Target risk

A term used to describe theft insurance risks involving stock that has a high value in relatively small volume, where there is a ready market — for example tobacco and cigarettes, jewellery and wines and spirits.

Temporary partial disablement (TPD)

A weekly benefit payable under a personal accident policy if the insured person is unable to carry out a substantial part of his usual occupation.

Temporary total disablement (TTD)

A weekly benefit payable under a personal accident policy if the insured person is unable to carry out any part of his usual occupation.

Territorial limits

The geographical boundaries stated in a policy within which loss, damage or liability must occur.

Theft

The dishonest appropriation of property belonging to another with the intention of permanently depriving the other of it.

Theft insurance

When applying to commercial risks, cover applies to theft involving forcible or violent entry to or exit from a building. For household contents insurances cover is not generally restricted in this way except for certain types of flat.

Third party

(a) A person who is not a party to a contract.

(b) In a legal action a person not originally sued by the claimant but brought into the action by defendants.

(c) Same as public liability.

(d) A level of cover under a motor insurance policy providing third party property damage and third party personal injury but no own damage cover for the insured vehicle.

Third party, fire and theft

A level of cover under a motor insurance policy providing third party property damage and third party personal injury plus loss or damage to the insured vehicle as a result of fire, theft or attempted theft.

Third party working risk

See Tool of trade risk.

Time excess

A defined period of time following an insured event in respect of which the insured must bear the loss. Also known as deferred period. See also Franchise.

Time on risk

The period used to calculate a premium in circumstances where cover is granted but for some reason the policy is not proceeded with.

Time policy

A marine policy for a period as distinct from a voyage.

Tool of trade risk

Also known as third party working risk. The risk, often covered by a public liability policy, that arises from the use of a vehicle of special construction while it is off-road and therefore not subject to the requirements of the Road Traffic Acts.

Tort

A civil wrong, a breach of which allows the aggrieved party to sue for unliquidated damages. See also Defamation, Libel, Negligence, Nuisance, Slander, Trespass.

Total loss

A loss of the subject-matter of insurance entirely or its destruction or damage beyond economic repair. See Actual total loss, Constructive total loss.

Trade plate basis

A method of insuring and rating motor trade road risks policies. See also Named driver basis, Points basis.

Transport International Routier (TIR) carnets

Guarantees arranged by the Road Haulage Association for the free movement of the contents of commercial vehicles within the EU. Duty is paid at the country of destination (unless the goods are destroyed or lost during the journey).

Travel insurance

A package policy that may be effected on an annual or short-period basis providing a range of benefits including personal accident, medical expenses, cancellation charges and baggage cover.

Trespass

A tort that relates to "force and violence" used on the person (assault and battery), property or rights of another.

Trust

A legally recognised arrangement entered into whereby control or powers of administration of property are given to trustees with an obligation to administer the trust for the purpose specified.

Trustee

One who administers a trust.

Tuition and demonstration

An extension of cover available under a motor trade policy that provides road risks cover while those under tuition and potential customers are driving vehicles owned by a motor trade firm. As well as the tuition risk, it is usual for demonstration risks cover to stipulate that the driver must be accompanied by an employee.

Twins insurance

See Multiple birth insurance.

Two conditions of average

A condition applied to floating insurances requiring that more specific insurance is exhausted before the policy operates and that the average condition will apply to any balance of cover provided by the policy. See also Average, Special condition of average.

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