Accident: An event which is unforeseen and unintentional; the more uncommon and unlikely it is for an accident to happen, the less expensive the coverage.

Actual Cash Value: The current market value of property minus the item’s depreciation due to condition or age.

Adjustor: The individual who is in charge of investigating and resolving a claim.

Agent: The representative of the insurance company who sells and handles insurance policies.

Agreed Value: The formal worth of a property as settled by an agent and the customer at the beginning of the policy.

Anti-theft Device: A system or product used to deter criminals from stealing your property.

Bodily Injury Liability Coverage: Insurance company pays for damages of body injury or death resulting from an accident where you are to blame; also provides legal defence and damages up to a certain limit.

Claim: A request for monetary compensation for loss or damages as outlined in a policy.

Comprehensive Coverage: Pays for damage and loss from fire, theft, collision, natural disaster and other circumstances outlined in your policy.

Coverage: The protection you have with your insurance plan and the benefits you receive in the case of an accident.

Deductible: See excess.

Depreciation: The decreased value of an item based on its condition, market value, and age.

Estimate: An assessed value of how much it will cost to repair or replace your property.

Excess: The out-of-pocket expenses that you incur at the time of a claim. Also known as deducible.

First-party: The person who took out the insurance policy.

Inspection: When a person comes to verify damages of property based on a claim.

Insurance: A system that promises to reimburse individuals for damage or loss, based upon calculated risks and chances of that accident happening.

Limit: The maximum amount of coverage purchased on a specific type of coverage.

Loss: Any measurable dollar amount for property damage or bodily injury.

Negligence: Intentional failure to carry-out the expected care in a determined situation.

Personal Property: Owned items that are not land or connected to the land. Includes items such as electronics and jewellery.

Policy: Agreement/contract between you and your insurance company.

Premium: The periodic price that an insurance policy holder pays in exchange for the protection outlined in their contract.

Quote: The statement of the estimated premium costs, based on the information provided by you at the time of application.

Risk: Your chances of suffering a loss based on statistical data and circumstances.

Theft: The illegal possession of another person’s property with the intention of not returning it to the owner.

Towing Coverage: You are protected in case you need retrieval on land or water.

Uninsured Coverage: You and your property are covered in the event that you are not navigating or if you sustain injuries by another party that does not have insurance.

Warranty: A written guarantee of the parts and craftsmanship of a property by the manufacturer.