Material Change

See Material Fact

Material Fact

Any fact or circumstance which would affect the judgement of a prudent Underwriter in considering whether he would accept a Risk or not, and at which rate of Premium. You have a duty to notify your insurers of any material change to your circumstances both at renewal and also mid term.

Miscellaneous Wording

A policy wording which is nor specific to a recognised profession or to a standard set by a professional body. See Miscellaneous Wordings

Minimum Approved Wording

A wording agreed by a professional body which sets a minimum coverage which insures must abide by if their policy wording it to acceptable to member of the profession. Cover can differ from insurer to insurer whereby some cover may provide just the minimum required to meet the minimum standards whereas others may provide more superior cover than specified as being minimum. Some policies meet the minimum requirement through the addition of a “difference in condition clause”.