exali Glossary
Your encyclopedia of technical terms used in the insurance industry
The insurance industry is full of technical terms—from insurance policies and obligations to recourse claims. To help you keep track of everything, the exali glossary explains the main insurance terms in a simple, understandable, and practical way.
In the exali glossary, you will find not only definitions, but also practical examples, legal information, and references to the appropriate insurance coverage. This way, you always know where the risks lie—and how to protect yourself against them.
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First-Party-Claims
First-party claims is an insurance benefit that focuses on the policyholder rather than third parties. It comes into play when certain events cause financial damage to the policyholder's own company—without there being any external claim for damages.
In contrast to traditional liability insurance, which covers damage to third parties, own damage coverage insures internal costs and damages resulting from certain risks.
Practical example of own damage coverage
A freelancer accidentally clicks on a phishing link. The attackers encrypt all customer communications and extort money. In addition to IT recovery, the freelancer must also inform their customers and hire an IT expert. This is where own damage coverage comes into play.
FPC at exali covers the recovery costs, consulting costs, PR measures, and expenses for damage limitation.
You can find more examples here.
Term: First-Party-Claims
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