Check out the next instalment of our Insurance Jargon Buster Series! Here, we’re busting some key terms from K-L. Catch up on the beginning of the series by clicking here.
K
Kit Car Insurance
This policy is a specialist form of car insurance, designed to cover a vehicle you have built yourself (or have had built for you). Kit Car Insurance usually offers similar protection to a standard car insurance policy – however, the main difference is that this form of protection pays out an agreed sum if your vehicle is stolen or written off.
Knock-For-Knock
This is an agreement where each motor insurer pays for the damage to its policyholder’s car, regardless of which driver is to blame for the damage – providing that the policy covers damage to the policyholder’s own car.
L
Latent Defect Policy
This insurance policy offers property owners and developers protection from damages linked to a latent defect in the building.
Lloyd’s Registered Broker
Registered Lloyd’s brokers are those that have direct access to a unique selection of underwriting expertise in the Lloyd’s global marketplace.
Loss Adjuster
Loss Adjusters are individuals that are employed by an insurance company, but they should remain independent.
Loss Assessor
Loss Assessors are those appointed by policyholders to manage claims on their behalf. Loss Assessors can be brought onboard to help with a variety of insurance claims that have resulted in losses.
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