Farmowners-Ranchowners Insurance
Package policy that protects the policyholder against named perils and liabilities and usually covers homes and their contents, along with barns, stables, and other structures.
Non-Life Insurance
Covers damage to or loss of policyholders’ property and legal liability for damages caused to other people or their property.
Fair Access to Insurance Requirements Plans (Fair Plans)
Insurance Pools that sell property insurance to people who can’t buy it in the voluntary market because of high risk over which they may have no control. FAIR Plans, which exist in 28 states and the District of Columbia, insure fire, vandalism, riot, and windstorm losses, and some sell homeowners insurance which includes liability. Plans vary … Read more
Excess of Retention
A type of proportional reinsurance in which a Ceding Company establishes a dollar amount retention limit, and a reinsurer agrees to assume amounts over this limit, up to the reinsurer’s automatic binding limit.
Excess of Loss Reinsurance
A contract between an insurer and a reinsurer, whereby the insurer agrees to pay a specified portion of a claim and the reinsurer to pay all or a part of the claim above that amount. Method whereby a Ceding Company pays the amount of each claim for each risk up to a limit determined in advance and … Read more
Excess And Surplus Lines
Property/casualty coverage that isn’t available from insurers licensed by the state (called admitted insurers) and must be purchased from a non-admitted carrier.
Errors and Omissions Coverage / E&O
A Professional Liability policy covering the policyholder for negligent acts and omissions that may harm his or her clients.
Errors and Omissions Clause
A provision in reinsurance agreements which is intended to neutralize any change in liability or benefits as a result of an inadvertent error by either party. To the extent possible the parties are placed in the position they would have held if the error had not occurred. Also known as Oversight.
Equitas
The corporate entity into which the general business insurance liabilities of Lloyd’s Syndicates allocated to the 1992 and prior Years of Account have been reinsured. Website: http://www.equitas.co.uk/
Employment Practices Liability Coverage
Liability insurance for employers that covers wrongful termination, discrimination, or sexual harassment toward the insured’s employees or former employees.
Employer’s Liability
Part B of the Workers Compensation policy that provides coverage for lawsuits filed by injured employees who, under certain circumstances, can sue under common law. See Exclusive Remedy