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Warranted Value

Generally refers to a question typically contained in an original claims-made insurance application that requires the insureds to disclose any known fact or circumstance that could reasonably give rise to a claim in the future. By signing the application, the insureds “warrant” or represent that they have disclosed all such known facts or circumstances. This warranty is typically not included in a renewal application since the insurer is already at risk for such potential claims if the insureds elect to give a notice of circumstances or notice of potential claim to the insurer as provided in the policy.****Statement made on an application for Insurance that the applicant warrants to be true. If untrue in any respect, without the applicant’s knowledge, the warranty has been breached and any Insurance relating to that warranty is void, without regard to the materiality of the breach. A statement may be construed as a warranty even though it is not so labeled. However, in most lines of Insurance other than ocean marine, state statutes and court decisions tend to interpret warranties as representations, so that their breach does not void coverage unless the breach materially increased the chance of loss or was consciously concealed by the insured. Under products liability a warranty is a statement or representation, made by the seller of goods, at the time of and as part of the contract of sale, that the product is as represented. It is a statement of fact with regard to the quality or charter of the product.*****
Where an insured or reassured promises that something will or will not be done during the period of cover or that a particular state of affairs exists or does not exist at the inception of cover. If the promise is untrue or is not kept then the insurer/reinsurer may disclaim all liability under the policy from the date of the breach, regardless as to whether the false declaration was material to the underwriting of the contract or causative of any loss.

Warranty

Guarantee of a true statement and, if proven to be false, would make an insurance policy void (e.g., insured states he or she has or does not have a specific condition).
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Where an insured or reassured promises that something will or will not be done during the period of cover or that a particular state of affairs exists or does not exist at the inception of cover. If the promise is untrue or is not kept then the insurer/reinsurer may disclaim all liability under the policy from the date of the breach, regardless as to whether the false declaration was material to the underwriting of the contract or causative of any loss.
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UK: A condition that must be complied with literally. A breach precludes the insured from recovering under his policy, although the loss may not have been affected by the warranty. Insurance warranties may consist of undertakings that certain things shall be done (waste removed from premises daily) or things shall not be done (certain changes in risk factors) or a declaration whereby the insured affirms or negatives a certain state of affairs, e.g. representations in a proposal form.
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US: (1) A guarantee of the performance of a product. Product warranties are included within the definition of the named insured’s product in general liability policies. (2) A statement of fact given to an insurer by the insured concerning the insured risk which, if untrue, will void the policy.

Warranty Policy

A policy written by a primary and reputable insurer. The term is used in case where additional coverage is needed. The additional policies all state that the primary insurer’s warranty policy will stay in force and that they provide coverage exactly like that of the warranty policy.

Warsaw Convention

A 1929 agreement (updated by the Hague Protocol 1955) that limits the liability of airlines in the event of accidents’ on international flights. In 1966, the top limit was increased to $75,000 for personal injury except in the event of the airline’s ‘wilful misconduct’. This limit no longer applies to EC carriers following the EC Regulation 2027/97. Other carriers have also contracted out of the Convention’s injury limits. The Convention, which also limits liability on luggage, continues to apply in some situations. The IATA Inter-Carrier Agreements on Passenger Liability has modernised’ the Warsaw Convention principally by increasing or removing the limitations on passenger liability for injury or death, revising the basis for airline liability and simplifying ‘travel documents’. See IATA.
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An agreement between nations establishing limits to the amount of liability a company will be obligated to pay for bodily injury or death stemming from injuries incurred on an international flight.
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This convention dealt with the liability of the air carrier in respect of injury to passengers, damage to their baggage and damage to cargo carried. This convention established the principles of presumption of liability against the carrier, fixed the limits of such liability and laid down the defenses available to the carrier as also the circumstances in which the carrier loses the benefit o fixed liability limits. India, which is a signatory to the Convention, gave statutory effect to the provisions of the Convention, by passing the Carriage by Air Act, 1972.” See Also: “Carriage by Air Act, 1972.”