Property Insurance: Common Market Clauses & Extensions

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Property Insurance: Common Market Clauses & Extensions

Property Insurance: Common Market Clauses & Extensions


It is rare to issue Property Insurance policies nowadays based on Standard wordings alone. Most contain many additional clauses and extensions of cover.


This presentation aims to explain the most commonly used clauses and extensions in the market, their benefits & impact on scope of cover provided.

Target Audience

Junior underwriters, underwriting assistants, junior claims personnel, sales, distribution and account executive staff.

Learning Outcomes

After finishing this workshop, the attendees will be able to:
•  Understand the principle of indemnity
•  Differentiate between types of clauses and their use in relation to basic principles and conditions, e.g:

  1. Underinsurance: Basic position, Average Relief clause, Escalation clause, Automatic Reinstatement of Sum Insured clause, Capital Additions
  2. “As new” basis of cover: New for Old, Replacement or reinstatement clause, Reinstatement memorandum, Day one Reinstatement
  3. “As agreed” and limiting factors: Agreed Value, First loss,
  4. Change in risk: Non-invalidation clause, Minor Works clause, Temporary Removal clause, no control clause
  5. Dual Insurance: Contribution, Non-contribution, More specific insurance, Primary & Excess insurance
  6. Public authorities requirements: Public Authorities clause, Civil Authorities clause
  7. Miscellaneous commonly used clauses such as Designation of Property, Trace & Access, Pairs & Sets, Contract Price, …….

• Learn briefly about BI extensions such as Accumulated stock, Denial of access, Suppliers & Customers,…..
• Understand the reason these clauses are added to the policies
• Determine the impact of these clauses on the operation of cover and claim settlement


6 hours (1 day or 2 half-days)

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