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Terminology

A Quick guide to insurance terminology


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Salvage

Salvage is what is left of a damaged item that has been treated as a "write-off" by your insurer. (See the definition of "write-off" below.) This damaged item becomes the property of the insurer after the claim has been paid.




Schedule

A schedule is a document that summarises all your specific insurance information. It can also be referred to as a "certificate of insurance." It forms part of your insurance policy document. It sets out the type of insurance you have bought, the premium amount you have to pay, information about excesses and/or exclusions, start date, period of insurance, renewal date and other details specific to your policy.




Self-insured

To be self-insured means to set aside your own money to cover or protect yourself against any loss or damage. This is a conscious, deliberate decision that you make to carry or fund your own losses.




Special Conditions

These are additional conditions that must be in place or complied with by you in order to enjoy the benefits of a specific section of the policy.




Start date

The date from which you are covered under your insurance policy The start date (or inception date) of your policy and the date of commencement of cover can be different dates. You should refer to your policy document to confirm when cover is effective from when it is in force. (This may also be referred to as the inception date, effective date, or commencement date.)




Sum insured

The "sum insured" is the maximum amount that your insurance company has agreed to pay for insured property in the event of a valid claim.