Covers damage to or loss of policyholders’ property and legal liability for damages caused to other people or their property.
A percentage or dollar amount that a homeowner must pay before the insurance policy kicks in when a major natural disaster occurs. These large deductibles limit an insurer’s potential losses in such cases, allowing it to insure more property. A property insurer may not be able to buy reinsurance to protect its own bottom line unless it … Read more
A form of non-proportional reinsurance that provides coverage for losses resulting from an accident or natural disaster involving more than one insured. These losses typically must exceed a specified amount and number of insureds and/or locations. Sometimes called Cat Cover.
Term used for statistical recording purposes to refer to a single incident or a series of closely related incidents causing severe insured property losses totaling more than a given amount, currently $25 million.
Equal to 365 days of insured coverage for a single vehicle. It is the standard measurement for automobile insurance.
A policy that combines property, liability and business interruption coverages for small- to medium-sized businesses. Coverage is generally cheaper than if purchased through separate insurance policies
Commercial coverage that reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered Peril, such as a fire. Business interruption insurance also may cover financial losses that may occur if civil authorities limit … Read more
Insurance for the loss of property due to burglary, robbery or larceny. It is provided in a standard homeowners policy and in a business multiple Peril policy.
Often called Equipment Breakdown, or Systems Breakdown insurance. Commercial insurance that covers damage caused by the malfunction or breakdown of boilers, and a vast array of other equipment including air conditioners, heating, electrical, telephone, and computer systems.
Portion of an auto insurance policy that covers injuries the policyholder causes to someone else.
State-sponsored insurance Pools that sell property coverage for the Peril of windstorm to people unable to buy it in the voluntary market because of their high exposure to risk. Seven states (AL, FL, LA, MS, NC, SC, TX) offer these plans to cover residential and commercial properties against hurricanes and other windstorms. Georgia and New York provide this … Read more
