Glossary 2

Front 1

Builders Risk Coverage Form

Back 1

Insurance that provides coverage for bulidings under construction as well as equiped to service the building

Front 2

Building and Personal property coverage form

Back 2

The primary coverage form of the commericial package policy's commerical part.Covers a business building, building person property and the personal property of others

Front 3

Burglary

Back 3

as it is define in Crime insuarnce policies, the taking of property by a person unlawfully entering or leaving the premises

Front 4

Business Income form

Back 4

A coverage which reimburse the insured for loss of earning due to an interruption in occupations caused by a covered peril

Front 5

Business Auto Coverage form

Back 5

a form which is a part of the commericial auto coverage and is designed to cover the auto exporsures of business

Front 6

Business Pursuits Endorsement

Back 6

an endorsement to a homeowners policy which provides coverage against occupational liabilities for those who are employed by others

Front 7

Businessowners Policy

Back 7

a multi peril, muli line package policy designed to provide broad property and casualty coverage for small business

Front 8

Cargo Liabilty

Back 8

Protects against legal liability for loss or dmage to cargo or baggage. Maybe part of an Ocean Marine or Aviation policy

Front 9

Casualty Insurance

Back 9

A line of insurance which historically has included a wide variety of unrelated coverages other than life and health

Front 10

Cause of loss form

Back 10

a form which is a part of the commerical property coverage part of the commerical package policy. it specifies what perils are insured against and list exclusions

Front 11

Claim

Back 11

the assertion of a legal right against an insurer, that carries with it a demand for appropriate relief

Front 12

Claims Made Form

Back 12

a liability form which is part of the commericial General liability part of the commericial packages policy. Covers BI and PD which ocurs on or after the retroactive date, if any and for which a claim is first made during a policy

Front 13

Coinsurance Clause

Back 13

a clause that require an insured to pay part of a loss if te coverages provide under the policy imits is less than a specified percentage of the value of the property at the time of loss

Front 14

collison

Back 14

a type of physical damage insurance which covers loss due to the insured object striking another object

Front 15

Commericial articles form

Back 15

part of the inland Marine coverages of the commericial package policy, Provides all risk coverage for photographic equipment and musical instruments on either a scheduled or blanket basis or both

Front 16

Commericial package policy

Back 16

a simplofied,easy to read commericail package policy intorduce by ISO. Includes General Liability, commericail property, commericial Inland Marine, commericail crime/Employee dishonesty, and more

Front 17

Common policy conditions

Back 17

a form containing conditions that apply to all coverages issued under the commericail package policy program

Front 18

Comprehensive Coverage

Back 18

in automobile insurance, a broad physical damage coverage which covers all property losses except collsion and those perils or property which are specifically excluded

Front 19

Computer Fraud Coverage form

Back 19

a form which is part of the commerical computer crime coverage part of the commerical package policy. it covers loss of all type of property by theft related to the use of computers to fraudulently cause a tranfer of property from inside the insured's or banking premisies

Front 20

concealment

Back 20

the withholding of a materical fact from the insurance company. may viod the policy

Front 21

conditionally renewable

Back 21

a type of health insurance cancellation clause that states that the insurer can refuse to renew the policy only under certain conditions stated in the policy

Front 22

conditions

Back 22

the portion of an insurance contract which sets forth the rights and duties of the insured and te insurance company

Front 23

Condominium Association Coverage Form

Back 23

a part of the commercial property coverage part of the commericail package policy which covers the buildings in a condominium complex

Front 24

condominium commericial unit owners coverage form

Back 24

a part of the commercail prepoerty coverage part of the commercial packages policy which covers the unit-owners business personal property

Front 25

consequentail damage

Back 25

damage which occurs as consequence of a direct loss, such as loss from spoilage resulting from lack of power,lights, heat and ect. not generally covered under property policies unless specified