Jargon Buster

We’re committed to helping our customers understand insurance. Here’s a list of common words and phrases you will come across in your policy and when making your decisions.
All | A B C D E F I L N P R S U V
There are 5 entries in this directory beginning with the letter R.
Reasonable Care
The policyholder is (under duty of care) lawfully required to act reasonably, responsibly and not to expose their insurers to unnecessary risks and hence claims. This is a general condition in all contracts of insurance.
Renewal
The process where the period of insurance is coming to an end, and an invitation is issued to renew or continue the policy for a further period.
Retroactive Date
A retroactive date is generally the date from which you have held uninterrupted insurance cover. It is typically applied to professional indemnity and directors & officers insurance policies and its purpose is to exclude claims arising from any work undertaken prior to the date shown.
Risk Assessment
The process of identifying, evaluating and measuring all potential risks which may be found within a particular situation.
Risk Management
The process of identifying, measuring and mitigating risks (including financial) that threaten control over assets or earnings of an organisation.

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BHIB Councils Insurance is a trading name of BHIB Limited. Registered office is AGM House, 3 Barton Close, Grove Park, Enderby, Leicester, LE19 1SJ. BHIB Limited is registered in England and Wales number: 829660 Authorised and regulated by the Financial Conduct Authority. We are covered by the Financial Ombudsman Service. You can find out more at www.financial-ombudsman.org.uk.

BHIB Limited also provide risk management services and guidance which is not regulated by the Financial Conduct Authority. Any protection provided by the Financial Ombudsman Service or the Financial Services Compensation Scheme does not apply to this specific business activity and we will inform you of this before undertaking the business activity.