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Common terms from your policies — short definitions, examples, and which coverages they relate to.
19 terms
Bailee coverage protects property of others while in the insured's care, custody, or control.
Bailee Coverage is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Inland Marine, Garagekeepers, Business Insurance. For powersports insurance customers, understanding Bailee Coverage can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Bailee Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Bailee customers coverage applies to property of others while in the insured's custody, often regardless of legal liability depending on form.
Bailee Customers Coverage is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Inland Marine, Bailee. For powersports insurance customers, understanding Bailee Customers Coverage can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Bailee Customers Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Basic form property coverage insures against a limited list of named perils.
Basic Form is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Property Insurance. For business insurance customers, understanding Basic Form can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Basic Form depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A beneficiary is a person or entity designated to receive policy benefits, such as life insurance proceeds.
Beneficiary is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Life, Health, Retirement. For benefits insurance customers, understanding Beneficiary can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Beneficiary depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Betterment occurs when repair or replacement leaves property in better condition than before the loss; some policies reduce payment for it.
Betterment is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Auto, Property, Equipment. For business insurance customers, understanding Betterment can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Betterment depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A binder is temporary proof of insurance that puts coverage in force before the formal policy is issued, subject to the terms and limits shown on the binder.
Binder is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Auto, Homeowners, Commercial Property, Business Insurance. For personal insurance customers, understanding Binder can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Binder depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Blanket coverage applies one limit across multiple properties, locations, or items instead of assigning separate limits to each.
Blanket Coverage is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Commercial Property, Inland Marine. For powersports insurance customers, understanding Blanket Coverage can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Blanket Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Boat insurance may include hull coverage, liability, medical payments, uninsured boater, towing, personal effects, and pollution liability.
Boat Insurance is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Boat, Yacht. For powersports insurance customers, understanding Boat Insurance can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Boat Insurance depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Bodily injury liability helps pay damages for physical injury, sickness, disease, or death of another person when the insured is legally responsible.
Bodily Injury Liability is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Auto, General Liability, Umbrella. For business insurance customers, understanding Bodily Injury Liability can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Bodily Injury Liability depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Breach response coverage helps pay expenses after a privacy breach, including notification, legal, forensic, and credit monitoring costs.
Breach Response is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Cyber Liability. For business insurance customers, understanding Breach Response can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Breach Response depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Broad form property coverage insures against more named perils than basic form but is narrower than special form.
Broad Form Property Coverage is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Commercial Property, Homeowners. For personal insurance customers, understanding Broad Form Property Coverage can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Broad Form Property Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A broker is an insurance professional who represents the buyer in seeking coverage from insurers, subject to licensing and legal duties.
Broker is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with All Insurance Types. For business insurance customers, understanding Broker can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Broker depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Builders risk covers buildings, materials, fixtures, and property during construction or renovation, subject to policy terms.
Builders Risk is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Builders Risk, Contractors, Property. For business insurance customers, understanding Builders Risk can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Builders Risk depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A builder's warranty is a warranty for certain construction defects or workmanship issues and is not the same as property insurance.
Builder's Warranty is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Homeowners, Builders Risk. For personal insurance customers, understanding Builder's Warranty can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Builder's Warranty depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Business income coverage helps replace lost income and continuing expenses when a covered property loss causes a necessary suspension of operations.
Business Income Coverage is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Commercial Property, Business Owners Policy. For business insurance customers, understanding Business Income Coverage can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Business Income Coverage depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Business interruption is another name for business income coverage for lost income caused by covered property damage.
Business Interruption is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Commercial Property, Business Owners Policy. For business insurance customers, understanding Business Interruption can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Business Interruption depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A business owners policy packages common small-business coverages, usually including general liability, commercial property, and business income coverage.
Business Owners Policy is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Business Insurance, Commercial Property, General Liability. For business insurance customers, understanding Business Owners Policy can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Business Owners Policy depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
Business personal property includes furniture, fixtures, inventory, machinery, equipment, and other property owned by a business and used in operations.
Business Personal Property is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Commercial Property, Business Owners Policy. For business insurance customers, understanding Business Personal Property can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Business Personal Property depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
A business pursuits exclusion removes or limits personal liability coverage for business activities.
Business Pursuits Exclusion is an important insurance concept because it can affect how coverage is selected, priced, interpreted, or applied at claim time. In practical terms, it helps explain what the policy may do, what the insured may be responsible for, or how the insurance company may evaluate a covered situation. This term is commonly associated with Homeowners, Renters, Umbrella. For personal insurance customers, understanding Business Pursuits Exclusion can make it easier to compare policies, ask better questions, avoid coverage gaps, and understand what may happen before, during, or after a claim. The exact impact of Business Pursuits Exclusion depends on the policy form, endorsements, limits, deductibles, exclusions, state law, and the facts of the loss or account.
