The definition of an Insurance Policy

The term ‘insurance’ means that when a payment is made to an insurance company or insurance carrier, the policyholder (individual, company or owner) is transferring the risk of a financial loss, from their own responsibility to that of a registered FCA insurance company. Used as a contingency method, an insurance policy covers against risk and the uncertainty of any loss that may be incurred through any unforeseen circumstance and could severely disrupt, if not bring down, a company or firm.

The charge for an insurance policy depends on the level of risk that is presented along with the likelihood and scale of loss exposure – this is commonly known as the ‘premium’.

On agreement, the insured client receives a contract called an ‘insurance policy’ this outlines the specific term of contract, indemnity, conditions and circumstances for which they are covered and how they will be financially compensated should a claim be made.

How can we help you find an Insurance Policy?

Crendon Insurance Brokers Limited offer a variety of insurance policies for companies and individuals seeking to find insurance cover for their products or service. If you are a commercial business looking to protect against an unforssen circumstance and would like peace of mind that you have the right cover and insurance policy in place should such an incidence occur, then please contact us. Our knowledgeable and experienced team are on hand and here to help, should you require further information on any aspect of general insurance, including the following specific areas for which we specialise in:-

Want to know more about Insurance? You can find out the definition of Insurance and other related terms by visiting Wikipedia