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Hacker Insurance

A coverage that protects businesses engaged in electronic commerce from losses caused by hackers.

Hard Market

A seller’s market in which insurance is expensive and in short supply. (See Property/Casualty Insurance cycle)

Highly Protected Risk (HPR)

Property insurance coverage for large commercial properties that are protected with automatic sprinkler systems and superior construction. Qualified insureds pay significantly lower premiums.

Homeowners Insurance Policy

The typical homeowners insurance policy covers the house, the garage and other structures on the property, as well as personal possessions inside the house such as furniture, appliances and clothing, against a wide variety of Perils including windstorms, fire and theft. The extent of the Perils covered depends on the type of policy. An all-risk policy offers the broadest coverage. This covers all Perils except those specifically excluded in the policy.


Homeowners insurance also covers additional living expenses. Known as Loss of Use, this provision in the policy reimburses the policyholder for the extra cost of living elsewhere while the house is being restored after a disaster. The liability portion of the policy covers the homeowner for accidental injuries caused to third parties and/or their property, such as a guest Slipping and falling down improperly maintained stairs. Coverage for flood and earthquake damage is excluded and must be purchased separately. (See Flood insurance; Earthquake insurance)

Honorable Undertaking

A phrase in some reinsurance agreements, usually in the following context: "This agreement is considered by the parties hereto as an honorable undertaking, the purpose of which is not to be defeated by a strict or narrow interpretation of the language thereof." See Gentlemen's Agreement.

House Year

Equal to 365 days of insured coverage for a single dwelling. It is the standard measurement for homeowners insurance.

Hurricane Deductible

A percentage or dollar amount added to a homeowner’s insurance policy to limit an insurer’s exposure to loss from a hurricane. Higher deductibles are instituted in higher risk areas, such as coastal regions. Specific details, such as the intensity of the storm for the deductible to be triggered and the extent of the high risk area, vary from insurer to insurer and state to state.