Insurance that covers loss of property because of explosion. This coverage does not apply to explosions of steam boilers and other pressurized instruments.
Tag: RAW
Explosion proof
Pertains to an enclosed electrical apparatus designed so that an explosion of flammable gas inside the enclosure will not ignite flammable gas outside.
Explosive nuclear assemblies clause
A clause in material damage and public liability policies excluding liability directly or indirectly caused by or contributed to by or arising from the radioactive toxic explosive or other hazardous properties of any explosive nuclear assembly or nuclear component thereof. See NUCLEAR PERILS.
Expona Clauses
Clauses in reinsurance treaties that define the extent if any to which exposure to liability in North America is included.
Export Broker
The individual who brings together buyer and seller for a fee, eventually withdrawing from any transaction.
Export Credit Guarantee Department (ECGD)
The UK’s official export credit agency under the Export Credit and Investment Guarantee Act 1991. Exporters selling UK goods and services on credit terms of less than two years now insure with private credit insurers for whom ECGD provides a number of reinsurance facilities. Direct cover from ECGD includes: export insurance policy; overseas investment insurance (visit www.ecgd.gov.uk).
Export Credit Insurance
Insurance for Exporters against the risk of non-payment for political and/or commercial reasons.
Export Declaration
A form to be completed by the Exporter or their authorized agent and filed in triplicate by a carrier with the appropriate Government authority.
Export Insurance Policy
EXIP issued by the Export Credit Guarantee Department. Insures exporters against the principal political and commercial risks of not being paid in connection with individual capital goods, major services and construction projects. Contracts involving the sale of consumer goods or commodities on short payments are insured in the private sector. EXIP covers up to 95 per cent of the value of any loss suffered.
Export License
A documents secured from a government, authorizing an export to export a specific quantity of a particular commodity to a certain country. An export license is often required if a government has place embargoes or other restrictions upon exports.