Term
| Commercial Crime Insurance |
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Definition
| Insurance that covers (1) money and securities against numerous perils (not limited to crime perils) and (2) property other than money and securities against crime perils, such as employee theft, robbery, theft by outsiders, and extortion. |
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Term
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Definition
| Form that covers losses discovered during the policy period even though they may have occurred before the policy period. |
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Term
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Definition
| Form that covers losses actually sustained during the policy period and discovered no later than one year after policy expiration. |
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Term
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Definition
| The unlawful taking of money, securities, or other property to the deprivation of the insured. |
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Term
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Definition
| Signing the name of another person with intent to deceive |
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Term
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Definition
| Something done to a written instrument that changes its meaning or terms without the consent of all partes to the instrument. |
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Term
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Definition
| The unlawful taking of property from the care and custody of a person by one who has caused or threatened to cause that person bodily harm; includes situations in which the thief commits an obviously unlawful act that is witnessed by the custodian of the stolen property (such as an observed "smash and grab" theft from a shop window) |
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Term
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Definition
| The name insured, any of the named insured's partners or members, or the named insured's employee while having care and custody of the property inside the premises; excludes any person while acting as a watchperson or janitor |
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Term
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Definition
| The unlawful taking of property from whithin a locked safe or vault by a person unlawfully entering the safe or vault as evidenced by marks or forcible entry upon its exterior; includes the unlawful taking of the entire safe or vault from inside the premises. |
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Term
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Definition
| The named insured, a relative of the named insured, any of the named insured's partners or members, or any of the named insured;s employees while having care and custody of property outside the insured premises. |
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Term
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Definition
| Coverage for loss of covered property due to use of a computer to fraudulently transfer covered property to the wrongdoer |
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Term
| Financial institution bond |
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Definition
| a policy that covers the crime loss exposures of financial institutions such as banks, savings and loan institutions, and inurance companies. |
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Term
| Equipment breakdown insurance |
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Definition
| Insurance that covers loss due to the accidental breakdown of almost any type of equipment that operates under pressure or that controls transmits, or uses mechanical or electrical power. |
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Term
| Expediting expenses Coverage |
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Definition
| Coverage for the reasonable extra cost to make temporary repairs in order to speed up (expedite) permanent repairs or replacement of covered property |
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Term
| Contingent business income and extra expense coverage |
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Definition
| Coverage for business income and extra expense loss due to equipment breakdown occurring at a location, show in the declarations, that the insured does not won or operate |
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Term
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Definition
| Condition that allows the insurer to immediately suspend equipment breakdown insurance on an item of equipment that insurer determines to be in a dangerous condition. |
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Term
| Joint or Disputed Loss Agreement |
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Definition
| Condition that addresses claim situations in which the insured's equipment breakdown isurer and the insured's commerical property insurer diagree on which insurer covers a loss; each insurere pays half the loss to quickly indemnify the insured; insurers then resolve their differences |
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Term
| Employee Theft-name or Position Schedule- |
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Definition
| Covers employee theft by only those employees specifically identified by name or by position |
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Term
| Inside the Premises-Theft of other property |
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Definition
| Covers theft of property other than money and securities inside the premises |
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Term
| Inside the Premises-Robbery or Safe Burglary of Money and Securities |
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Definition
| Covers loss of money and sercrities by robbery or safe burglary |
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Term
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Definition
| Covers theft, committed by the insured's employees, of clients' property |
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Term
| Extortion-Commercial Entities |
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Definition
| Covers loss due to surrender of money, secrities, or other property as a result of a threat of bodiy harm to an employee, director, trustee, partner, member, manager or proprietor; or a threat to do damage to the insured's premises |
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Term
| Included Designated Agents As Employees |
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Definition
| Individuals who do not meet the policy definition of employee can be considered insured employees under this endorsement |
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Term
| Include Computer Software Contractors As Employees |
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Definition
| Provides employee theft coverage for computer softrware contractors |
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Term
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Definition
| Covers direct damage to "covered property" that results from accidents to the covered equipment. |
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Term
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Definition
| Pays for loss caused by the spoilage of perishable goods as a result of breakdown to covered equipment |
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Term
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Definition
| Extends the business income and extra expense coverage to include loss sustained by the insured because fo breakdown of equipment owned by a utility or other supplier that has contracted to provided the insured with electricity, communications, air conditioning, heating, gas, sedwer, water or steam |
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Term
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Definition
| Extens all of the equipment breakdown coverages to property situated at newly acquired locations that the insured has purchased or leased after policy inception |
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Term
| Three types of Exclusions contained in equipment breakdown policies: |
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Definition
| (1)exclusions that duplicate commerical property exclusions (2)Exclusions of perils covered under other policies (3)Exclusions unique to equipment breakdown policies |
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Term
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Definition
| Insurance that covers vessels and their cargos, inlduing various vessel-related liabilty exposures |
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Term
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Definition
| Insurance that covers many different classes of property that typically involve an element of trasportation |
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Term
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Definition
| Insurance that, in the US, includes both ocean and inland marine coverage and in the rest of the world is limited to insuance for vessels and cargo |
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Term
| Nationwide Marine Definition |
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Definition
| A Statement used mainly to determine wheter a particular coverage is marine insurance |
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Term
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Definition
| Airlines, railroads, or trucking companies that furnish transportation to any member of the public seeking their offered services |
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Term
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Definition
| Carriers that furnish transportation services to shippers with whom they have contracts |
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Term
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Definition
| Carriers that haul their own goods |
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Term
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Definition
| the contract between the shipper and the carrier that may limit the shipper's recovery for cargo loss |
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Term
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Definition
| The temporary possession by one party (the bailee) of personal property owned by another party (the bailor) for a specific purpose, such as cleaning or repair |
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Term
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Definition
| The owner of the personal property in a bailment |
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Term
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Definition
| The party temporarily possessing the personal property in a bailment |
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Term
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Definition
| the classes of inland marine business for which policy forms and/or rates must be filed with the state insurance department |
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Term
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Definition
| The classes of inland marine business for which neither policy forms nor rates must be filed with the state insurance department |
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Term
| Contractors equipment floater |
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Definition
| Policy that covers mobile equipment or tools while anywhere in the coverage territory |
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Term
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Definition
| Policy that covers a building in the course of construction, including building materials and supplies while on or away from the building |
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Term
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Definition
| Coverage for various incidental expenses that might result from a physical loss to a building project, such as additional interest, advertising expenses, or real estate taxes; can be added to a builders risk |
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Term
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Definition
| Policy that covers a contractor's interest in building supplies or fixtures that the contractor has been hired to install |
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Term
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Definition
| Policy that covers a particular shipment of goods specified in the policy |
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Term
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Definition
| Policy that covers all shipments made or received by the insured throughout a one year policy period |
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Term
| Motor Truck cargo liability policy |
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Definition
| Policy that covers a trucker's liability for damage to cargo of others being transported by the trucker |
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Term
| Difference in conditions DIC policy |
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Definition
| Policy that covers on an "all-risks" basis to fill gaps in the insured's commercial property coverage, especially gaps in flood and earthquake coverage |
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Term
| Electronic Data processing EDP equipment floater |
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Definition
| policy that covers computer equipment, software, and electronic data |
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Term
| warehouse operators legal liability policy |
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Definition
| policy that covers warehouse operators against liability for damage to the property of others being stored in operators' warehouses |
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Term
| Bailees' customers policy |
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Definition
| Policy that covers damage to customers' goods while in the possession of the insured, regardless of whether the insured is legally liable for the damage |
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Term
| Commercial Articles Coverage form |
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Definition
| Form that covers photographic equipment and musical instruments used commercially by photographers, motion picture producers, professional musicians, and others |
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Term
| Camera and Musical Instrument Dealers Coverage Form |
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Definition
| Form that covers the stock in trade (inventory) of camera dealers or musical instruments dealers and similar property of others in the insured's care custody, or control |
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Term
| Equipment Dealers Coverage Form |
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Definition
| Form that covers the stock in trade of dealers that sell agricultural or construction equipment and customers' equipment in the insured's care, custody, or control. |
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Term
| Physicians and Surgeons Equipment Coverage Form |
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Definition
| Form that covers the professional equipment, materials, supplies, and books of physicians, surgeons, and dentists; also covers the insured's office equipment and (if the insured is a tenant) improvements and betterments that the insured has made to the building |
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Term
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Definition
| Form that covers neon, fluorescent, automatic, or mechanical signs |
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Term
| Theatrical Property Coverage Form |
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Definition
| Form that covers stage scenery, costumes, and similar property used in theatrical productions. It covers similar property of others in the insured's care as well as property owned by the insured |
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Term
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Definition
| Form that covers exposed motion picture film and magnetic tapes or videotapes, including related soundtracks or sound records |
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Term
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Definition
| Form that coves merchandise that is being held for sale and that the dealer has financed under a floor plan |
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Term
| jewelers Block coverage form |
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Definition
| Form that covers the merchandise of retail jewelers, including similar property of others in the insured's care, custody or control |
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Term
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Definition
| form that covers a financial institution against loss of securities and other negotiable instruments while in transit through specified types of mail |
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Term
| Accounts Receivable Coverage Form |
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Definition
| Form that covers losses (including uncollectible accounts) due to destruction of the insured's records of accounts receivable |
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Term
| Valuable papers and records coverage form |
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Definition
| Form that covers valuable papers and records, such as an architec's blueprints and plans |
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Term
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Definition
| Rating method used by underwriters to rate on of a kind risks |
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Term
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Definition
| The compensation a carrier receives for transporting cargo |
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Term
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Definition
| Policy that covers cargo for a single trip specified in the policy; comparable to an inland marine trip transit policy |
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Term
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Definition
| Policy that covers all gods shipped or received by the insured during the policy's term; comparable to an inland marine annual trip transit policy, but without a set policy expiration date |
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Term
| Warehouse to Warehouse clause |
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Definition
| Clause in open cargo policies that covers the insured cargo during the ordinary course of transit (including land transit) from the time the cargo leaves the point of shipment until it is delivered to its final destination |
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Term
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Definition
| Clause that covers the cost of reasonable measures that the insured is required to take to protect property from damage at the time of loss |
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Term
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Definition
| Partial loss that must, according to maritime law, be hsared by all parties to a voyage (cargo owners and vessel owner) |
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Term
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Definition
| Partial loss that is borne by only one party to a voyage (such as cargo owner) |
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Term
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Definition
| Insurance that covers physical damage to vessels, including their machinery and fuel but not their cargo |
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Term
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Definition
| Accidental causes of loss that are peculiar to the sea and other bodies of water |
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Term
| Collision liability clause |
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Definition
| Clause that covers the insured's liability for collision damage to other ships and their cargos |
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Term
| Protection and indemnity Insurance (P&I) |
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Definition
| Insurance that covers shipownders against various liability claims due to operating the insured vessel. |
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Term
| Commercial General Liability Insurance (CGL) |
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Definition
| Insurance that covers many of the common liability loss exposures faced by an organization, including its premises, operations, and products. |
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Term
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Definition
| loss that a person or an organization sustains as the result of a claim by someone seeking damages or some other remedy permitted by law |
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Term
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Definition
| the legally enforceable obligation of a person or an organization to pay a sum of money (called damages) to another person or organization |
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Term
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Definition
| the branch of the law that provides a means to settle disputes between parties |
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Term
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Definition
| the branch of the law that imposes penalties for wrongs against society |
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Term
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Definition
| a wrongful act or omission, other than a crime or a breach of contract, for which the remedy is usually monetary damages |
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Term
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Definition
| a tort that occurs when a person exposes others to an unreasonable risk of harm because of failure to exercise the required degree of care |
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Term
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Definition
| A tort committed by a person who foresees (or should be able to foresee) that his or her act will harm another person |
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Term
| Strict Liability or (absolute liability) |
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Definition
| Liability that is imposed even though the defendant acted neither negligently nor with intent to cause harm |
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Term
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Definition
| A legally enforceable agreement between two or more parties in which each party makes some promise to the other |
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Term
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Definition
| Failure to fulfill one's contractual promise |
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Term
| Hold-harmless agreement (or indemnity agreement) |
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Definition
| a contractual provision that obligates one of the parties to assume the legal liability of another party |
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Term
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Definition
| liability assumed through a hold-harmless agreement |
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Term
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Definition
| A written law passed by legislative body, at either the federal or state level |
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Term
| Premises liability exposure |
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Definition
| Exposure to liability for injury or damage due to the owndership, occupancy, or use of premises |
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Term
| Operations liability exposure |
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Definition
| exposure to liability for injury or damage due to activities in addition to the ownership, occupancy or sue of premises |
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Term
| Products liability exposures |
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Definition
| Exposure to liability for injury or damage due to products sold or distributed by the exposed party |
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Term
| Completed operations liability exposure |
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Definition
| Exposure to liability for injury or damage due to work completed by the exposed party |
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Term
| Occurrence coverage trigger |
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Definition
| Bodily injury or property damage that occurs during the policy period; it triggers coverage under the "occurence" version of the CGL coverage form |
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Term
| Auto (as defined in CGL coverage form) |
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Definition
| a land motor vehicle, trailer or semitrailer designed for travel on public roads, including attached machinery or equipment; or any other land vehicle that is subject to a compulsory or financial responsibility law or other motor vehicle insurance law in the state where it is licensed or principally garaged. |
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Term
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Definition
| Various types of vehicles designed for use principally off public roads, such as bulldozer and cranes |
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Term
| Fire legal liability coverage |
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Definition
| Coverage for fire damage to premises rented to or temporarily occupied by the named insured |
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Term
| Personal and advertising injury |
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Definition
| Injury that is coered by Coverage B of the CGL and includeds injury resulting fro numerous offenses, such as false detention, maliciou prosecution, wrongful eviction, slander, libel, use of another's advertising ideal and copyright infringement |
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Term
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Definition
| the most the insurer will pay for the sum of the following arising out of a single occurrence: 1)damages for bodily injury and property damage under coverage A and 2) medical expenses under Coverage C. |
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Term
| Personal and advertising injury limit |
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Definition
| The most the insurer will pay under coverage B for the sum of all personal and advertising injury to one person or organization |
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Term
| "damage to premises rented to you" Limit |
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Definition
| The most the insurer wll pay for either damage by cause other than fire to any one premises rented to the named insured or damage by fire to any one premises rented to the named insured or temporarily occupied by the named insured with the owner's permission |
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Term
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Definition
| The most the insurer will pay for Coverage C medical expenses resulting for bodily injury to one person |
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Term
| Products-Completed operations hazard |
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Definition
| All bodily injury and property damage occurring away from the named insured's premises and arising out of the named insured's product or work, but not inclduing products that are still in the named insured physical possession or work that has been abandoned or not yet completed |
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Term
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Definition
| The most the insurer will pay for the sum of damages under Coverage A other than damages included in the products-completed operations hazard, damages under Coverage B and medical expenses under Coverage C |
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