A glossary of commonly used general insurance and risk management terms.

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  1. A rider waiving (excluding) liability for a stated cause of accident or (especially) sickness.
  2. A provision or rider agreeing to waive (forego) premium payment during a period of disability.
  3. The giving up or surrender of a right or privilege that is known to exist. It may be affected by the agent, adjuster, or insurance company employee or official orally or in writing.

WAIVER OF CO-INSURANCE – A property insurance contract clause that states that co-insurance does not apply unless the amount of loss exceeds a certain amount

WAIVER OF SUBROGATION – A condition of an insurance policy which states that the coverage will not be prejudiced if the insured has waived any rights of recovery from a responsible party in writing prior to the loss.

WARRANTY – Statement or stipulation in a contract, the breach of which nullifies the contract.

WRAP-UP LIABILITY – One policy covering the liability exposures of all involved interests of a large construction project, e.g. the owner, the general contractor, sub-contractors, suppliers, etc.

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