Commercial Insurance

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 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...

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 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...

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 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...

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...

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 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 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...

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, 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, 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, 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, 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, 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, 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 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 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 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 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 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, 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 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...

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 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...

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 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...

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 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...

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 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 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...

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,...

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 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...

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...

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...