What is a non-disclosure agreement (NDA)?

A non-disclosure agreement (NDA) is a legally binding contract that prevents parties from disclosing confidential information. Businesses use NDAs to protect trade secrets, intellectual property, and sensitive business details.

What is a retroactive date in indemnity insurance?

A retroactive date is the earliest date an incident can occur for it to be covered under a claims-made indemnity insurance policy.

What is cyber insurance for ransomware?

Cyber insurance for ransomware is a policy designed to protect businesses from financial losses due to ransomware attacks. This coverage typically includes reimbursement for costs associated with ransom payments, data recovery, business interruption, and legal fees.

Are alternative treatments covered by private health insurance?

Some policies cover alternative treatments like acupuncture, chiropractic care, physiotherapy, and homeopathy, but coverage depends on the insurer and policy type. Check your plan details for specific inclusions.

What factors affect an insurer’s loss ratio?

Factors affecting loss ratios include claims frequency, claims severity, underwriting practices, fraud, natural disasters, and overall market conditions.

What is claim adjustment?

Claim adjustment is the process of evaluating and settling insurance claims. It involves assessing the validity of a claim, determining the amount payable, and ensuring compliance with policy terms. Adjusters investigate damages, verify coverage, negotiate settlements, and facilitate fair claim resolution.

How does reinsurance impact insurance premiums?

Reinsurance can influence insurance premiums by reducing the insurer’s overall risk exposure. This allows insurers to set lower premiums, as they have a financial cushion from the reinsurer to cover large or unexpected claims.

Does hull insurance cover equipment and machinery onboard?

Yes, coverage extends to the ship's machinery, navigation systems, and onboard equipment unless specifically excluded in the policy.