- Per Risk Excess of Loss Risk Başına Hasar Fazlası Reasüransı
- An excess-of-loss treaty where the reinsurer pays the portion of a single risk loss that exceeds the cedant's per-risk retention. Unlike Cat XL, it focuses on individual risk losses rather than aggregated event losses across the portfolio.
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- Performance Bond İfa Kefalet Senedi
- A bond guaranteeing that the principal will complete a contract in accordance with its terms. If the principal defaults, the surety is obliged either to arrange completion of the contract or to pay the obligee damages up to the bond amount. Performance bonds are commonly required in construction and infrastructure contracts. Important Technical Note: In Turkish public procurement, two terms are both translated as Performance Bond in London market slips: İfa Kefalet Senedi (emphasising the performance obligation) and Kesin Kefalet Senedi (emphasising the definitive status of the guarantee after contract award). Both are distinct from a Maintenance Bond (Bakım Teminat Senedi), which applies only during the post-completion defect liability period.
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- Performance Bond Kesin Kefalet Senedi
- The definitive guarantee submitted by a contractor after contract award, replacing the provisional bid bond (Geçici Kefalet Senedi). In London and international market practice this instrument is called a Performance Bond: it guarantees that the contractor will fulfil all contractual obligations throughout the execution phase of the contract. Turkish Market Practice: Under Turkish Public Procurement Law (Law No. 4734), the definitive guarantee (kesin teminat) is mandatory at 6% of the contract value and is released upon successful completion and acceptance of the works. Important Technical Note: Both Kesin Kefalet Senedi and İfa Kefalet Senedi appear as Performance Bond in London market slips. The term 'kesin' (definitive) distinguishes this bond from the preliminary bid bond — it does not denote a post-completion maintenance function. The post-completion defect liability period is covered by a separate instrument: the Maintenance Bond (Bakım Teminat Senedi).
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- Placement Plasman
- The process of identifying appropriate reinsurers or insurers for a risk, presenting the risk to the market and securing the required coverage at agreed terms and price. In facultative reinsurance, the broker approaches individual reinsurers until the full capacity required is subscribed. Effective placement requires market access, technical expertise and negotiation skill.
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- Policy Poliçe
- The written contract of insurance between the insurer and the insured, evidencing the agreement and the terms of coverage. Comprises the policy wording (general conditions), schedule (specific details for this insured), endorsements and attachments. The policy is the primary legal document evidencing the insurer's obligation to indemnify.
- Principal Asıl Borçlu (Principal)
- The party primarily obligated under a surety bond; typically a contractor, supplier or winning tenderer. The bond guarantees to the obligee that the principal will perform its commitment. If the surety pays, it may seek recovery from the principal under the indemnity agreement.
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- Principal / Obligor (Surety Bond) Asıl Borçlu / Yükümlü (Kefalet)
- Two distinct concepts converge in surety terminology: "Mükellefiyet" (the obligation) denotes the abstract duty or liability assumed under the underlying contract, while "Asıl Borçlu / Yükümlü" (the obligor or principal) denotes the party that bears that duty — typically a contractor or supplier. The three-party surety relationship comprises the principal/obligor (asıl borçlu), the surety (insurance company) and the obligee (beneficiary/lehdar). If the principal defaults on its contractual obligation (mükellefiyet), the surety pays the obligee and exercises its right of recourse against the principal. The principal may be an individual, a legal entity or a joint venture. See also: Principal (Asıl Borçlu), Surety Bond.
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- Privacy Liability Kişisel Veri Koruma Sorumluluğu
- Coverage for third-party claims and regulatory fines arising from personal data breaches under KVKK (Turkey's Personal Data Protection Law) and GDPR. Typically embedded in the liability section of a cyber policy or available as a standalone privacy liability cover.
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- Pro-Rata Temporis Pro-Rata Temporis (Süreye Orantılı Prim)
- A method of calculating the premium proportional to the actual period of cover when a policy is cancelled, shortened or modified. Widely used in both insurance and reinsurance to determine the return premium on early terminations.
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- Product Liability Insurance Ürün Sorumluluk Sigortası
- Insurance covering a manufacturer or seller's legal liability for bodily injury or property damage caused by a defective product placed on the market. Covers obligations under the EU Product Liability Directive and Turkey's Consumer Protection Law; essential for exporters.
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- Product Recall Insurance Ürün Geri Çağırma Sigortası
- Insurance covering the logistics, communications, recall execution and destruction costs of withdrawing a dangerous or defective product from the market, plus resulting sales loss. Critical for food, pharmaceutical, automotive and consumer electronics sectors.
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- Professional Indemnity (PI) Mesleki Sorumluluk Sigortası (PI)
- Liability insurance protecting professionals against claims for financial loss suffered by clients as a result of negligent advice, errors or omissions in the provision of professional services. Written on a claims-made basis. Known as Professional Indemnity (PI) in the UK and most European markets, and as Errors & Omissions (E&O) in North American markets.
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- Profit Commission Kâr Komisyonu
- An additional commission paid by the reinsurer to the cedant when the treaty generates a technical profit during a defined period. It aligns the interests of both parties by rewarding good loss experience and is typically calculated on a year-of-account basis.
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- Property All Risk (PAR) Yangın ve Doğal Afet Sigortası (PAR)
- A commercial property insurance policy covering sudden and accidental physical loss or damage to buildings, contents and plant on an all-risks basis, subject to specific exclusions. Unlike named-perils policies, PAR covers any cause of loss not explicitly excluded. Commonly combined with Business Interruption (BI) coverage.
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- Property Owner's Liability Insurance Konut Sahibi Sorumluluk Sigortası
- Insurance covering a property owner's legal liability for bodily injury or property damage suffered by third parties due to the condition or management of the property. Critical for landlords, rental property owners and block managers.
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- Proportional Reinsurance Oran Uslu Reasürans
- A reinsurance category where both premium and losses are shared between cedant and reinsurer in an agreed proportion. Quota share (fixed ratio) and surplus share (variable ratio per risk) are the two principal forms. The reinsurer bears losses proportional to the premium ceded.
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- Public / General Liability Insurance Genel (Kamusal) Sorumluluk Sigortası
- The foundational liability insurance covering an organisation's legal liability for bodily injury or property damage caused to third parties by its operations, premises or products. Considered a minimum cover in almost all industries; often a contractual or regulatory requirement.
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- Public Liability Insurance Kamu Sorumluluk Sigortası
- Liability insurance covering bodily injury or property damage to members of the public at events, fairs, concerts and sports venues. Frequently mandatory for event organisers, venue owners and contracted parties; often required by local authorities for permits.
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- Pure Financial Loss Coverage Salt Finansal Kayıp Kapsam
- Coverage for purely economic loss not arising from physical damage or bodily injury but from breach of contract, professional error or negligence. A significant coverage extension in liability insurance; the core element of PI, D&O and E&O policies.
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