Terms
Data Loss and Recovery Insurance
Data Loss and Recovery Insurance: This type of insurance provides coverage for businesses against the loss of data caused by various factors such as cyber-attacks, hardware failure, human error, or...
Technology Product Liability
Technology Product Liability refers to a specific category of insurance coverage designed to address the risks associated with the manufacturing, distribution, and sale of technology products. The term 'Technology Product...
Service Interruption Insurance
Service Interruption Insurance is a specialized form of coverage designed to protect businesses against losses that may occur when essential services are disrupted. This type of insurance is particularly crucial...
Product Liability Claim
A product liability claim is a legal action brought against a manufacturer, distributor, or seller of a product for injuries or damages caused by that product. The definition of a...
Assignment Insurance
Assignment Insurance is a type of insurance that may refer to a variety of policies related to the transfer of risk from one party to another. Assignment Insurance typically involves...
Misrepresentation Insurance
Misrepresentation Insurance may refer to insurance coverage that protects an insured from losses resulting from the insured's misstatement or misrepresentation of a material fact in the course of business. Misrepresentation...
Loss Ratio Insurance
The term “Loss Ratio Insurance” may refer to the type of insurance coverage that pays the insured an agreed-upon amount of money based on the amount of money lost in...
Lenders Loss Payable Endorsement
Lenders Loss Payable Endorsement may refer to an insurance endorsement that provides coverage to a lender in the event of a loss. It functions to protect the lender in the...
Obligee Insurance
Obligee Insurance is a type of insurance that is used to protect the interests of those who are legally obligated to perform certain duties, or to fulfill certain obligations. It...
Vendors Coverage
Vendors Coverage definition and meaning may refer to an insurance policy that provides protection to a business for the legal liabilities they may incur as a result of using a...
Commercial Lines
Commercial Lines in the insurance industry refer to a category of insurance products specifically designed for businesses and organizations, as opposed to personal insurance products that cater to individuals. The...
Cope Insurance
Cope Insurance may refer to an insurance policy that provides financial protection against losses incurred as a result of an accident, illness, or other unexpected event. It is designed to...
Management Liability Insurance
Management Liability Insurance, also known as Directors and Officers (D&O) Insurance, may refer to a type of insurance that covers the liability of directors and officers in a company for...
Loss Costs Insurance
Loss Costs Insurance is an insurance policy which covers the financial losses that an insured individual or company may incur due to a variety of unfortunate circumstances. Loss Costs Insurance...
Trailer Interchange Insurance
Trailer Interchange Insurance is an insurance policy that may refer to a type of motor truck cargo insurance. It is designed to provide coverage for the legal liability of a...
Open Lot
Open Lot is a term that may refer to a specific type of insurance coverage for businesses that have an open lot, meaning a place of business with an open...
Contractual Liability Insurance Policy (CLIP)
A Contractual Liability Insurance Policy (CLIP) can be defined as a specialized insurance policy that provides coverage for liabilities that one party assumes on behalf of another via a contract....
Bobtail Liability
Bobtail Liability is a term that may refer to the liability of a truck driver when they are not in possession of a trailer. This type of insurance coverage is...
Commercial Insurance Agents
The term Commercial Insurance Agent may refer to a specialized type of insurance agent who provides services and advice related to commercial insurance policies. Commercial insurance encompasses insurance policies which...
Bodily Injury Liability
Bodily Injury Liability may refer to a type of insurance coverage that provides protection for a policyholder from claims of bodily injury caused to another person for which the policyholder...
Grace Period Insurance
Grace Period Insurance may refer to a type of insurance that provides a window of time after the payment or premium is due, during which the policyholder can make the...
Funds Transfer Fraud Coverage
Funds Transfer Fraud Coverage may refer to an insurance policy that can be taken out to protect businesses and individuals from the risk of fraudulent transfers. This type of coverage...
Accounts Receivable Coverage
Accounts receivable coverage, may refer to a type of business insurance coverage that protects a company from losses that may result from a customer's inability to pay for goods or...
Managing General Agent
Managing General Agent (MGA) may refer to a person or entity that has been appointed by an insurance company to act as its representative in a certain geographic region. The...
Commercial Insurance Brokers
Commercial Insurance Brokers may refer to a group of professionals who act as intermediaries between commercial insurance buyers and insurance providers. A commercial insurance broker helps clients identify and purchase...
Captive Agents
Captive Agents may refer to individuals or organizations that are hired by a single insurance company to work exclusively for that company. They are usually paid a base salary and/or...
Contingent Business Income Coverage
Contingent Business Income Coverage may refer to a form of insurance coverage that provides financial protection for businesses in the event of a covered loss such as a natural disaster...
Commercial Excess Liability Insurance
Commercial Excess Liability Insurance is a form of insurance policy that provides additional coverage beyond the limits of a standard commercial liability policy. It may refer to coverage that applies...
Fiduciary Duty Insurance
Fiduciary Duty Insurance is a term that may refer to a type of insurance coverage designed to protect companies from financial losses that can arise from any breach of fiduciary...
Retention
In insurance, the word retention is always related to how a company handles its business risk. When you ‘retain’ risk, it usually means you’re not insuring it. The common alternative...
Aggregate Insurance
Aggregate insurance, in the realm of commercial insurance, refers to a type of coverage that protects businesses from financial losses resulting from multiple claims or occurrences during a specified period....
Retention Insurance
Retention insurance, in the realm of commercial insurance, refers to a risk management strategy where a business assumes a predetermined level of risk by self-insuring a portion of potential losses...
Redlining Insurance
Redlining insurance, in the realm of commercial insurance, refers to the practice of unfairly denying or limiting insurance coverage based on geographic location, typically due to discriminatory factors such as...
FamTech
FamTech, short for Family Technology, is a term used to describe innovative digital solutions and technologies designed to enhance and streamline various aspects of family life. It encompasses a wide...
Retroactive Insurance
Retroactive insurance is a type of insurance policy that provides coverage for incidents that occurred before the policy's inception date. It offers protection for liabilities that may have occurred in...
Protection and Indemnity Insurance
Protection and Indemnity Insurance, often referred to as P&I Insurance, is a specialized form of marine liability insurance that provides coverage for a wide range of risks faced by shipowners,...
SIR Insurance
SIR insurance, in the realm of commercial insurance, refers to a type of coverage known as a self-insured retention or a self-insurance retention. It is a risk management strategy where...
Fair Rental Value Coverage
Fair rental value coverage, also known as loss of rents coverage, is insurance that protects property owners against the loss of rental income due to a covered peril that renders...
Collateral Insurance
Collateral insurance, in the realm of commercial insurance, refers to a type of coverage that protects the value of collateral pledged to secure a loan or financing agreement. Collateral is...
Participating Policy
A participating policy, in the realm of commercial insurance, refers to an insurance policy that provides policyholders with the opportunity to share in the financial success of the insurance company....
Fronting Insurance
Fronting insurance, in the realm of commercial insurance, refers to a practice where a licensed insurance company, known as the fronting insurer, lends its name and regulatory credentials to another...
Jewelers Block Insurance
Jewelers block insurance, also known as jewelers insurance or jewelers open stock insurance, is a specialized type of insurance designed to provide coverage for the unique risks faced by businesses...
Ordinance or Law Coverage
Ordinance or law coverage, in the realm of commercial insurance, refers to a type of insurance protection that helps businesses mitigate the financial impact of complying with building codes, regulations,...
Speculative Risk Insurance
Speculative risk insurance, also known as speculative risk coverage, protects against risks associated with speculative activities or ventures. Speculative risk involves situations where there is a potential for both gain...
Payor Benefit
Payor benefit is a term commonly used in life insurance policies. Certain events that limit the policyholder’s ability to pay premiums — such as disability, death, and unemployment — trigger...
Quota Share Reinsurance
Quota share reinsurance is a type of reinsurance agreement in which the insurer cedes a fixed percentage of each insurance policy to the reinsurer. This means that the reinsurer is...
Risk Purchasing Group
A risk purchasing group is a group of individuals or businesses with similar risk profiles who come together to purchase liability insurance coverage. These groups are formed under the federal...
Bailee Insurance
Bailee insurance is insurance coverage that protects a person or business that temporarily holds the property of others to perform a service, such as a repair or storage. The policy...
Insured Contract
An insured contract is a type of contract that involves the transfer of risk from one party to another through insurance coverage. The term refers to a contract that includes...
Riggers Liability Insurance
Riggers liability insurance is a type of insurance policy that provides coverage for professionals who are involved in the moving and lifting of heavy equipment, machinery, or other materials. The...
Insuring Agreement
An insuring agreement is a contractual agreement between an insurance company and the policyholder. It defines the scope of coverage and the obligations of the insurance company to pay for...
Domestic Insurer
A domestic insurer is a type of insurance company that is licensed and operates within a specific state. The term refers to an insurance company that is domiciled in the...
Pure Risk Assessment
Pure risk insurance, also known as pure risk coverage, is a type of insurance that protects against losses from uncontrollable events. Pure risk involves situations where there is a chance...
Damage to Property Rented to You
Damage to premises rented to you is a type of insurance coverage included in commercial general liability insurance. The term refers to liability protection for damage to a rented commercial...
Contract Carrier
A contract carrier is a type of transportation company that provides services exclusively to specific customers or shippers. The term refers to a carrier that operates under a contract with...
Insurance Carrier
Insurance carrier, a fundamental term in the insurance industry, refers to the company responsible for providing insurance policies and coverage to individuals, businesses, or organizations. The definition of an insurance...
Named Perils Coverage
Named perils coverage, a common type of insurance policy, specifically outlines the risks and events for which the insured property is protected. The definition of named perils coverage refers to...
Equipment Breakdown Insurance
Equipment breakdown insurance, a specialized type of coverage within the insurance industry, specifically addresses the financial impact of unexpected malfunctions or failures of essential machinery and equipment. The definition of...
Insurance Capacity
Insurance capacity, a key concept in the insurance industry, refers to the maximum amount of risk an insurance company or market can assume, based on its financial resources and solvency....
Sliding Scale Insurance
Sliding scale insurance, a noteworthy concept in the realm of insurance, refers to a policy or program where the cost of coverage is determined based on the policyholder's ability to...
Retrocession
Retrocession, a specialized practice within the reinsurance industry, involves the transfer of risk from one reinsurer to another. The definition of retrocession encompasses the process where a reinsurer, seeking to...
Insurance Adjuster
Insurance Adjuster may refer to a professional who is hired to investigate and settle insurance claims. An Insurance Adjuster is responsible for determining the amount of compensation that the insured...
Third-Party Coverage
Third-party coverage is a type of insurance policy that covers any damages caused by an insured party to a third party. This type of policy is often called liability insurance...
Babytech
Babytech refers to technology-based products and services designed to support parents and caregivers in caring for and developing infants and young children. Babytech products and services are designed to help...
Excess Insurance
Excess insurance is a type of insurance policy covering additional financial limits beyond what the underlying policy provides. However, it only offers higher limits; it doesn’t expand the term of...
Bond Insurance
Bond insurance protects investors against default on bonds issued by governments, corporations, or other entities. This type of insurance can give investors peace of mind and make bonds more attractive....
Business Income Coverage
Business income coverage, also known as business interruption insurance, may refer to a form of insurance that covers the loss of income a business may experience following a covered event....
Wholesale Broker
Wholesale insurance brokers work with retail insurance agents or brokers to place specialized insurance products for their mutual clients. Wholesale brokers typically have access to unique insurance markets and products...
Underwriter
An underwriter refers to an individual or an organization that assesses risk and provides insurance, usually through an insurance policy. The underwriter is responsible for determining the premium, the policy's...
Surplus Lines
Surplus lines may refer to insurance policies not offered through the traditional market and categorized as non-admitted insurance. These policies are typically purchased by individuals or businesses who cannot obtain...
Business Interruption Insurance
Business interruption insurance covers a financial loss that a business experiences due to an unexpected event that interrupts its normal operations. These events may include natural disasters, fires, thefts, network...
All-Risk Coverage
All-risk coverage is another name for general liability insurance. It’s a policy that covers a wide range of risks, except for those expressly excluded within the policy. All-risk coverage provides...
Temporary Total Disability
Temporary total disability allows insured individuals a certain amount of compensation for their wage when they cannot work due to health concerns, such as recovery from an accident. This policy...
Blanket Policy
A blanket policy is insurance coverage that provides broad protection for multiple properties, activities, or items under a single policy. It may refer to any type of insurance, including property,...
Exclusion Insurance
Exclusion insurance may refer to a type of insurance policy that protects against certain types of losses while excluding other types of losses. Exclusion insurance is designed to provide coverage...
Inland Marine Coverage
Companies with valuable inventory may often need to transport it, leading to losses due to theft and damage. Also known as property-in-transit insurance or "floater policies," inland marine coverage provides...
Reinstatement Insurance
Reinstatement insurance refers to restoring a policy or coverage that has lapsed or been canceled, often by paying a reinstatement fee or making up missed payments. The purpose of reinstatement...
Casualty Insurance
Casualty insurance is a term defining liability insurance that protects parties if they are legally liable for damages to another party or their property. This type of insurance can cover...
Hazard Insurance
Also referred to as "Business Property Insurance" or "Commercial Property Insurance." Business property insurance works similarly to homeowner's hazard insurance. It covers structural damage from theft, fire, wind, power outages,...
Hired and Non-Owned Auto
HNOA coverage is designed for a company that does not have any vehicles owned or titled to the company. People covered under HNOA would be owners, employees, partners, members, and...
First Party Insurance
First-party insurance is a type of insurance that may refer to coverage of an insured party (the first party). It may also refer to coverage of an insured's legal liability...
Rated Policy
A rated policy is a term that may refer to an insurance policy in which the premium is based on the insured party's actual risk profile. This type of policy...
General Aggregate
A general aggregate is the maximum amount the insurance company will pay for losses when the policy is active. The general aggregate limits the amount paid to the insured, not...