Definition : Lack of insurance

Term used in insurance when a syndicate of co-owners or a co-owner fails to subscribe to compulsory insurance. Lack of insurance can also result from:

• Risk that is not covered by the insurance contract (e.g. water damage);
• A claim that is not covered due to an exclusion set out in the insurance contract, even if the risk is covered;
• Damaged property is not an insured property or is excluded from the insurance contract.