Term
| Businessowners policy (BOP) |
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Definition
| A package policy that combines most of the property and liability coverages needed by small and medium-sized businesses. (p. 11.3) |
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Term
| Seasonal increase provision |
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Definition
| A provision commonly included in BOPS that addresses fluctuating personal property values by automatically increasing the amount of insurance for certain time periods. (p. 11.8 - 11 .9) |
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Term
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Definition
| A package policy consisting of residential insurance and commercial property and liability insurance, with some special provisions to cover loss exposures unique to farms. (p. 11.16) |
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Term
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Definition
| Insurance offered by private insurers that covers crops against loss caused by hail and often other perils. (p. 11.22) |
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Term
| Multiple Peril Crop Insurance (MPCI) |
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Definition
| Insurance offered by the federal government that covers unexpected crop production laws due to natural causes such as drought, excessive moisture, hail, windstorm, and flood. (p. 11.22) |
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Term
| Animal mortality insurance |
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Definition
| Insurance that covers loss of valuable animals by (1) death resulting from accident, injury, sickness, or disease or (2) theft, subject to exclusions. (p. 11.22) |
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