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BLANKET INSURANCE |
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When a single amount of insurance covers several items, the policy is said to be written, "blanket." For example, one may write one amount of insurance to cover two buildings, or one building and its contents. Such policies usually require the fulfilment of certain restrictions which may not be required in "specific" or "itemized" policies such as the use of a 100% coinsurance clause. "Blanket rates" are rates that apply to "blanket" policies. |
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BOILER AND MACHINERY INSURANCE |
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Insurance against loss arising from the operation of boilers and machinery. May cover loss suffered by the boilers and machinery itself, or include damage done to other property and business interruption losses. Machinery breakdown insurance. |
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BONUS |
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Relates to a 'with-profits' policy. The amount of money added to the benefit payable under the policy. The amount is dependent upon the profits made by the insurance company. Added bonuses cannot be taken away. |
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BUSINESS INTERRUPTION INSURANCE |
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When one has a calamity of some kind that prevents the normal carrying on of business, he loses profits and has certain continuing expenses that may not be avoided. The insurance of this loss against any hazard is call "business interruption" insurance, or often "use and occupancy. |
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