What does inflation adjustment mean?

Consumer Price Index (CPI) measures the rate of price change of goods and services purchased by households. Which equates to annual inflation percentage.


This is where the Insured advises the Insurer that a payment is required due to a loss covered by the policy in place.


The Insurer pays the Broker a fee at the time a new policy is established – usually, this is a percentage of the annual premium.


This is all the events the policy covers the Insured for. When arranging an insurance policy, it is essential to understand the full scope of cover, i.e. what the policy covers and what it does not.

What is Duty of Disclosure

When arranging cover, the Insured has an obligation to disclose certain facts and information to the Insurer.

What is excess?

This is the amount the Insured pays at the time of making a claim. It is usually a portion of the claim up to a value agreed in the policy.

What is an Exclusion?

Certain events may be excluded from cover, and these are referred to as Exclusions in your insurance policy. It is important to clearly understand what your policy will NOT cover.

Indemnity value

This is the value of an item at the time of loss or damage, accounting for its age and current condition.

What Lapsed policy mean?

A policy can lapse for two reasons (1) non-payment of premiums, or (2) when a policy is not renewed at the time that the term expires.


This is where the Insured, either intentionally or unintentionally failed to disclose pertinent facts and information to the Insurer. Depending on the situation, this can result in a claim being declined or cancellation of the policy.