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Glossary

The following glossary is terms that are most used in the insurance language. Sometimes it is hard to understand all the insurance idioms or lingo. So I listed for you a insurance glossary so can get yourself little familiar with some of the terms.

Accounts Receivable
Protects you if you are unable to collect outstanding balances as a result of covered loss or damage to your account records.

Actual Cash Value (ACV)
ACV of property is calculated by determining what it would cost to replace the property and then adjusting this replacement cost by subtracting an amount that reflects depreciation.

All Risk Policy
An insurance policy that covers the insured for losses occurring as a result of all risks other than those specifically excluded in the policy document.

Audit
The process an insurance company uses to compare whether the premium it originally estimated reflects the actual risk covered by the policy based on the customer’s actual payroll, number of autos or sales.

Audit Period
The period covered by an insurance audit. This is usually the year the policy has been in effect. If an insurance premium is going to be determined by audit, the insurance company will conduct their examination of the business’s books and records at the end of the policy period.

Back-up of Sewer or Drain Water Damage
Pays for loss or damage to covered property caused by water that backs up from a sewer or drain. This is not flood insurance, so it is important that you ask your agent for details on the differences.

Blanket Limits
• A way of increasing the limits on your individual coverage without increasing your premium. With a blanket limit, the limits for several common coverage types are bundled together in the policy under one blanket limit (say, $500,000 for five coverages). That way, the full blanket limit would apply if any one of the blanketed coverages should have a loss, instead of the usual lower limits per coverage of about $10,000-$25,000.

• Covers multiple buildings at different locations under the same limit. That way, even if there are large shifts of inventory from one location to another, the policyholder is covered for maximum inventory worth.

Bodily Injury
Physical injury, sickness or disease sustained by a person.

Building and Contents
Covers your business structure and contents if they are damaged or destroyed because of a covered loss.

Business Income
Reimburses you for lost earnings and continuing operating expenses, including payroll, if your business is forced to shut down because of a covered loss. Also covers extra expenses, such as renting temporary space.

Business Income from Dependent Properties
Provides coverage for the insured in the event a covered loss at a non-owned property such as a supplier or buyer reduces or terminates the insured’s earnings.

Business Owners Policy
A simplified property and liability policy created for owners of small businesses which combines most of the coverage they will need. It does not include workers’ compensation coverage. Commercial auto coverage may be added by endorsement in some cases.

Coinsurance
For property insurance, coinsurance reduces the amount that will be paid for a loss occurring when the property is underinsured. The value of the property, as reflected in the policy limit, is supposed to reflect “how big” the risk is. If by choosing too low a policy limit you have indicated the risk is smaller than it really is, then the premium will be too low. A coinsurance clause sets a penalty for underinsurance by reducing payment of any claim.

Commercial Auto Liability
Auto coverage that applies if the insured business is responsible for bodily injury or damage to another’s property as a result of a covered auto accident. Also see Hired and non-Owned Auto

Completed Operations
Pays for covered losses resulting from bodily injury or property damage that takes place away from the insured’s premises and is caused by work finished by the insured’s business and/or the materials included in that work.

Computers and Media
Provides coverage for covered damage to your computers, computer equipment, data, software, and other business electronic equipment. Also covers the cost to research, replace or repair lost or damaged data or software when the damage has been caused by a covered loss.

Covered Loss
A covered loss is an insured loss that is either expressly specified by a “named peril” policy or not excluded in an “all risk” policy and not otherwise excluded by the policy terms.

Declarations Page
The declarations page contains the basic information of your policy. It generally shows the policy number, named insured’s, effective dates, premium amounts and summary policy information.

Deductible
The amount “deducted” from any monetary reimbursement paid to you by the insurance company for a covered loss. For example, a property claim results in a total of $3,000 in damages and you have a $500 deductible. The insurance company will deduct $500 from the total payment and pay out the balance of $2,500. The deductible applies to all losses or damages arising out of any one occurrence.

Defense Costs
A business owner policy typically covers the cost of legal defense for liability coverage included in the policy. Defense costs may be paid over and above the policy limits or may be included within the policy limits depending on the language of the policy.

Depreciation
Loss in value that occurs as items age, wear out, or become obsolete.

Employment Practices Liability Insurance (EPLI)
This coverage is designed to provide employers protection for liability connected with hiring and personnel issues such as discrimination, sexual harassment and wrongful termination.

Endorsement
An addition or limitation to an insurance policy that changes some aspect of the insurance contract.

Equipment Breakdown
Covers costs to repair or replace equipment vital to your business, such as computers, air conditioners, phone systems and boilers that are damaged by a covered mechanical breakdown.

Errors & Omissions
This coverage is designed to reimburse customers for economic loss when an insured business makes an error or fails to act in accordance with the standards applicable to the particular industry. Examples of some of those businesses that may benefit from this type of coverage are real estate, banking, printing and claims adjusting.

Exposure
Being at risk of loss because of some hazard or contingency.

Fine Arts
Provides increased protection for fine art and other valuable collectibles lost due to covered a cause.

First Named Insured
The first individual or organization named on an insurance policy. This entity may have certain rights and obligations by virtue of being the first named insured.

Hired Auto and Non-Owned Auto Coverage
Covers auto liability for a business that does not own vehicles but sometimes leases them. It also covers auto liability when an employee drives his/her own vehicle to perform tasks related to the insured’s business.

Indemnify, Indemnification
To restore the insured to the same financial condition enjoyed before the loss, no better, no worse.

Inspection Contact
The individual who is contacted in the event of an audit, physical inspection of your premises, or claim. This contact is usually the first named insured on the declarations page of your policy.

Liability Insurance
Broad category of insurance that is designed to cover accidental bodily injury or property damage losses to a third party for which the insured is legally responsible.

Legal Entity
A person or organization with a separate and distinct existence for legal or tax purposes.

Lessor
One who conveys property to another by lease.

Medical Expense Coverage
Insurance that covers expenses for medical treatment without regard to fault. Its purpose is to get the injured party taken care of as soon as possible.

Named Insured
An insured specifically named in the policy.

Named Peril Policy
An insurance policy that covers the insured for losses occurring as a result of a specifically named listed as covered in the policy. All perils or causes of loss not named in the policy are by default, excluded from coverage. Example; A policy states that loss due to fire is covered. In that case there is no coverage for any cause of loss other than fire

Off-Premise Utility Services
Covers damage to your property and stock caused by interruption due to a covered loss of off-premises water, communication or power supply services not owned by you.

Operations Liability
Covers your liability for covered injuries to people and their property that occur when you are conducting your normal business at another location.

Peak Season
Provides an increased insurance limit for your business content to help cover seasonal variations in your inventory and supplies. For example, a toy store might see a significant increase in inventory at Christmas time.

Personal and Advertising Injury
Designed to cover publication of material that slanders or libels another person or organization. Also can cover damages and legal defense costs from lawsuits that claim false, malicious or misleading statements in advertisements, promotional flyers, brochures, or Web sites, etc. Includes claims or copyright infringement in an advertisement.

Personal Property of Others
Provides protection for property belonging to your customers or suppliers while in your care, custody and control, regardless of legal liability.

Premium
The price of insurance coverage provided for a specified period of time.

Premises
The building, its contents, and grounds that are covered under the insurance policy.

Premises Liability
Covers your liability for injuries to people and damage to their property while on your insured business property.

Premium Audit
The periodic (usually annual) review of an insured’s books and records to determine the exact amount of premium owed. (See audit.)

Products Liability
Coverage related to the responsibility of a merchant or manufacturer for his or her products. If a defective product that was sold or manufactured causes a covered bodily injury or property damage, this coverage helps protect the merchant or manufacturer responsible for that product.

Product Recall & Replacement
Coverage that pays for the expenses incurred when a product must be recalled from the market as well as the costs of replacement parts or products.

Products and Completed Operations
A coverage which combines the product liability and completed operations coverage.

Professional Liability
Coverage for liability arising out of insured errors or omissions in the performance of professional duties in certain professions, such as doctors, lawyers, dentists, architects and engineers. It typically includes coverage for bodily injury, property damage and financial damages.

Property Insurance
Broad category of insurance which covers certain losses to the insured’s property.

Replacement Cost
The actual cost to replace lost or damaged property with property of like kind and quality, subject to the limit of insurance on the policy.

Tenant’s Liability
Protects a tenant business if it is responsible for a covered damage to the leased building it occupies or property belonging to other tenants in that building.

Umbrella Policy
Additional liability insurance that is activated once you’ve reached the limit of your basic policy. For example, if you suffered a $2 million dollar loss, and your general liability insurance covers $1,000,000, an umbrella policy could cover the remaining $1,000,000.

Underwriter
In insurance companies, an individual responsible for determining which coverage will be made available and on what terms, and how premiums will be set.

Valuation
There are three forms of valuation used on business owners policies.
• Actual Cash Value
• Replacement Cost
• Full Value Replacement Cost
All of these are defined in this glossary.

Vandalism
Designed to cover willful or malicious damage or destruction of your property.

Workers’ Compensation
A type of insurance that provides benefits to workers if they suffer work-related sickness or injury.