|Spanish to English translations [PRO]|
|Spanish term or phrase: por siniestro a primer riesgo|
|In insurance policy:Moldes, modelos, matrices, clichés y películas: 10 millones de ptas. por siniestro a primer riesgo.|
|English translation:per loss on a first loss basis|
Having worked in Latin American insurance for nearly 20 years, I can advise that a "first loss" policy is one that covers only part of the overall value at risk, and the sum insured is normally based on the maximum amount that the Insured might expect to lose.
This is different from the normal basis of cover which would be on a full value basis. "First loss" policies are often issued on industrial fire and all risks policies.
Here, cover is on a "per loss" basis rather than being a one-off payment; hence, the Insured can claim more thanonce during the policy period.
Selected response from:
Local time: 05:05
|According to the client, it is loss limit per loss - I feel you were the closest. Thanx|
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