first-loss policy

first-loss policy

n
(Insurance) an insurance policy for goods in which a total loss is extremely unlikely and the insurer agrees to provide cover for a sum less than the total value of the property
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014