Non-Life Insurance

Covers direct losses and damage to businesses resulting from the dishonest acts of employees. See Fidelity Bond

Form of financial guaranty insurance for large industrial construction projects. Coverage guarantees that an installation (e.g., chemical plant, manufacturing facility) will perform efficiently (as represented or warranted). Coverage usually guarantees the loans used to finance the project, the repayment of which are contingent on the project meeting certain minimum production requirements.

Total financial loss resulting from the death or disability of a wage earner, or from the destruction of property. Includes the loss of earnings, medical expenses, funeral expenses, the cost of restoring or replacing property, and legal expenses. It does not include non economic losses, such as pain caused by an injury.

Covers directors and officers of a company for negligent acts or omissions, and for misleading statements that result in suits against the company, often by shareholders. Directors and officers insurance policies usually contain two coverages: personal coverage for individual directors and officers who are not indemnified by the corporation for their legal expenses or judgments … Read more

Property/casualty premiums collected by the insurer from policyholders, before reinsurance premiums are deducted. Insurers share some direct premiums and the risk involved with their reinsurers.

The idea that a vehicle loses value after it has been damaged in an accident and repaired.

Part of a property or liability insurance policy that states the name and address of policyholder, property insured, its location and description, the policy period, premiums, and supplemental information. Referred to as the “dec page.”

Term referring to property coverages for the Perils of burglary, theft and robbery.