A waiver in insurance terms usually refers to an extension of a specific cover which was excluded in the original policy document. The word waiver could have a number of meanings such as:

• The surrender of a right or privilege that exists. For example, in car insurance contracts you will usually find that an excess is payable when making an insurance claim. Asking the excess is the insurance company’s right in terms of the contract. If your car insurance company agrees to grant you an excess waiver they do away with their right to the excess. This will be done in exchange for a bigger premium being asked every month.
• An endorsement to the car insurance policy excluding certain types of losses. An example could be certain injuries sustained in a car accident.
• An endorsement that limits the maximum amount to be covered for all or specific losses.

Waiver could have the same meaning as rider and endorsement – also see these entries in the glossary.