Act the Insurer is liable for successive losses even though the total amount of such losses may exceed the sum insured.Where, under the same Policy, a partial loss which has not been repaired or otherwise made good, is followed by a total loss, the assured can only recover in respect of the total loss.Losses, Trade : Bagged cargoes suffer some losses due to seepage through the bags; liquid cargoes are subject to evaporation or absorption by the casks, foodstuffs may suffer from natural loss in weight through ‘drying out’ during the transit. Seeds, grains, beans etc. contain a certain amount of moisture which evaporates during the voyage and the cargo gets dried up. Such losses known as trade losses are inevitable and are not covered.
Successor beneficiary
See: contingent beneficiary .
Successor owner
Individual chosen to be the owner of the life insurance policy if the owner dies before the person insured by the policy dies.
Successor payee
See: contingent payee .
Sudden and accidental
A phrase often within the industry to specify that a cause of loss must be both sudden and accidental. Policy language however seldom refers to this phrase when discussing covered causes of loss. See Sudden and Accidental, Is it Really a Thing?
Sudden and Unforeseen Damage
The wide form of words used in Engineering Insurance Policies to cover damage to the insured plant from both internal and external causes.
Sudden and unforeseen physical damage
The widest form of material damage cover under engineering insurance policies. It includes breakdown risks, including electrical and mechanical breakdown, and accidental damage. In short the damage can be from internal or external causes.
Sudden death clause
Reinsurance treaty clause requiring or permitting termination of the contract in the event of a change in control of the ceding office, the insolvency of either party and certain other defined events.
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A clause which automatically terminates the Reinsurance contract if either party becomes insolvent.