In contrast to the Motor Trade Road Risks Policy (which offers cover in respect of vehicle in a public place but not in or on the premises of the insured or in his occupation), Motor Trade Internal Trade Risks cover applies to accident, loss or damage or liability arising out of an event occurring only on the insured’s business premises.
Insurance Encyclopedia
Trade Loss
for commodities that are shipped in bulk, loss of that percentage of shipment that is considered normal and is, therefore, excluded from Insurance.
Trade Mark
A distinctive mark or device on or accompanying an article intended for sale to indicate by whom it is made, selected or sold.
Trade name
See: brand name drugs .
Trade name restoration (TNR)
Foodborne illness damages the reputation and therefore income stream of restaurants and similar businesses. TNR provides protection and crisis management against the financial costs of: (a) foodborne illness business interruption; (b) adverse media; and (c) reputation crisis management.
Trade plate basis
A method of rating motor traders’ road risks policies. The insurer charges a flat rate for each set of trade plates. Cover is limited to vehicles carrying a set of specified trade plates. Alternative methods of rating: named plate basis and points basis.
Trade Risk
A risk inherent in a trade, such as occasional breakages in a china shop, which insurers do not normally cover.
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A business person may sustain financial losses due to change in fashion relating to fall in demand to his goods. This is commercial or trading loss which the business person must bear himself. This is called trade risk which is peculiar to the trade and con not be insured. This is synonymous to speculative risk.
Trade wastes
Wastes of organic and inorganic origin discharged by industrial and commercial concerns. Organic wastes are discharged on a considerable scale by the food industries: canneries, dairies, breweries, abbatoirs and fish-meat factories. Other significant waste generator include paper-mills, tanneries, petro-chemical works, textile manufacturers and laundries. Inorganic wastes include acids, alkalis, cyanides, sulphides and the salts of arsenic, lead, copper, chromium and zinc. Underwriters concern themselves as to the methods of waste disposal used by firms as considerable pollution damage and cleaning up costs can arise. Any discharge of waste into the air, soil or water can create major problems not least for liability insurers. See also WATER POLLUTION.
Traded endowment policy (TEP)
Endowment policy that has been sold by the original policyholder to an investor before the policy matures. The policy is assigned to the new owner who pays all future premiums but who ultimately receives the policy proceeds. The insurer is notified of the assignment. The original owner ‘trades’ his policy when the market value exceeds the surrender value.
Trading partner
1. External entity with whom business is conducted (i.e., customer). This relationship can be formalized via a trading partner agreement. A trading partner of an entity for some purposes; may be a business associate of that same entity for other purposes. 2. Company that agrees to exchange information electronically with another company.