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 Glossary - Disclaimer

The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract or to be interpreted as an offer, promise, guarantee or contract of insurance. The material is not intended to establish any standards of care or to serve as legal advice appropriate for any particular factual situation. Only the relevant insurance policy provides the definitions, terms, coverages, amounts, conditions and exclusions for the insured. The terms as defined in the relevant policy of insurance supersede any language set forth herein. All products and services may not be available in all states

Glossary of Terms 

ACCOUNTS RECEIVABLE: Provides coverage for sums due from customers that you are unable to collect due to damage to your records, plus additional expenses related to reconstructing your records.

ADDITIONAL INSUREDS: Extends liability policy protection to include those listed on the form, such as Vendors, Managers of Premises, and others.

ANIMAL BAILEE/BAILEE CUSTOMER GOODS: Covers animals/property in the insured's custody.

BLANKET BUSINESS PERSONAL PROPERTY: Combines BPP limits at all locations into a single BPP limit.

BROADENED WIND: Provides coverages for damage to building interior or business personal property for loss due to wind even if the building exterior is not first damaged.

BUILDERS RISK: Provides coverage for materials, supplies, machinery, and equipment at installation sites, at a temporary storage location or in transit.

BUILDING: Structures at the premises described in the Declarations, including permanently installed machinery and equipment.

BUSINESS INCOME: Covers Net Income and continuing normal operating expenses, including payroll, during suspension of your operations.

BUSINESS INCOME - DEPENDENT PROPERTY: Covers loss of Business Income during suspension of your operations due to damage at a property operated by another whom you depend on to deliver materials or services, accept your products or services, manufacture products for delivery to your customers or attract customers to your business.

BUSINESS INCOME - INTERRUPTION OF PRACTICE: Provides a daily limit option for business income losses of 15 days or less in lieu of the actual loss sustained valuation.

BUSINESS PERSONAL PROPERTY: Property that you won or lease for use in your business, including property of others that is in your care, custody, or control.

COMPUTER FRAUD: Provides coverage for the theft of money, securities or other property by the fraudulent transfer of possession of that property by means of computer. 

CUSTOMERS PROPETY: Removes exclusions for damage from marring and scratching, repair and maintenance of customers' property at their premises, while in your care, custody or control.

ELECTRONIC DATA PROCESSING: Covers Electronic Data Processing Equipment and Electronic Media and Data. Special causes of loss and additional exclusions may apply.

EMPLOYEE BENEFITS LIABILITY: Provides coverage for acts, errors or omissions committed in the administration of employee benefit plans, including group life insurance, group health insurance, profit sharing plans, unemployment insurance, social security benefits, workers' compensation and disability benefits.

EMPLOYEE DISHONESTY: Covers dishonest acts, committed by one or more employees, with the intent to cause you loss and obtain financial benefit for the employees or another party.

EMPLOYMENT PRACTICES LIABILITY: Protects against loss arising from employment practice disputes such as discrimination, sexual harassment, wrongful termination, breach of employment contract and wrongful discipline.

ENHANCED REPLACEMENT COST: Providers for increased settlement with regard to a property loss and building coverage.

EQUIPMENT BREAKDOWN: Covers failure of pressure or vacuum equipment, mechanical failure and electrical failure that causes physical damage to covered equipment.

FELLOW EMPLOYEE SUITS: Provides coverage for bodily injury to an employee caused by an employee.

FIDUCIARY LIABILITY: Protect fiduciaries, as defined by ERISA, against loss arising from the administration and management of employee benefit and pension plans such as negligent advice or careless plan management.

FINE ARTS: Paintings, etchings, pictures, tapestries, art glass windows, valuable rugs, statuary, marbles, bronzes, antique furniture, rare books, antique silver, porcelains, rare glass, bric-a-brac, and similar property with historic value or artistic merit.

FOOD CONTAMINATION COVERAGE: This option provides coverage for loss of food due to contamination, including the expense to clean the equipment as required by the Board of Health or any other governmental authority, the cost to replace the food which is, or is suspected to be contaminated, the expense to provide necessary medical tests or vaccinations for infected employees. However, it will not pay for any expense that is otherwise covered under a Workers' Compensation Policy; and additional advertising expenses incurred to restore the insured's reputation,

GARAGEKEEPERS LIABILITY: Provides coverage for loss to a customer's auto while the insured is attending, servicing, repairing, parking, or storing it in your garage operations.

GENERAL LIABILITY: Provides coverage for bodily injury, property damage, personal and advertising injury and medical payments.

INFLATION GUARD: This modifies the property form to include coverage adjustments due to the impact of inflation. It applies to both Building and Business Personal Property.

INSTALLATION FLOATER: Provides coverage for materials, supplies, machinery and equipment at installation sites on an actual cash value basis.

LIQUOR LIABILITY: Provides coverage for bodily injury and property damage arising out of the selling, serving or furnishing of any alcoholic beverage.

LOSS ASSESSMENT: Provides coverage for loss assessed by condominium associations.

MANUFACTURERS & WHOLESALERS SELLING PRICE: Provides for loss settlement for stock held for sale by manufacturers and wholesalers.

ORDINANCE OR LAW: Adds coverage to the property form to provide coverage for increased construction costs associated with compliance with an ordinance or law after a covered loss.

PRODUCT RECALL & REPLACEMENT: Provides coverage for errors in design and manufacture of products. Applies to costs of media notices, shipping and disposal of recalled products and distribution of replacement products.

REIMBURSEMENT OF LEGAL EXPENSES-COURT REVIEW BOARD: This option provides reimbursement for expenses incurred when required to appear for disciplinary action by a court or state review board.

REIMBURSEMENT OF LEGAL EXPENSES-DISPOSAL OF MEDICAL WASTE: Provides coverage for reimbursement of legal expenses resulting from a lawsuit alleging violation of a law or regulation governing disposal of medical waste.

SCHEDULED PROPERTY: Provides coverage for specific categories of business personal property listed below, when there is a need or desire by the client to schedule property due to a more mobile nature of the exposure of the property: 1. Personal property floater; 2. Mobile/cell phones, beepers, pagers; 3. Athletic, equestrian, funeral, scouting; 4. Lodge, club, church; 5. Catering; 6. Musical instruments; 7. Cameras, projection machines, film & related equipment & accessories.

SEASONAL INCREASE: Provides coverage for increased Business Property loss due to the seasonality of the business.

SPOILAGE COVERAGE: Provides coverages for loss or damage from breakdown, contamination, or power outage to perishable stock whether owned or in the insured's care custody or control.

UTILITY SERVICES - DIRECT DAMAGE: Provides coverage for direct damage to the insured's property due to a covered loss to water supply services, communication supply services or power supply services.

UTILITY SERVICES - TIME ELEMENT: Provides coverage for business income loss due to a covered loss to water supply services, communication supply service or power supply services.

VACANCY PERMIT: This option suspends the vacancy language of the policy to allow coverage to apply for specified period of time.

VALUABLE PAPERS & RECORDS: Inscribed, printed or written documents, manuscripts and records, including abstracts, books, deeds, drawings, films, maps or mortgages.

WATERCRAFT BUSINESS LIABILITY: Provides liability coverage for owned watercraft, private pleasure type watercraft, less than 51 feet in length.

WELFARE & PENSION PLAN COVERAGE: Provides coverage for employers to meet Employee Retirement Income Security Act (ERISA) compliance standards.