General average

The principle in maritime law that when a sacrifice is made or expenses are voluntarily incurred in time of peril expressly to preserve a venture as a whole, the loss or expense is to be shared among all interests in the venture in proportion to the value of each.

Glass insurance

An all risks type policy (or section of a policy) specifically designed to pay for the replacement of plate glass shop fronts and lettering. It may be extended to cover the contents of shop windows.

Good faith

The term that governs the relationship that must exist between the parties to a contract. A higher duty is owed by parties to an insurance contract — see Utmost good faith.

Goods in transit insurance (GIT)

An insurance that covers goods while being carried exclusively by land, based on the value of or the carrier's liability for the goods, usually on a declaration basis, or limited to an amount per specified vehicle.

Green card

A document evidencing third party motor cover issued to avoid the need for lengthy checks on insurance documentation at international borders. Such documents are no longer strictly necessary for citizens of EU member states while travelling in the EU.

Gross earnings

See Business income.

Gross profit

A term used in business interruption insurance, representing turnover (adjusted for opening and closing stock) less specified uninsured working expenses. See also Rate of gross profit.

Ground risks

The risk of damage to an aircraft while stationary on the ground.