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Vorkclausule

English translation: fork clause

11:54 Sep 3, 2008
Dutch to English translations [PRO]
Insurance
Dutch term or phrase: Vorkclausule
This is the heading of a clause in an insurance policy. I found the following explanation on the Internet but can't find a suitable term in English.
Vorkclausule : Een onderverzekering dient voorkomen te worden, omdat dan het monument in zijn voortbestaan wordt bedreigd. Voor dit doel dient de zogenoemde vorkclausule. Bij deze verzekeringsvorm wordt niet de herbouwwaarde van het monument verzekerd, maar een bedrag dat voldoende is om bij partiële schade in een adequate vervanging te voorzien. Het komt er in feite op neer dat bewust een lager bedrag dan de herbouwwaarde wordt verzekerd, waarbij de vorkclausule voorkomt dat een zogenoemde onderverzekering ontstaat. De verzekering keert echter nooit meer uit dan het vorkbedrag, ook wel aangeduid met de verzekerde waarde.
Suzanne Watson
Local time: 17:08
English translation:fork clause
Explanation:
[PDF]
COST ACTION C17: FIRE LOSS TO HISTORIC BUILDINGS WORKING GROUP 3 ...
The “fork clause”. Underinsuring a historic building should be avoided at all costs because this will endanger its future. existence. ...

The “fork clause”
Underinsuring a historic building should be avoided at all costs because this will endanger its future existence. Attempts should be made to find a balance between the insured sum and the overall value of the building, so that the owner’s liability is minimised. To this end, there is the so-called “fork clause”.
The term is derived from the cutlery item of the same name having four prongs. The term indicates that the desired insurance is brought about in different ways: the reconstruction value; the insured value; the discount percentage; and regular building inspection.
http://www.heritagefire.net/heritage_fire_wg_papers/wg3/wg33...
Selected response from:

writeaway
Grading comment
Many thanks for the answer I had Googled 'fork clause' but came up with nothing - this is very helpful - thanks!
4 KudoZ points were awarded for this answer



Summary of answers provided
3fork clause
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Answers


16 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
fork clause


Explanation:
[PDF]
COST ACTION C17: FIRE LOSS TO HISTORIC BUILDINGS WORKING GROUP 3 ...
The “fork clause”. Underinsuring a historic building should be avoided at all costs because this will endanger its future. existence. ...

The “fork clause”
Underinsuring a historic building should be avoided at all costs because this will endanger its future existence. Attempts should be made to find a balance between the insured sum and the overall value of the building, so that the owner’s liability is minimised. To this end, there is the so-called “fork clause”.
The term is derived from the cutlery item of the same name having four prongs. The term indicates that the desired insurance is brought about in different ways: the reconstruction value; the insured value; the discount percentage; and regular building inspection.
http://www.heritagefire.net/heritage_fire_wg_papers/wg3/wg33...

writeaway
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 38
Grading comment
Many thanks for the answer I had Googled 'fork clause' but came up with nothing - this is very helpful - thanks!
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