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A
12 terms
Actual Cash Value (ACV) General
The replacement cost of damaged or stolen property minus depreciation. This valuation method considers the age and condition of the item at the time of loss.
A 5-year-old roof damaged by a storm would be valued at its replacement cost minus 5 years of depreciation.
Additional Insured Commercial
A person or organization added to an insurance policy that receives coverage under the named insured's policy. Often required in contracts between businesses.
A general contractor may require subcontractors to add them as an additional insured on their liability policy.
Adjuster Claims
A person who investigates insurance claims to determine the extent of the insurer's liability. May be employed by the insurance company (staff adjuster) or work independently (independent adjuster).
Aggregate Limit Commercial
The maximum amount an insurer will pay for all covered losses during a policy period, typically one year. Once reached, no further claims will be paid.
A policy with a $2 million aggregate limit will pay no more than $2 million total for all claims in that policy year.
Auto Liability Insurance General
Coverage that pays for bodily injury and property damage you cause to others while operating a vehicle. Required by law in most states.
Assigned Risk General
A program that provides insurance to those who cannot obtain coverage in the regular market due to high risk factors. Often used for auto and workers' compensation insurance.
Audit (Premium Audit) Commercial
A review conducted by an insurance company to verify the accuracy of information used to calculate premiums, such as payroll, sales, or vehicle counts.
Workers' compensation policies often require an annual audit to verify actual payroll figures against estimated amounts.
Binder General
A temporary agreement that provides immediate insurance coverage until a formal policy is issued. Typically valid for 30-90 days.
Blanket Coverage Commercial
Insurance that covers multiple properties, items, or locations under a single limit rather than scheduling each item separately.
A manufacturer might have blanket coverage for all equipment at multiple locations under one policy limit.
Additional Living Expenses (ALE) Personal
Coverage that pays for increased costs of living when you cannot live in your home due to a covered loss. Includes hotel stays, restaurant meals, and other temporary expenses above normal living costs.
Agreed Value Commercial
A policy provision where the insurer and policyholder agree on the value of the insured property at the policy's inception. In the event of a total loss, the agreed amount is paid without depreciation.
At-Fault Accident General
An accident where the insured driver is determined to be primarily responsible for causing the collision. This typically affects future insurance premiums.
B
10 terms
Bodily Injury (BI) General
Physical injury, sickness, or disease sustained by a person, including death resulting from any of these. A key component of liability coverage.
Broker General
A licensed insurance professional who represents the client (not the insurance company) and shops multiple insurers to find the best coverage and rates.
Business Income Coverage Commercial
Insurance that covers lost income and continuing expenses when a business cannot operate due to a covered loss, such as fire or natural disaster.
If a restaurant closes for 3 months due to fire damage, business income coverage pays for lost profits and ongoing expenses like rent and loan payments.
Business Owners Policy (BOP) Commercial
A packaged policy combining general liability and commercial property coverage at a lower premium than purchasing separate policies. Designed for small to medium businesses.
Builders Risk Insurance Commercial
Coverage for buildings under construction that protects against damage to the structure, materials, and equipment during the construction process.
Bond (Surety Bond) Commercial
A three-party agreement guaranteeing that a contractor or business will fulfill their obligations. If they fail, the surety company compensates the obligee.
A contractor must post a performance bond guaranteeing they will complete a construction project according to contract terms.
Bailee Coverage Commercial
Insurance that covers property belonging to others while in your care, custody, or control. Important for businesses that hold customer property.
An auto repair shop needs bailee coverage to protect customer vehicles while they're being serviced.
Blanket Additional Insured Commercial
An endorsement that automatically adds multiple parties as additional insureds when required by contract, without having to name each one individually.
Bobtail Coverage Commercial
Liability coverage for a tractor (semi-truck) operating without a trailer attached, typically when the driver is not under dispatch.
Broad Form Coverage General
Property coverage that protects against a specified list of perils (named perils), offering more protection than basic form but less than special form coverage.
C
16 terms
Claim Claims
A formal request to an insurance company asking for payment based on the terms of the policy. The process of filing and settling claims is called claims handling.
Coinsurance Commercial
A provision requiring the policyholder to insure property for a specified percentage (usually 80-100%) of its value to receive full claim payment. Failure to meet this requirement results in a penalty.
If a building worth $1 million is insured for only $600,000 under an 80% coinsurance clause, a $100,000 claim would only pay $75,000.
Collision Coverage General
Auto insurance that pays for damage to your vehicle caused by collision with another vehicle or object, regardless of fault.
Comprehensive Coverage General
Auto insurance that covers damage to your vehicle from non-collision events such as theft, vandalism, fire, hail, flood, or hitting an animal.
Combined Single Limit (CSL) General
A liability limit that combines bodily injury and property damage coverage into one total amount per accident, rather than separate limits for each.
A $1 million CSL means up to $1 million is available for any combination of bodily injury and property damage claims from one accident.
Commercial Auto Insurance Commercial
Coverage for vehicles used for business purposes, including owned, hired, and non-owned autos. Provides liability, physical damage, and other coverages.
Certificate of Insurance (COI) Commercial
A document issued by an insurance company or broker that verifies the existence of insurance coverage, the types and limits of coverage, and the policy period.
Contractors Equipment Coverage Commercial
Insurance protecting mobile equipment and tools used by contractors, covering theft, damage, and sometimes breakdown.
Cargo Insurance Commercial
Coverage for goods and freight while being transported by truck, ship, or air. Protects against loss or damage during transit.
Cyber Liability Insurance Commercial
Coverage protecting businesses from internet-based risks such as data breaches, ransomware attacks, and other cyber incidents.
Completed Operations Coverage Commercial
Liability coverage for claims arising from work that has been completed and handed over to the customer. Essential for contractors.
If a plumber's work causes water damage months after the job was finished, completed operations coverage would respond.
Commercial General Liability (CGL) Commercial
The core liability policy for businesses, covering bodily injury, property damage, personal injury, and advertising injury caused by business operations.
Coverage Territory General
The geographic area where the insurance policy provides coverage. Typically defined in the policy declarations or conditions.
Conditional Receipt General
A receipt given when an application and premium are submitted, providing temporary coverage subject to certain conditions being met.
Cross Liability Commercial
Coverage allowing one insured party to bring a claim against another insured party under the same policy, treating them as if they had separate policies.
Cancellation General
The termination of an insurance policy before its expiration date, either by the insured or the insurance company. Unearned premium is typically refunded.
D
10 terms
Deductible General
The amount you must pay out-of-pocket before the insurance company pays a claim. Higher deductibles generally result in lower premiums.
With a $1,000 deductible and a $5,000 claim, you pay $1,000 and the insurer pays $4,000.
Declarations Page General
The first page(s) of an insurance policy containing key information: named insured, policy period, coverage limits, deductibles, and premium.
Depreciation General
The decrease in value of property over time due to age, wear and tear, or obsolescence. Used in calculating actual cash value claims.
Directors & Officers (D&O) Insurance Commercial
Coverage protecting corporate directors and officers against personal liability for decisions made while managing the company.
Duty to Defend Commercial
The insurer's obligation to provide a legal defense for the insured against covered claims, even if the claims are groundless or fraudulent.
Dwelling Coverage Personal
The portion of a homeowners policy that covers the structure of the home itself against covered perils like fire, wind, and hail.
Date of Loss (DOL) Claims
The date when an insured loss occurred. Critical for determining coverage and policy period applicability.
Downtime Coverage Commercial
Insurance that pays for income lost when equipment breaks down and cannot be used. Often part of equipment breakdown coverage.
Driver Exclusion General
A policy provision that specifically excludes coverage for certain named drivers. Used to exclude high-risk drivers from a policy.
DOT Number Commercial
A unique identifier assigned by the Department of Transportation to commercial motor carriers for regulatory and safety purposes.
E
10 terms
Endorsement General
A written amendment to an insurance policy that modifies coverage by adding, deleting, or changing provisions. Also called a rider.
An endorsement might add flood coverage to a property policy or exclude a specific driver from auto coverage.
Errors & Omissions (E&O) Insurance Commercial
Professional liability coverage that protects against claims of negligent acts, errors, or omissions in providing professional services.
Excess Insurance Commercial
Coverage that provides additional limits above the primary policy. Pays after primary limits are exhausted.
Exclusion General
A policy provision that eliminates coverage for specific risks, perils, circumstances, or property. Common exclusions include intentional acts and wear and tear.
Experience Modification Rate (EMR) Commercial
A factor applied to workers' compensation premiums based on a company's claims history compared to the industry average. A lower EMR means better-than-average safety record.
An EMR of 0.85 means the company has 15% fewer claims than average and will pay 15% less in premium.
Equipment Breakdown Coverage Commercial
Insurance that covers mechanical and electrical breakdown of equipment like HVAC systems, boilers, and production machinery. Previously called boiler and machinery insurance.
Employers Liability Insurance Commercial
Coverage protecting employers against lawsuits by employees for work-related injuries not covered by workers' compensation. Part B of a workers' comp policy.
Effective Date General
The date when insurance coverage begins. Claims for incidents occurring before this date are not covered.
Extended Coverage General
Additional perils added to a basic fire policy, typically including windstorm, hail, explosion, riot, and smoke damage.
Electronic Data Coverage Commercial
Insurance covering the cost to restore electronic data that is lost or damaged due to a covered peril.
F
8 terms
Fiduciary Liability Insurance Commercial
Coverage protecting those who manage employee benefit plans from claims of mismanagement or breach of fiduciary duty.
Flood Insurance General
Coverage for damage caused by flooding, which is specifically excluded from standard property policies. Available through the National Flood Insurance Program (NFIP) or private insurers.
First Party Coverage General
Insurance that pays benefits directly to the policyholder for their own losses, such as collision coverage or medical payments.
Fidelity Bond Commercial
Insurance protecting a business against losses caused by dishonest acts of employees, such as theft, forgery, or embezzlement.
Fleet Insurance Commercial
A commercial auto policy covering multiple vehicles under a single policy. Often provides better rates than insuring vehicles individually.
Force Majeure General
Unforeseeable circumstances that prevent fulfilling a contract, such as natural disasters or war. May affect coverage or policy obligations.
Franchise Deductible Commercial
A deductible that, once met, allows the insurer to pay the entire claim. If the loss is below the franchise amount, nothing is paid.
Fronting Commercial
An arrangement where a licensed insurer issues a policy on behalf of an unlicensed insurer or self-insured entity, typically for regulatory compliance.
G
6 terms
General Aggregate Limit Commercial
The maximum total amount a liability policy will pay for all claims during a policy period, excluding products-completed operations claims.
General Liability Insurance Commercial
Coverage that protects businesses from claims of bodily injury, property damage, and personal injury arising from business operations or premises.
Grace Period General
A specified period after a premium due date during which coverage remains in effect even though payment has not been received, typically 10-30 days.
Gross Vehicle Weight Rating (GVWR) Commercial
The maximum total weight of a vehicle including passengers, cargo, and fuel. Used to determine commercial auto classification and rates.
Garagekeepers Coverage Commercial
Insurance protecting businesses that store or service customer vehicles against liability for damage to those vehicles while in their care.
Guaranteed Cost Policy Commercial
A policy where the premium is fixed at inception and not subject to adjustment based on losses. Opposite of a loss-sensitive or retrospective program.
H
6 terms
Hired Auto Coverage Commercial
Liability coverage for vehicles rented or borrowed by a business on a short-term basis, such as rental cars for employee business travel.
Hold Harmless Agreement Commercial
A contractual clause where one party agrees to assume liability for certain situations and protect another party from claims. Also called indemnification clause.
Homeowners Insurance Personal
A package policy providing coverage for the home structure, personal property, liability, and additional living expenses.
Hazard General
A condition that increases the likelihood or severity of a loss. Physical hazards include icy sidewalks; moral hazards include dishonesty.
High-Worth Individual (HWI) Insurance Personal
Specialized personal insurance products designed for wealthy individuals with complex asset protection needs.
Hull Coverage Commercial
Physical damage insurance for watercraft (boats/ships) or aircraft, covering the vessel or aircraft itself against damage or loss.
I
10 terms
Indemnity General
The principle that insurance should restore the insured to the same financial position they were in before the loss, no better and no worse.
Inland Marine Insurance Commercial
Coverage for property that moves or is movable, including contractors' equipment, goods in transit, and specialized property not covered by standard policies.
Insurable Interest General
A financial stake in the continued existence of the insured property or life. Required for a valid insurance contract to exist.
Insured General
The person or entity protected by an insurance policy. The named insured is specifically listed on the policy; additional insureds are added by endorsement.
Insurer General
The insurance company that issues the policy and assumes the risk in exchange for premium payment.
Installation Floater Commercial
Coverage for materials and equipment being installed at a job site until installation is complete and accepted by the owner.
Independent Contractor Commercial
A worker who provides services under contract but is not an employee. Important distinction for workers' compensation and liability purposes.
Insurance Score General
A numerical value based on credit information used by insurers to predict the likelihood of future claims. Different from a credit score.
ISO (Insurance Services Office) General
An organization that provides standardized policy forms, statistical data, and rating information used by insurance companies.
Interim Coverage General
Temporary insurance coverage provided until a permanent policy is issued or while waiting for coverage to begin.
L
10 terms
Liability Insurance General
Coverage that protects the insured against claims resulting from injuries or damage to other people or property caused by the insured's actions or negligence.
Limit of Insurance General
The maximum amount an insurer will pay for a covered loss. May be expressed per occurrence, per person, per accident, or in aggregate.
Loss Payee General
A person or entity (usually a lender) listed on the policy to receive claim payments or be named on claim checks. Common with financed vehicles and mortgaged property.
Loss Ratio General
The ratio of claims paid to premiums earned, expressed as a percentage. Used to evaluate an insurer's profitability and an insured's claims history.
If an insurer pays $60 million in claims on $100 million in premium, the loss ratio is 60%.
Loss Runs Commercial
A report from an insurance company showing a policyholder's claims history, including dates, descriptions, and amounts paid. Required when shopping for new coverage.
Lapse General
The termination of an insurance policy due to non-payment of premium after the grace period expires.
Liquor Liability Insurance Commercial
Coverage for businesses that sell, serve, or manufacture alcohol against claims arising from the actions of intoxicated customers.
Long-Tail Claims Claims
Claims that are reported or settled long after the policy period, often years later. Common in products liability and professional liability.
Loading General
The portion of an insurance premium that covers the insurer's expenses, profit, and contingencies, added to the pure cost of expected claims.
Leased Worker Coverage Commercial
Coverage for workers obtained from a staffing agency who work under the client company's direction. Important for workers' compensation classification.
M
8 terms
Medical Payments Coverage General
Coverage that pays medical expenses for injuries to people on your premises or caused by your activities, regardless of fault. Available on both auto and general liability policies.
Motor Vehicle Record (MVR) General
A report from the DMV showing a driver's license status, traffic violations, accidents, and other driving-related information. Used in auto insurance underwriting.
Moral Hazard General
The risk that a person may be dishonest or may deliberately cause a loss because they have insurance coverage.
Minimum Premium General
The lowest premium an insurer will accept for a particular policy, regardless of the calculated premium based on exposure.
MCS-90 Endorsement Commercial
A federally required endorsement for interstate motor carriers that guarantees payment of liability claims to third parties even if the policy doesn't otherwise cover the loss.
Manuscript Policy Commercial
A custom-written insurance policy tailored to meet a specific insured's unique needs, rather than using standard forms.
Multi-Peril Policy Commercial
A policy that combines multiple coverages (property, liability, crime, etc.) into one package, like a Business Owners Policy.
Mutual Insurance Company General
An insurance company owned by its policyholders rather than stockholders. Profits may be returned to policyholders as dividends.
N
6 terms
Named Insured General
The person or entity specifically named in the policy declarations as the policyholder. Has the most complete protection under the policy.
Named Perils Coverage General
Property insurance that covers only the specific perils listed in the policy, such as fire, theft, or windstorm.
Non-Owned Auto Coverage Commercial
Liability coverage for vehicles not owned by the business but used for business purposes, such as employees' personal vehicles used for work errands.
NCCI (National Council on Compensation Insurance) Commercial
An organization that provides workers' compensation classification codes, experience modification calculations, and statistical data for most states.
Notice of Cancellation General
Required written notice from an insurer informing the policyholder that coverage will be terminated. State laws specify minimum notice periods.
Negligence General
Failure to exercise reasonable care that results in harm to another person or their property. The basis for most liability claims.
O
6 terms
Occurrence General
An accident or continuous exposure to conditions that results in bodily injury or property damage during the policy period. Key trigger for liability coverage.
Open Perils (Special Form) General
Property coverage that protects against all risks of physical loss except those specifically excluded. Provides broader protection than named perils.
Other Insurance Clause General
A policy provision that describes how coverage applies when multiple policies cover the same loss. May be primary, excess, or pro-rata.
Owners & Contractors Protective (OCP) Commercial
A liability policy purchased by a property owner or general contractor providing coverage for liability arising from a specific contractor's work.
Ordinance or Law Coverage Commercial
Coverage for increased costs to repair or rebuild property to comply with current building codes and ordinances after a covered loss.
Owner-Operator Commercial
A truck driver who owns their own vehicle and operates under contract with a motor carrier, rather than being an employee.
P
14 terms
Premium General
The amount paid for insurance coverage, usually expressed as an annual, semi-annual, quarterly, or monthly amount.
Policy General
The written contract between the insured and insurer that describes the coverage, conditions, exclusions, and obligations of both parties.
Personal Injury Commercial
In liability insurance, offenses such as false arrest, malicious prosecution, defamation, invasion of privacy, and wrongful eviction. Different from bodily injury.
Property Damage (PD) General
Physical injury to tangible property, including the loss of use of that property. A key component of liability coverage.
Products Liability Insurance Commercial
Coverage for claims arising from bodily injury or property damage caused by products manufactured, sold, or distributed by the insured.
Professional Liability Insurance Commercial
Coverage protecting professionals against claims of negligence, errors, or omissions in their professional services. Also called E&O or malpractice insurance.
Personal Injury Protection (PIP) General
No-fault auto coverage that pays for medical expenses, lost wages, and other costs for the insured and passengers regardless of who caused the accident.
Pro Rata General
A proportional distribution. In insurance, often refers to how premium refunds are calculated or how multiple policies share in a loss.
Primary Insurance General
Coverage that pays first in the event of a loss, before any other applicable insurance responds.
Punitive Damages General
Damages awarded to punish wrongful conduct rather than compensate for actual loss. Often excluded from or not covered by insurance policies.
Pollution Liability Insurance Commercial
Coverage for claims arising from pollution events, which are typically excluded from standard general liability policies.
Premises Liability Commercial
Legal responsibility of property owners and occupants for injuries occurring on their property due to unsafe conditions.
Prior Acts Coverage Commercial
Coverage under a claims-made policy for acts that occurred before the policy inception but are reported during the policy period.
Physical Damage Coverage General
Auto insurance covering damage to the insured vehicle, including comprehensive and collision coverage.
R
10 terms
Replacement Cost General
The cost to replace damaged or destroyed property with new property of like kind and quality, without deduction for depreciation.
Reservation of Rights Claims
A letter from an insurer stating they will investigate and potentially defend a claim while reserving the right to later deny coverage if certain conditions apply.
Rider General
An addition or amendment to an insurance policy that modifies its terms. Also called an endorsement.
Risk General
The chance of loss; uncertainty about outcomes. In insurance, also refers to the person, property, or entity being insured.
Retrospective Rating Commercial
A premium calculation method where the final premium is adjusted based on the insured's actual loss experience during the policy period.
Reinstatement General
Restoring a lapsed policy to active status, or restoring policy limits after a claim has reduced them.
Renewal General
Continuation of coverage for a new policy period after the current period expires, often with updated terms and premium.
Reinsurance General
Insurance purchased by insurance companies to transfer portions of their risk to other insurers, helping manage their exposure to large losses.
Rental Reimbursement General
Auto coverage that pays for a rental vehicle while your car is being repaired after a covered loss.
Rate General
The price per unit of insurance. Premium is calculated by multiplying the rate by the exposure units (payroll, revenue, vehicle count, etc.).
S
12 terms
Subrogation Claims
The insurer's right to recover claim payments from the party responsible for the loss. After paying a claim, the insurer "steps into the shoes" of the insured.
If another driver causes an accident, your insurer pays your claim then seeks reimbursement from the at-fault driver's insurance.
Self-Insured Retention (SIR) Commercial
An amount the insured must pay out of their own funds before the insurance policy begins to pay. Similar to a deductible but the insured handles their own claims up to the SIR.
Split Limits General
Liability coverage with separate limits for bodily injury per person, bodily injury per accident, and property damage, expressed as three numbers (e.g., 100/300/100).
Surplus Lines Insurance Commercial
Coverage provided by non-admitted insurers for risks that standard market insurers won't write. Regulated differently than admitted insurance.
Schedule General
A list attached to a policy detailing specific items of covered property with their individual values or limits, such as vehicles or equipment.
Stated Value General
A value declared by the insured for property, used as a maximum for claim payment. The actual claim may be paid at lesser of stated value, actual cash value, or repair cost.
Stop Loss Commercial
Insurance that limits the total amount a self-insured organization must pay in claims. Triggers when claims exceed a specified threshold.
Special Form Coverage General
The broadest property coverage form, protecting against all risks of direct physical loss except those specifically excluded.
Spoilage Coverage Commercial
Insurance covering loss of perishable goods due to equipment breakdown or power failure. Important for restaurants, grocers, and food processors.
Supplementary Payments Commercial
Amounts the insurer pays in addition to policy limits for things like defense costs, court costs, and interest on judgments.
Statutory Coverage Commercial
Coverage meeting requirements set by state law, such as statutory workers' compensation benefits or minimum auto liability limits.
Symbols (Auto) Commercial
Numbers used in commercial auto policies to define which vehicles are covered (1=any auto, 2=owned autos only, 7=specifically described autos, etc.).
T
8 terms
Third Party Coverage General
Liability insurance that pays claims made by others (third parties) against the insured, as opposed to first-party coverage which pays the insured directly.
Total Loss Claims
When property is completely destroyed or when repair costs exceed the property's value. The insurer pays the applicable limit or value and takes ownership of the salvage.
Trailer Interchange Coverage Commercial
Physical damage coverage for trailers in the insured's possession under a trailer interchange agreement with another trucker.
Truckers Coverage Form Commercial
A commercial auto policy designed specifically for trucking operations, covering owned vehicles, trailers, and cargo.
Tenant Improvements & Betterments Commercial
Permanent additions or changes made by a tenant to rented space at their expense. Can be insured under property coverage.
Tail Coverage (ERP) Commercial
An extended reporting period purchased when a claims-made policy is cancelled or not renewed, allowing claims to be reported after the policy ends for incidents that occurred during the policy period.
Towing & Labor Coverage General
Auto coverage that pays for towing and roadside labor costs when your vehicle breaks down or is disabled.
Transit Coverage Commercial
Insurance protecting goods while being transported from one location to another.
U
6 terms
Umbrella Insurance General
Liability coverage that provides additional limits above underlying policies and may also cover some claims excluded by underlying policies. Broader than excess insurance.
A $5 million umbrella policy sits above auto, homeowners, and other liability policies, providing extra protection for large claims.
Underwriting General
The process of evaluating risks to determine whether to provide coverage, what terms and conditions to apply, and what premium to charge.
Uninsured Motorist (UM) Coverage General
Auto coverage that protects you if you're injured by a driver who has no insurance. Required in many states.
Underinsured Motorist (UIM) Coverage General
Auto coverage that pays the difference when an at-fault driver's insurance isn't enough to cover your injuries or damages.
Unearned Premium General
The portion of premium that applies to the unexpired portion of the policy period. Refunded if a policy is cancelled mid-term.
Utmost Good Faith General
The legal principle requiring both insurer and insured to act honestly and disclose all material information in an insurance contract.
V
4 terms
Vacancy Clause Commercial
A policy provision that reduces or eliminates coverage if the insured property is vacant for more than a specified period, typically 60 days.
Valuation General
The method used to determine the value of insured property for claim payment purposes (actual cash value, replacement cost, agreed value, etc.).
Vicarious Liability Commercial
Legal responsibility for the actions of another, such as an employer's liability for employee actions within the scope of employment.
VIN (Vehicle Identification Number) General
A unique 17-character code assigned to every motor vehicle that identifies its manufacturer, characteristics, and serial number. Used in auto insurance for vehicle identification.
W
6 terms
Workers' Compensation Insurance Commercial
Coverage required by law in most states that provides benefits to employees who are injured or become ill due to their job. Covers medical expenses, lost wages, and rehabilitation.
Waiver General
The voluntary relinquishment of a known right. In insurance, may refer to waiving certain policy requirements or conditions.
Waiver of Subrogation Commercial
An agreement where the insured gives up the right to let their insurer pursue recovery against a third party. Often required in construction contracts.
Wrap-Up Insurance (OCIP/CCIP) Commercial
A consolidated insurance program covering multiple parties on a construction project. Can be Owner Controlled (OCIP) or Contractor Controlled (CCIP).
Written Premium General
The total premium charged for policies issued during a specific period, before adjustments for reinsurance or expenses.
Watercraft Liability Personal
Coverage for liability arising from ownership or operation of boats and watercraft. May be included in homeowners policies for small boats or require separate coverage.