Legal

Means and methods of construction refer to the techniques, procedures, and materials used during the construction process. In the insurance industry, means and methods of construction are important because they...

A covenant not to sue is a legal agreement in which one party agrees not to sue another party for damages or losses. The party agreeing not to sue typically...

IP litigation refers to legal disputes and court proceedings related to intellectual property (IP) rights, such as patents, trademarks, copyrights, and trade secrets. These disputes can arise when one party...

A notice of claim provision is a crucial aspect of an insurance policy that specifies the requirements for policyholders to notify their insurer of a claim. The provision may refer...

Defamation, in the context of commercial insurance, refers to the act of making false statements or spreading damaging information about a person or entity that harms their reputation. It is...

Examination Under Oath (EUO) is a formal process in which an insurance company can investigate an insurance claim. During an EUO, the claimant, or anyone with knowledge of the claim,...

An indemnitee is a person or entity that receives indemnification (compensation for harm or loss) under an insurance policy or contract. The term refers to the party who is protected...

Intellectual property refers to a valuable and intangible asset that arises from original creations of the mind, such as inventions, artistic works, trademarks, and confidential business information. It encompasses a...

Indemnity payments, in the realm of commercial insurance, refer to financial compensation provided by an insurance company to a policyholder or a third party as a means of restoring the...

A construction defect refers to a flaw or deficiency in the design, materials, or workmanship of a building or structure. It is a term used in insurance and construction industry...

Express authority, within the realm of insurance, refers to a legal concept that may refer to the explicit powers and permissions granted by an insurer to an agent or representative....

Equitable estoppel is a legal doctrine that may refer to a principle used in insurance law and other areas of legal practice. It is a concept rooted in fairness and...

Guaranteed Replacement Cost, in the realm of insurance, refers to a coverage provision that may refer to a specific type of property insurance policy. It is an important concept designed...

A contract of adhesion, a term often encountered in insurance and legal contexts, refers to a type of agreement in which one party, typically the one with greater bargaining power,...

Loss adjustment expense (LAE) is a term commonly used in the insurance industry, which holds significant importance when it comes to understanding the financial aspects of managing insurance claims. The...

Protection classes, an essential aspect of property insurance underwriting, pertain to the evaluation and rating of a property's risk exposure based on its location and proximity to fire protection services....

A hold harmless or indemnity agreement is a legal contract frequently employed in the insurance and business sectors. The definition of a hold harmless agreement refers to a contractual arrangement...

Indemnitor is a term used in insurance and legal contexts, and may refer to a person or entity that agrees to indemnify or compensate another party for any losses, damages,...

A wrongful act, also known as a wrongful act exclusion or wrongful conduct exclusion, is commonly used in the insurance industry. It may refer to an act or omission of...

Causes of loss may refer to losses that occur when something has been damaged, destroyed, or stolen. Causes of loss generally refer to the direct physical loss or property damage...

An insurable risk may refer to the potential of any loss that an insurance policy can cover. It is a type of financial risk that is considered to be acceptable...

Third-party claims may refer to a situation in which an individual or organization brings a legal claim against a third party who is not directly involved in the incident or...

Claims audit may refer to reviewing the claims submitted by a policyholder to an insurance company to verify their accuracy and completeness. During a claims audit, the insurer will review...

The actual loss sustained may refer to the total economic damage sustained due to an incident or event. It is the complete and total amount of a loss as opposed...