Advice centre
Insurance claim glossary
Plain-English definitions of the words you're likely to hear during your claim.
- Loss adjuster
- A claims specialist appointed and paid by your insurer to investigate a claim and recommend a settlement.
- Loss assessor
- A specialist appointed by you, the policyholder, to prepare, manage and negotiate your claim.
- Policyholder
- The person or business named on the insurance policy.
- Policy schedule
- The document summarising your cover, sums insured and excesses.
- Excess
- The amount you pay towards a claim before your insurer pays the rest.
- Sum insured
- The most your insurer will pay under a section of your policy.
- Underinsurance
- When the sum insured is less than the true cost to rebuild or replace.
- Average
- A policy condition that reduces a claim in proportion when you're underinsured.
- Reinstatement
- Restoring the property to the condition it was in before the loss.
- Escape of water
- Damage caused by water leaking from pipes, tanks or appliances.
- Trace and access
- Cover for finding the source of a leak and repairing the damage caused getting to it.
- Business interruption
- Cover for lost income and extra costs while a business recovers from damage.
- Indemnity period
- The longest period a business interruption policy will pay for after the damage.
- Alternative accommodation
- Temporary housing paid for under your policy while your home can't be lived in.
- Loss of rent
- Cover for rent a landlord loses while a damaged property can't be let.
- Liability
- Your insurer accepting that the loss is covered and that it must pay.
- Proof of ownership
- Evidence that you owned an item, such as receipts, statements or photos.
- Settlement
- The final amount agreed and paid by your insurer.
Keep reading
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More from our advice centre
Loss adjuster vs loss assessorWho they work for, what they do and why it pays to have your own representation.
Underinsurance explainedHow being underinsured can reduce your settlement, and how to check your cover.
Questions your loss adjuster may askWhat a loss adjuster will ask you, why they ask it and how to answer.
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