ADVERTISING INJURY LIABILITY
"Advertising Injury" means injury rising out of an offense committed in the course of your advertising activities, if such injury rises out of libel, slander, defamation, violation of right of privacy, piracy, unfair competition or infringement of copyright, title or slogan.
1. A limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time, usually one year. Aggregate limits are commonly included in liability policies. While not often used in property insurance, aggregates are sometimes included with respect to certain catastrophic exposures, e.g., earthquake and flood.
2. The dollar amount of reinsurance coverage during one specified period, usually 12 months, for all reinsurance losses sustained under a treaty during such period.
AGREED AMOUNT ENDORSEMENT
This endorsement is an agreement made by the insurance company wherein it waives the coinsurance clause on the specified property. As long as this endorsement is in effect, there would be no coinsurance penalty at the time of a claim.
ALIENATED PREMISES EXCLUSION
This exclusion eliminates coverage for property damage liability to premises alienated (i.e., sold) by you. For example, you own a lot and build a house on it. After the house is completed and sold, a subcontractor's faulty wiring causes the house to burn. The buyer, or his/her insurance company, sues you for the cost of repairing or rebuilding the house. There is no coverage for this exposure under standard liability policies.
Sometimes factors that enter into determining appropriate premiums for insurance coverage can't be known in advance; therefore, accurate premiums for the coverage provided can't be billed by the insurance carrier. This often is true in the case of Worker's Compensation and Product Liability insurance, where such things as payroll and sales can't be determined ahead of time. An audit serves as an examination of the insured's records after the fact to adjust the initial premium billed to reflect the actual coverage.
AUTOMOBILE ACCIDENTS AND NO INSURANCE
If you don't have Personal Automobile insurance -- perhaps because you use a company vehicle -- you have a number of possible uninsured exposures.
For example, you may be without protection in any of the following situations:
- If you borrow someone else's car.
- If you rent a car.
- If you are injured while using a borrowed or rented car -- whether you're driver or passenger.
- If you suffer a loss of income as a result of injury while using a borrowed or rented car -- whether you're driver or passenger.
- If a member of your family (spouse, child, etc.) is involved in any of the above-mentioned situations.
- If you are involved in an accident with an uninsured driver.
- If you are driving a company-owned/-insured car with a "fellow employee" as passenger.
- If you are subject to any of these exposures, it may be both easy and economical to obtain coverage. In many cases, the purchase of Personal Automobile insurance is not necessary, assuming you don't own or "long-term" lease a vehicle.
- In addition, if you don't give adequate, repeat warning of these exposures to your employees that have company vehicles, and urge the possible need for Personal Automobile insurance, you might be held liable for their uninsured accidents! Furthermore, this "error" or "omission" would not be covered under your Commercial Automobile policy.
- If any of this information applies to you, please call us to explain your particular circumstances so we can determine what needs to be done to correct this situation for you.
Inland marine coverage on property entrusted to the insured for storage, repair, or servicing. It is typically purchased by businesses such as dry cleaners, jewelers, repairers, furriers, etc.
Basic Condominium Coverage’s
Contents is selected based on the value of your contents to replace your things for damages arising from perils named in your policy such as fire, water damage, theft, explosion, and more. There is a deductible usually $500 or a $1000. In a replacement cost coverage policy, coverage is provided in a way that allows you to replace your lost property with new items, without depreciation.
There are specific limits on the theft of certain types of property such as jewelry, money and securities, watercraft, etc. It may be preferable to schedule specifically your valuables and collectables.
Additions and Alterations coverage protects any additions, alterations, and improvements you make to your unit, for up to 10% of your contents limit. This coverage can be increased.
Unit assessment coverage pays up to the specified policy limit for your share of an assessment charged against all unit owners as a result of a covered loss.
Loss of Use is an extra expense you incur while staying at a temporary location if your condo becomes uninhabitable.
Personal Liability coverage insures you for claims involving damages for which you are held liable.
NON-OWNED AND HIRED CAR
Coverage is for policies written with limits of liability of $1 million or more. It provides coverage for rental or borrowed autos as long as the insured does not own any private passenger vehicles, pick-up, panel truck or van and the use doesn’t exceed 30 days.
Also recommend is Personal Excess Liability Coverage, often called an Umbrella policy. A personal Excess Liability Policy provides you with liability Coverage for damages for which you or members of your household may be legally responsible for beyond the basic limit.
Excess liability coverage -- often called umbrella -- is an important addition to your insurance portfolio. A personal excess policy provides you with additional protection for damages in which you or members of your household may be legally liable. (In our litigious society) this policy helps to protect you and your loved ones against the cost of those damages which might appear to be minor--such as a fender bender--but actually end up being costly over time. That minor accident could turn into a lawsuit for the ongoing back or neck problems of the other driver.
An Umbrella or Excess liability policy provides you with additional limits of liability over and above both your Homeowners and Auto policies allowing you the peace of mind that your assets are protected.
EXPLANATION OF NAMED PERIL VERSUS ALL RISK
A "peril" is defined as a cause of damage or loss. To be covered for damage or loss under a "basic” contract, the damage or loss must be caused by a peril that is "named" or listed in the contract. Consequently, if damage or loss is caused by a peril that is not named, there is no coverage. In addition, the contract's exclusions must also be considered in determining coverage.
In a "special” contract, it is not necessary to name or list the insured perils since the intent is to cover all risk of damage or loss. Here, too, the contact's exclusions must be considered; however, the "special” form of coverage provides a much greater coverage quality.
Note that "special” coverage should not be construed to mean "all loss" coverage. Certain types of loss are definite and therefore not insurable.
A binder is a legal agreement that serves to effect insurance coverage for a specified period of time until the actual insurance policy can be issued. A binder can be issued by either an insurance agent or company and must provide the following information:
- Name of insured
- Type of insurance coverage
- Limits of insurance
- Covered perils
- Name of insurance company
Blanket insurance provides coverage under a single limit for the following:
- Two or more items (e.g., Building and/or Contents)
- Two or more locations (e.g., Location A and/or Location B)
- A combination of items and/or locations
A block policy provides a form of inland marine insurance. It covers loss to the property of a merchant, wholesaler, or manufacturer including:
- Property of others in the insured's care, custody, or control
- Property on consignment
- Property sold but not delivered
A block policy will cover loss caused by most perils (including transportation), subject to certain limitations as specified in the policy exclusions. Common block policies are jeweler's block and furriers block policies.
BOILER AND MACHINERY COVERAGE
This form of insurance provides important mechanical breakdown coverage generally not available under any other insurance policy. A Boiler and Machinery policy can protect an insured against the effects of catastrophic property loss, such as steam boiler explosion or an expensive breakdown of machinery and equipment.
But it's not just the physical damage caused by the explosion or breakdown that's of concern. While repairs are being made, valuable time and profits are lost. Business Interruption coverage protects against this. Often Extra Expense coverage is required to keep the business in operation regardless of cost. Consequential Damage and Refrigeration Interruption insurance protect against spoilage as the result of a breakdown. Many times these business interruption, extra expense and spoilage losses can be much more extensive than the damage to the equipment itself.
Equally important is the very valuable inspection service that Boiler and Machinery insurance can provide. Not only does this service satisfy most jurisdictional inspection requirements, but it also can benefit the insured by providing sound loss control recommendations that can help assure efficient operation and longer equipment life.
It is our opinion that virtually every commercial business has some type of Boiler and Machinery insurance exposure. Keep in mind that mechanical breakdown coverage encompasses much more than just boilers and pressure vessels. It also can include refrigeration equipment, air conditioning equipment, various types of piping, turbines, engines, pumps, compressors, blowers, gearing, shafting, electric motors, generators, transformers and assorted other types of mechanical and electrical equipment. In fact, many policies are written for insureds who do not own or operate boilers or pressure vessels, but yet have sizable mechanical and electrical exposures.
BROAD FORM PROPERTY DAMAGE COVERAGE INCLUDING COMPLETED OPERATIONS
This coverage extension is of great value to the general contractor as respects "completed operations" property damage liability claims. Without it, the normal Comprehensive General Liability policy will not respond for "completed operations" claims (i.e., claims rising out of work performed on behalf of the insured by subcontractors). With it, this exposure is covered.
Additional broadening coverage features are also included, but none as important as the above to the general contractor.
BROADCASTERS' LIABILITY COVERAGE
The legal liabilities of a broadcaster are numerous and vary from the use of incorrect news stories, libel and slander, invasion of privacy, copyright infringement, and unauthorized use of plot, characters, or music. Broadcasters' Liability insurance covers these exposures, as well as defense costs in contesting suits or claims. Employees are covered as insured’s while acting within the scope of their duties as such.
BROADENED NAMED INSURED WORDING
Regarding liability coverage’s, these coverage’s will automatically apply to ". . . any affiliated, associated, allied or subsidiary company or entity (including subsidiaries thereof), now held or hereinafter acquired or constituted . . ."
Indemnifies for loss of or damage to a building under construction. Insurance is normally written for a specified amount on the building and applies only in the course of construction. Coverage customarily includes fire and extended coverage and vandalism and malicious mischief. Builders risk coverage can be extended to a "special" form as well. The builders risk policy also may include coverage for items in transit to the construction site (up to a certain percentage of value) and items stored at the site.