Glossary

B

Betterment
The principle by which the insured makes a payment towards the cost of the claim because his or her property will be in better condition after repair than before the loss or damage occurred. For example if your car is in better condition after the insurer has repaired it, they may ask for a contribution to the claim.

Broker
A company registered with the Insurance Brokers Registration Council (IBRC) under the Insurance Brokers (Registration) Act 1977.

Buildings Insurance
This is a policy covering the structure of a building against a number of different risks including fire flood damage etc.