Covers damage to or loss of policyholders’ property and legal liability for damages caused to other people or their property.
Commercial coverage against losses resulting from the failure of business debtors to pay their obligation to the insured, usually due to insolvency. The coverage is geared to manufacturers, wholesalers, and service providers who may be dependent on a few accounts and therefore could lose significant income in the event of an insolvency.
Sheet metal parts that are most often damaged in a car crash. See Generic auto parts
In Marine Insurance a Constructive Total Loss occurs where the subject matter of Insurance is reasonably abandoned by the Insured on Account of its Actual Total Loss appearing unavoidable because it could not be preserved from Actual Total Loss without expenditure that would exceed its value after the expense had been incurred.
The minimum amount of auto liability insurance that meets a state law. Financial responsibility laws in every state require all automobile drivers to show proof, after an accident, of their ability to pay damages up to the state minimum. In compulsory liability states this proof, which is usually in the form of an insurance policy, … Read more
Portion of an auto insurance policy that covers damage to the policyholder’s car not involving a collision with another car (including damage from fire, explosions, earthquakes, floods, and riots), and theft.
A broad commercial policy that covers all liability exposures of a business that are not specifically excluded. Coverage includes product liability, completed operations, premises and operations, and independent contractors.
Separate insurance provided to cover cell phones for damage or theft. Policies are often sold with the cell phones themselves.
Reinsurance (insurance for insurers) for catastrophic losses. The insurance industry is able to absorb the multibillion dollar losses caused by natural and man-made disasters such as hurricanes, earthquakes and terrorist attacks because losses are spread among thousands of companies including catastrophe reinsurers who operate on a global basis. Insurers’ ability and willingness to sell insurance … Read more
Using computers, a method to mesh long-term disaster information with current demographic, building and other data to determine the potential cost of natural disasters and other catastrophic losses for a given geographic area.
Probability of catastrophic loss, based on the total number of catastrophes in a state over a 40-Year period.
