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(Boiler & Machinery) Coverage for loss caused by mechanical or electrical equipment breakdown, including damage to the equipment; (Equipment Breakdown) Supplements property insurance (which specifically excludes physical damage and the financial damage stemming from equipment breakdown) to cover the unique causes that can damage equipment. Was known as boiler and machinery coverage.
A written agreement in which one party, the surety, guarantees the performance or honesty of a second party, the principal (obligor), to the third party (obligee) to whom the performance or debt is owed
insurance coverage for pitfalls associated with travel such as trip cancellation, trip interruption, lost luggage or default protection of a cancelled trip due to carrier or tour operator no longer in business.
Auto Policy for businesses that includes auto liability and auto physical damage coverages
(Business Income) Insurance covering loss of income by a business when operations are interrupted due to property loss that is a covered cause of loss; (Extra Expense) Coverage for reimbursement of expenses in excess of normal operating expenses that are incurred to continue operations after a direct damage loss
A package of policies that protect an organization against intentional theft by insiders, as well as theft of assets by third parties. Crime coverage generally includes a fidelity bond plus a basic menu of other coverages.
(Directors & Officers) Insurance that provides coverage against wrongful acts which might include actual or alleged errors, omissions, misleading statements, and neglect or breach of duty on the part of the board of directors and other insured persons and entities. Many D&O policies include employment practices liability coverage; (Fiduciary Liability) Protects the fiduciaries of health and welfare, or pension plans from claims by employees alleging financial loss due to mismanagement of funds; (Kidnap & Ransom) This insurance is written primarily for financial institutions and covers named employees for individual or aggregate amounts paid as ransom, with a deductible requiring the insured to participate in about 10 percent of any loss.
A form of liability insurance covering wrongful acts arising from employment practices such as wrongful termination, discrimination and sexual harassment
Coverage for damage to property caused by flood
Insurance protecting businesses from most liability exposures other than automobile and professional liability
Also known as a floater endorsement. Insure special items, such as computers, light and sound equipment, and camera equipment at an agreed amount.
(Professional Liability) Coverage designed to protect professionals such as physicians and real estate brokers, against liability incurred as a result of errors and omissions in performing professional services; (Errors & Omissions) malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence
First-party insurance for real and personal property against physical loss or damage
Auto liability exposures experienced by owners and operators of businesses designed to transport the goods of others by land motor vehicles for a fee. Subject to regulations by the Department of Transportation (DOT). The Insurance Services Office (ISO) has designed a special business automobile insurance for this purpose, called the truckers liability coverage form. Also available is the motor truck carriers liability coverage form.
Insurance against loss from legal liability for damage to goods or merchandise in the insured's care and custody in the course of transit
Provides actual cash value protection to an insured vehicle in the event of a collision, theft, fire or vandalism
(a.k.a. Bobtail Liability Coverage) - Coverage for bodily injury and property damage caused by the operator of the vehicle when the truck is being used for personal convenience, and not under dispatch or pulling a loaded trailer. When under dispatch, the vehicle is covered under the Primary Liability insurance policy of the company to which the owner operator is leased
A policy designed to provide additional protection against catastrophic losses covered under liability policies. It may provide protection against some claims not covered by the underlying policies, provide excess limits when the underlying policy limits are used or may drop down and pick up where the underlying policy leaves off.
Protection which provides benefits to employees for injury or contracted disease arising out of and in the course of employment. Most states have laws which require such protection for workers and prescribe the length and amount of such benefits provided. |
