Terminologies:
A claim: refers to a request to be reimbursed filed by the insured and address to the insurer.
Loss: is the occurrence of an insured event, such as a fire
Policy holder: is a person who buys insurance but when they make a claim they are referred to as a claimant.
Excess: Is amount of deduction payable by insured from the net loss assessed. Per standard Excess rates, if the vehicle is stolen, Insured will be compensated by 90% and pay Excess (deductible) of 10%. If it’s a partial loss or total loss from accident, insured will pay 5% Minimum 350,000 for private vehicles or 500,000 for commercial rate – please refer to the rate chart for more specific excess applicable to your vehicle.