Insurance Definitions

Front 1

Property Coverage

Back 1

Coverage for loss of or damage to property and or contents from fire and other covered causes of loss.

Front 2

Windstorm/Hail Coverage

Back 2

Coverage afforded only for direct lost by windstorm or hail to property.

Front 3

Flood Insurance

Back 3

A separate flood policy is required for each building if located in a special flood hazard area. Flood is caused by rising water.

Front 4

General Liability

Back 4

Provides insurance protection needed to pay damages for bodily injury or property damages for which the insured is legally responsible.

Front 5

Non Owned Auto Liability

Back 5

Protects the insured to the extent of liability imposed by law and within policy limits against claims for accident due to employees and other agents operating their own automobiles in the corporations interests.

Front 6

Umbrella Liability (Excess Liability)

Back 6

This coverage comes into play when the primary liability insurance limits have been exhausted, subject to policy terms, conditions, and exclusions.

Front 7

Directors & Officers Liability

Back 7

Provides coverage, subject to policy terms, conditions and exclusions, for negligent acts, errors or omissions of Directors or Officers in their capacity as a director or an officer.

Front 8

Building ordinance coverage

Back 8

1. Demolition cost coverage and 2. the increased cost of construction cost by enforcement of the building, zoning or land use law.

Front 9

Plate glass

Back 9

A separate policy is necessary to assure the replacement of plate or other structure glass following breakage from virtually any cause, except fire and accidental or malicious damage by acid or chemicals. The coverage includes supporting frames and bars and cost of lettering and ornamentation.

Front 10

Equipment breakdown

Back 10

Heating systems and the electrical power supply are subject to sudden and accidental breakdown caused by power line surges, overloads, insulation failure. The commercial property policy is not designed to cover the causes of equipment failure. This policy would cover hazards such as short circuits, motor burnout, mechanical breakdown Excedrin., Subject to policy terms, Conditions and exclusions.

Front 11

Fidelity bond

Back 11

Reimburses the insured for loss, up to a specified amount, sustained by the insured by reason of any dishonest act of an employee or employees that are covered by the association.

Front 12

Forgery or alteration coverage

Back 12

Indemnifies the insured and banks in which the insured carries a checking or savings account for lost by reason of forgery or alteration of checks, drafts, Promissory notes and other describe instruments and documents.

Front 13

Worker's Comp. association risk

Back 13

This coverage insurers against claims for work related injuries or diseases suffered by uninsured subcontractors. Employees and volunteers are excluded. Coverage is based on if any basis.