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“Security” – a form of protection to safeguard and protect assets
“Subject to survey” - a phrase to indicate that the insurer’s acceptance of a risk is provisional pending completion of a survey and possible implementation of risk improvements
“Sum insured” - the amount specified as the maximum amount that the insurer will pay under the policy. The limit is normally set by the insured and should be the full value of replacement. The sum insured is normally used as the basis for calculating the premium.
“Standard construction” - a property insurance term referring to buildings constructed of brick, stone or concrete and roofed with slates, tiles, metal, asbestos, concrete or sheets or slabs of incombustible mineral.
“Standard excess” - an excess that is written into the standard or basic policy e.g. the young and inexperienced drivers excess in motor policies