UK Accounting Glossary
The separating of a loss to a proportionate degree among two or more insurers that cover the same loss.
Apportionment is an allocation based on some proportions.
The legal term apportionment means distribution or allotment in proper shares.
Most often apportionment pertains to the allocation of a loss between all of the insurance companies that insure a piece of property.
Apportionment also refers to the time when you come to buy/sell a property and wish to ensure that you only pay electricity, gas, council tax etc for the period in which you own the property. Apportionment in effect means sharing expenses between the buyer and seller of a property. In that way, each party will bear his or her fair share at the date on which the property sale is completed.
The person doing your conveyancing, usually a solicitor, should be able to sort these details out.
One of the main jobs of a claims adjuster is to determine the apportionment of payment in third-party liability claims.
She had two insurance policies that were issued by the same home company, and the apportionment was one hundred percent to the insurer.
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This glossary post was last updated: 15th March 2019.