Welcome back to the next instalment of our Insurance Jargon Buster Series! Here, we’re busting some key terms from I-J. Start from the beginning of the series by clicking here.
I
Indemnity
Professional Indemnity (PI) insurance will look to cover the policy holder’s legal costs and expenses when defending a claim, as well as any costs or damages that may be awarded, if the company are alleged to have provided inadequate advice, services or designs that causes their client to lose money.
Find out more about how Indemnity Insurance can benefit your business here.
Immobiliser
This is an additional security device for your vehicle. In some cases, insurers can offer a discount if a vehicle has an immobiliser.
Index Linking
When your policy is index linked, it means that if there’s a change in the rebuild costs (for example, the cost of bricks were to increase), your insured amount will automatically increase. Index Linking can also apply to your business contents as well.
J
Joint Proposer
Joint proposers are known as two people wanting to insure a property (for example husband and wife).
The world of insurance can include a lot of Jargon. Let us ensure your peace of mind by cutting through it! Contact us for expert support and make sure to keep an eye out for our future Jargon Buster blogs.
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