Insured Event

Insured Event

Any event that would cause an insurer to pay a claim. For example, in car insurance, an insured event may be a car accident because it would cause the insurance company to compensate the policyholder for property damage and/or medical bills. Insurance companies base their premiums on the likelihood that an insured event may happen. For example, a younger driver may pay a higher premium than an adult because younger drivers may be statistically more likely to cause an accident.
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In addition, some policies will also pay a sum for death or dismemberment sustained by an insured person during an insured event.
In medical professional liability, some claims are reported 15 years or more after an insured event occurs.
Deposits and Guarantees required: Liability insurance of an insurance company with headquarters in the EU with a sum insured per insured event of at least 10 million EUR for personal injury (2 times maximizes PA), EUR 10 million for damage to property (2 times maximizes pa) EUR 500 000 for pecuniary damage (2 times maximizes pa), other deposits and guarantees required See construction contract documents.
It would not be a surprise if the recent stretch of severe weather ends up becoming the second billion-dollar insured event in the U.
The Company's loss estimates involve the exercise of considerable judgment due to the complexity and scale of the insured event, and are accordingly subject to revision as additional information becomes available.
It only stands to reason that a catastrophic, heavily insured event is going to create a demand that far outweighs the supply of insurance cover.
As an example, an office complex property manager who would like to address indoor air quality issues by replacing carpets damaged in an insured event with those consisting of natural fiber can now achieve this by recovering part of the higher expense through the ACE Green Building Restoration coverage.
A calendar year losses and LAE ratio is calculated by dividing the losses and LAE incurred during the calendar year, regardless of when the underlying insured event occurred, by the net premiums earned during that calendar year.
Some forms will cover "reasonable and necessary recall costs incurred by the insured as a result of an insured event.
PartnerRe President & CEO Patrick Thiele said, "We believe that Katrina may be the largest insured event in history, but its economic impact is dwarfed by incalculable cost in human lives, pain and suffering.
Since Andrew--which had been considered the largest insured event on U.
AIG), today announced Historic Rehabilitation Tax Credit (HRTC) Insurance, a new coverage designed to help protect owners and developers of commercial properties qualifying for federal rehabilitation tax credit against a financial loss if during rehabilitation or after occupancy, the property suffers significant damage from an insured event and such damage results in a reduction in, or recapture of, the tax credit.