Salvage :: Rescuing people or property from a flood, fire, shipwreck or other disaster. A person who salvages goods may be paid compensation by their owners or insurers. The ownership of some salvaged goods can be contentious issue.

 

Sight Bill :: Bill of exchange payable on presentation i.e. on sight.

 

Soft Market :: An environment where insurance is plentiful and sold at a lower cost, also known as a buyer market.

 

Sound Arrived Value :: It refers to the market value of the goods in sound condition.

 

Spread Of Risk :: The selling of insurance in multiple areas to multiple policyholders to minimize the danger that all policyholders will have losses at the same time. Companies are more likely to insure perils that offer a good spread of risk. Flood insurance is an example of a poor spread of risk because the people most likely to buy it are the people close to rivers and other bodies of water that flood.

 

Standing Charges :: Expenses which still have to be met even if a business cannot earn its full income owing to fire or other damage. These expenses do not diminish proportionately as a result of the damage.

 

Stop-Loss :: Type of insurance or reinsurance that covers a whole account over a period of time. No payment is made until the accumulated losses in the year exceed the stop-loss level.

 

Subrogation :: Right of an insurer, having indemnified the insured, to avail himself or herself of any rights and remedies of the insured, for example, salvage.

 

Sum-Insured :: Limit of an insurance company’s liability under a particular insurance policy.

 

Surcharge :: An extra charge applied by the insurer. For automobile insurance, a surcharge is usually for accidents or moving violations.

 

Surplus :: In reinsurance, it is the amount by which the sum insured exceeds the ceding office’s retention.

 

Surplus Treaty :: Reinsurance agreement whereby all risks that exceed a pre-determined amount are reinsured.

 

Surveyor :: Person whose job is to examine buildings, etc. And report on their condition, often employed by an insurance company (for buildings insurance) or a mortgage provider.