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English to Arabic translations [PRO]
Bus/Financial - Insurance | | English term or phrase: DIC cover | difference-in-conditions (DIC) insurance
(1) An all risks property insurance policy that is purchased in addition to a commercial property policy to obtain coverage for perils not insured against in the commercial property policy (usually flood and earthquake). (2) An endorsement to a contractor's blanket builders risk insurance policy that fills the gaps between a policy provided by the project owner and the contractor's policy. When a project owner elects to provide the builders risk coverage for all parties with an insurable interest, the project is normally removed from coverage under the contractor's policy. A DIC endorsement typically states that, to the extent a loss is not covered under the owner-provided policy, but would be covered under the contractor's policy, coverage will apply on an excess basis.
Difference in Conditions Insurance / Difference in Limits Insurance
Multi-national companies often arrange their insurance programme centrally on a global basis so that the risk manager will know exactly what levels of cover operate and can ensure these offer appropriate cover for the organisation. However, the legislation in individual countries, the existence of joint venture partners or other circumstances may require local insurance to be arranged. In such circumstances, the global programme will cease to operate for those risks covered by the local policy, but will continue to operate for those areas not covered by the local programme but included in the global programme. If the standard of the cover is different, then the “top-up” cover provided by the global programme is called Difference in Conditions Insurance. If the sum insured or policy limits are different, then the “top-up” cover provided by the global programme is called Difference in Limits Insurance. |
| sarah Bou RachedKudoZ activityQuestions: 8 (none open) ( 1 closed without grading) Answers: 0
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 TargamaT
Syria
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| Changes made by editors |
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| Nov 8, 2010 - Changes made by TargamaT: | | Created KOG entry | KudoZ term => KOG term |
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