Commercial Property - Property coverage, which may be written as a monoline policy or part of a Commercial Package Policy.
Coverage TypeDescription
Commercial Property Property coverage, which may be written as a monoline policy or part of a Commercial Package Policy.
Builders Risk 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.
Business Income Lost profits resulting from damage to property that halts the business.
Apartments (Commercial) Coverage for habitational housing buildings and complexes. Coverages typically written on a commercial package basis.
Boiler and Machinery Coverage for loss arising out of the operation of pressure, mechanical, and electrical equipment. It covers loss of the boiler and machinery itself, damage to other property, and business interruption losses.
Commercial Package (Property & Casualty) A commercial lines policy that contains more than one of the following coverage parts; Commercial Property, Commercial General Liability, Commercial Inland Marine, Commercial Crime, Boiler and Machinery Insurance, Commercial Automobile Insurance, and Farm Coverage.
Condominium Package (Commercial) A commercial property form designed to cover the individual or joint insurance needs of either an association or individual needs of commercial (not residential) condominium unendowed.
Crop Hail Coverage designed to provide financial protection against damage to growing crops as a result of hail or certain other named perils.
Difference In Conditions All-risk policy that covers other perils not insured by basic property insurance contracts, supplemental to and excluding the coverage provided by underlying contracts. DIC insurance provides coverage designed to close specific gaps in standard insurance policies and is usually available only for larger industrial or commercial risks. It allows coverage to be customized to extend to such exposures as water damage, flood, collapse, earthquake, landslide, etc., according to the insured's needs. DIC coverage may be provided by means of a separate insurance policy or it may be added by endorsement to the basic policy.
Earthquake Insurance covering damage caused by an earthquake as defined in the contract.
Flood A form of insurance designed to reimburse property owners from loss due to the defined peril of flood. Usually sold in connection with a government Flood Insurance plan.
Glass (Commercial) Coverage on an all risks basis for glass breakage, subject to exclusions of war and fire. Thus, if a vandal throws a brick through a window of an insured's establishment, the coverage would apply.
Mortgagee Impairment Protects banks and other financial institutions for their mortgagee interests on property owned by mortgagors who have secured loans from them. Such insurance covers on an all risks of physical loss basis including flood, wave wash, collapse or subsidence and earthquake, in addition to the normal fire and E.C. perils. Generally written on application and subject to a deductible.
Windstorm &/or Hail Additional coverage available on most property insurance policies through the extended coverage endorsement. Windstorms, including hurricanes, cyclones, and high winds, are not among the covered perils under most property insurance policies.
Mold Coverage - Commercial Stand alone (mono-line) coverage for mold as a result of a covered peril under a commercial policy.
Sinkhole Coverage - Commercial Stand alone (mono-line) coverage for sinkholes on commercial property.
Excess Flood - Commercial Specific excess flood over a primary flood policy on commercial property.
Crime - A public wrong, a violation of criminal law. The state is the entity that brings charges against one who commits a crime and the matter is adjudicated in a criminal court.
Coverage TypeDescription
Bankers Blanket Bond Coverage for a bank in the event of loss due to dishonest acts of its employees or individuals external to the bank. For example, if a teller goes to Mexico with the bank's money, the bank would be indemnified for its loss.
Blanket Crime Policy Coverage usually provided as part of the special multiperil insurance (SMP) policy through the attachment of the Blanket Crime Endorsement. Perils covered include dishonesty of a business’s employees; loss of money both while inside as well as outside a business's premises; lost money orders; forgery due to the acts of a depositor, and counterfeit paper currency. Since this crime policy is so comprehensive, it is said to provide the insured with a blanket of coverage.
Employee Dishonesty Any dishonest act of an employee which may contribute to a loss for the employer. Fidelity bonds are usually used to protect against such losses.
Identity Theft Coverage for fraud or other crimes, when someone uses your personal information without your permission.
Deposit Forgery Coverage for deposit forgery if an insured's paper has been forged or altered.
Miscellaneous -
Coverage TypeDescription
Accident & Health Insurance against loss by sickness or bodily injury. The generic form for those forms of insurance that provide lump sum or periodic payments in the event of loss occasioned by bodily injury, sickness or disease, and medical expense. The term health insurance is now used to replace such terms as accident insurance, sickness insurance, medical expense insurance, accidental death insurance, and dismemberment insurance. The form is sometimes called accident and health, accident and sickness, accident, or disability income insurance.
Credit Insurance Insurance against loss or damage resulting from failure of debtor to pay their obligations to the creditor. This does not include financial guaranty insurance.
Animal Mortality Coverage for designated horses and other animals if they are damaged or destroyed. The insurance includes registered cattle and herds, other farm livestock, and zoo animals. This type of insurance protects the insured against the premature death of animals resulting from natural causes, fire, lightning, accidents, and acts of God, acts of individuals other than the owner, and destruction for humane purposes.
Mortgage Guaranty A form of casualty insurance insuring lenders against financial loss generally associated with non-payment of principal, interest, and other sums agreed to be paid under the term of the loan on real estate which contains a building or buildings.
Worker's Compensation-Excess Only Coverage providing four types of benefits (medical care, death, disability, and rehabilitation) for employee job-related injuries or diseases as a matter of right (without regard to fault). This insurance is usually purchased by the employer from an insurance company although in a few states there are monopolistic state funds through which the insurance must be purchased. The premium rate is based on a percentage of the employer’s payroll and varies according to the employee’s occupation.
Product Recall Coverage for the expenses incurred by a business resulting from the recall of products, whether defective or not.
Kidnap/Ransom This insurance is written primarily for financial institutions and covers named employees for individual or aggregate amounts paid as ransom, with deductible requiring the insured to participate in about 10% of any loss. There are few markets for this coverage and no standardization of rates.
Surety Contract by which one party agrees to make good the default or debt of another. Actually, three parties are involved: the principal, who has primary responsibility to perform the obligation (after which the bond becomes void); the surety, the individual with the secondary responsibility of performing the obligation if the principal fails to perform. (After the surety performs, recourse is against the principal for reimbursement of expenses incurred by the surety in the performance of the obligation, know as surety’s right of exoneration); and the obligee, to whom the right of performance (obligation) is owed.
Weather Insurance Insurance designed to protect the insured sponsor of an outside event or a manufacturer designing a product the promotion of which depends on a weather-related risk.
Prize Indemnification Coverage for large prizes that is tailor-made, using a basic inland marine policy, and the pricing depends on the odds faced by the insurer. The most common risks are hole-in-one, tagged fish, and record fish.
Travel Accident Coverage for accidental death, disability and medical expenses when traveling.
Terrorism Stand alone (mono-line) coverage for specific acts of terrorism.
Homeowners and other Residential Property - A property and liability insurance contract that provides insurance against any of the property and liability perils to which a homeowner or renter is exposed.
Coverage TypeDescription
Homeowners-HO-1 Coverage for fire, lightning, windstorm, hail, explosion, smoke, theft, vandalism, malicious mischief, riot, civil commotion, glass breakage, vehicles, and aircraft.
Homeowners-HO-2 The Broad Form (HO-2) – coverage for a broader spectrum of perils than under Form No. 1.
Homeowners-HO-3 The Special Form (HO-3) is the most popular of the Homeowners Policy forms used to insure an owner-occupant of a residence. It provides coverage to the residence and other structures on an open-perils basis and coverage for personal property on a broad named peril basis.
Tenant Homeowners-HO-4 The Contents Broad Form (HO4) is designed for an insured who rents or leases an apartment or single family residence. This form frequently is called the "tenants form". It provides coverage similar to that found in the HO2 on a broad named peril basis. The big difference is the lack of Dwelling Coverage under this form because the insured does not own the residence.
Homeowners-HO-5 Comprehensive Form - Reintroduced in the HO 2000 Program, the Comprehensive Form is useful for insuring dwelling and personal property of the upscale account. It provides coverage to the residence, other structures, and personal property on an open-perils basis.
Condo Unit-Owners HO-6 Provides the same coverage as Form No. 4 but extends coverage for damage to additions and/or alterations that the unit owner may have made inside the unit. Coverage goes into effect as an excess amount above that insurance (if any) that the condominium association may have.
Homeowners-HO-8 The Modified Coverage Form (HO8) is the most limited coverage form. It is actually a modified version of the HO1) – Basic Form. Not only is the HO8 limited in the perils insured against, but it only pays actual cash value (ACV) on both dwelling and personal property losses.
Dwelling Builders Risk A dwelling coverage form specifically designed for buildings in the course of construction.
Dwelling Flood Coverage against loss resulting from the flood peril.
Dwelling Property Provides financial protection against loss or damage to the insured's property caused by such perils as fire, windstorm, hail, etc.
Farmowners Multi-Peril A package policy providing Property coverage on farm dwelling buildings and contents, as well as barns, stables, and other farm outbuildings. Liability coverage is also included. It is similar to a Homeowners policy adapted to cover farm properties.
Mobile Homeowners A Homeowners policy written on a mobile home which is permanently situated.
Windstorm Wind of sufficient violence to be capable of damaging insured property. Windstorm coverage has traditionally been part of extended coverage (EC), but today it is usually included automatically as part of basic coverages.
Mold Coverage - Residential Stand alone (mono-line) coverage for mold as a result of a covered peril under a residential policy.
Sinkhole Coverage - Residential Stand alone (mono-line) coverage for sinkholes on residential property.
Excess Flood (Residential) Specific excess flood over a primary flood policy on residential property.
Ocean Marine - A general term used to indicate all types of insurance associated with coverage on vessels and their cargoes.
Coverage TypeDescription
Marina Operations Legal This policy covers the legal liability of the marina operator for loss of or damage to private pleasure boats while in the operator's care, custody or control.
Marine Liabilities Package A form of insurance primarily concerned with means of transportation and communication, and with goods in transit.
Ocean Marine-Hull &/or Protection & Indemnity Coverage on all types of vessels, including liabilities connected with them, and on their cargoes. Class of ocean marine insurance that covers physical damage to the ship or vessel insured. Typically written on an "all-risks" basis.
Ocean Cargo Policy Type of ocean marine insurance that protects the shipper of the goods against financial loss if the goods are damaged or lost.
Ship Repairers Legal Liability Protects an individual ship repairer, marina or boat yard operator for legal liability to the vessel's owner for damage to the vessel being repaired. This "care, custody or control" coverage provides only property damage liability and may be extended to include insureds legal liability for damage to other property caused by a collision while the vessel is being repaired or tested.
Stevedores Legal Liability Protects a stevedore against liability for loss or damage to vessels or cargoes arising out of loading or unloading operations. Customarily the protection is limited to legal liability, as opposed to contractual liability.
Personal & Pleasure Boats & Yachts A special package policy for boat owners that combines physical damage insurance, medical expense insurance, liability insurance, and other coverages in one contract.
Ocean Marine Builder's Risk Indemnifies for loss of or damage to a vessel under construction. Insurance is normally written for a specified amount on the vessel 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.
Longshoremen & Harbor Workers Compensation Act Compensation coverage for harbor workers, ship repairers, shipbuilders, ship breakers and other employees who are engaged in such work for accidents on navigable water and adjoining land.
Inland Marine - A branch of the insurance business, which developed from the insuring of shipments, which did not involve ocean voyages. The inland marine forms borrowed their language from fire, ocean marine, theft and other contracts. Exposures eligible for this form of protection are described in the nationwide definition of marine insurance. Such diverse properties as bridges, tunnels, jewelry and furs can now be written under Inland Marine forms.
Coverage TypeDescription
Inland Marine (Commercial) A broad type of insurance, generally covering articles that may be transported from one place to another as well as bridges, tunnels and other instrumentalities of transportation. It includes goods in transit (generally excepting trans-ocean).
Inland Marine (Personal) Numerous "floater" polices such as personal effects, personal property, jewelry, furs, fine art and others.
Motor Truck Cargo Motor Truck Cargo insurance was developed as an extension to Ocean Marine coverage. Except instead of providing coverage for cargo being moved over the water, it covers cargo traveling by land. Motor Truck Cargo can protect against theft, damage, or spoilage of your load while hauling for hire. It normally only covers your legal liability for the load.
Jewelers Block Coverage designed to protect the insured's stock, property left with the insured for repair or other purposes, and the insured's interest in and legal liability for property on consignment from others in the jewelry trade. The policy is written on a special form. Some of the more prevalent perils covered are fire, open stock burglary, inside and outside holdup, safe burglary, theft, pilferage, kidnapping, shoplifting, window smashing, damage or loss of salesman's samples in transit, loss in transit by registered mail, water damage, sprinkler leakage, and smoke damage.
Furriers Block Protects a furrier's stock – consisting mainly of furs, fur garments, garments trimmed with fur and fur accessories.
Contractors Equipment An inland marine policy that covers contractor's equipment other than vehicles for use on public highways.
Electronic Data Processing Coverage for direct physical loss or damage to data processing equipment and data processing media.
Liability - That insurance which pays and renders service on behalf of an insured for loss arising out of his or her responsibility to others imposed by law or assumed by contract.
Coverage TypeDescription
Commercial General Liability Comprehensive liability coverage for businesses.
Commercial Umbrella Liability Insures losses in excess of amounts covered by other liability insurance policies; also protects the insured in many situations not covered by the usual liability polices.
Directors & Officers Liability (Profit) Protects officers and directors of a corporation against damages because of any civil claim or claims made against them and caused by any negligent act, error or omission while acting in their capacities as directors or officers. Also indemnifies corporations for expenses incurred in defending lawsuits alleging negligence of officers or directors.
Directors & Officers Liability (Non-Profit) Unlike a basic directors and officers policy that covers corporate reimbursement for directors, a director and officers policy for nonprofit organizations covers the corporation itself, directors and officers, employees, and committee members.
Educator Legal Liability Insurance designed to protect the policyholder from financial loss due to liability resulting from injuries to other persons or damage to their property.
Employment Practices Liability Coverage designed to protect the corporation, directors & officers and employees for claims resulting from wrongful termination, discrimination, sexual harassment, wrongful discipline and failure to employ or promote.
Excess Commercial General Liability (Not Umbrella) Excess liability insurance may serve as excess over primary liability insurance, or as excess over a self-insured deductible.
Excess Personal Liability (Not Umbrella) A coverage designed to be in excess over the primary personal liability policy, and which does not pay a loss until the loss amount exceeds a certain sum.
Liquor Liability Coverage designed to protect an individual or entity for bodily injury or property damage to another for which an insured may be held liable by reason of causing or contributing to the intoxication of any person; furnishing alcoholic beverages to a person under the legal drinking age or under the influence of alcohol; or violating any statute, ordinance, or regulation relating to the sale, gift, distribution, or use of alcoholic beverages.
Owners &Contractors Protective Coverage designed to provide for payment on behalf of the insured all damages the insured becomes legally obligated to pay due to bodily injury or property damage caused by an occurrence rising from (1) operations performed for the named insured by independent contractors, (2) acts or omissions of the named insured in connection with his/her general supervision of such operations. This does not include maintenance and repair at premises owned by or rented to the named insured, or structural alterations at such premises that do not involve changing the size of or moving buildings or other structures.
Personal Umbrella Insures losses in excess of amounts covered by other liability insurance policies; also protects the insured in many situations not covered by the usual liability polices.
Personal Liability Insurance designed to protect the policyholder from financial loss due to liability resulting from injuries to other persons or damage to their property.
Pollution &Environment Liability Coverage designed to protect for (1) all sums the insured is legally obligated to pay as a result of emission, discharge, release, or escape of any contaminants, irritants, or pollutants into or on land, the atmosphere, or any water course or body of water, provided this results in environmental damage; (2) to reimburse reasonable and necessary cleanup costs incurred in the discharge of a legal obligation validly imposed through governmental action, provided such expense is incurred because of environmental damage, and (3) for defense of any claim or suit that is the subject of this insurance.
Product & Completed Operations Liability Coverage against loss arising out of the liability of a manufacturer, merchant or distributor for injury or damage resulting from the use of a product; product liability coverage when part of a commercial general liability policy. Coverage also includes liability incurred by a contractor as the result of improperly performed work (construction or installation) after a job has been completed.
Public Officials Liability A form of professional liability insurance for a public entity and the persons who act on its behalf for errors, misstatements, omissions, neglect, or breach of duty. Policies sometimes describe the covered acts as malfeasance, misfeasance, or nonfeasance.
Police Professional Liability Law Enforcement Liability policies provide liability coverage for bodily injury, personal injury and property damage claims arising from law enforcement liability activities. Claims resulting from a law enforcement agency's use of a motor vehicle, aircraft and watercraft are usually provided under separate coverage from law enforcement liability. Typical claims activity arising from covered law enforcement activities includes undue use of deadly force, false arrest, failure to follow due process and inadequate medical care. These allegations may involve civil rights violations that jeopardize a municipality's ability to use tort cap limits and governmental immunity as a defense.
Media Liability Media Liability Insurance, protects the insured against claims arising out of the gathering and communication of information.
Railroad Protective Liability This coverage is similar to owners and contractors protective liability coverage written under general liability forms. It covers an insured contractor who is engaged in building construction in which a building is required to go across, or is adjacent to, railroad property. Railroad companies usually require contractors to take very broad hold harmless agreements before permitting the job to begin. The policy generally is written in the name of the railroad as insured and is purchased by the contractor. It covers bodily injury and property damage liability and physical damage to property coverage.
Asbestos Removal & Abatement Liability coverage for contractors specializing in asbestos abatement or removal.
Guard Service Liability Liability coverage for security guard services.
Special Events Liability Special events insurance is liability protection for organizations that host activities.
Medical Malpractice - Improper care or treatment by a physician, hospital, or other provider of health care.
Coverage TypeDescription
Hospital Professional Liability Protects an insured hospital against claims for injury arising from malpractice, error or mistake on the part of hospital personnel. The cost of defense of suits is covered by the insurance, as well as damages, if an award is made in court or cost of settlement if agreement is reached out of court.
Miscellaneous Medical Professionals Miscellaneous Professional Liability insurance for allegations of negligence in rendering or failure to render professional medical care.
Nursing Home Professional Liability Provides the same protection for nursing homes as is provided for hospitals under hospital professional liability policies. Policy is written upon application and inspection.
Physician/Surgeon Protects insured physicians/surgeons/dentist against claims for bodily injury arising from alleged malpractice, error or mistake in rendering professional services.
Errors and Omissions - A form of insurance that indemnifies the insured for any loss sustained because of an error or oversight on his or her part.
Coverage TypeDescription
Architects & Engineers Liability Protects the individual or firm of architects/engineers against any claim which the insured becomes legally obligated to pay as damages arise from the performance of professional services as architects or engineers, caused by error, omission or negligent act.
Insurance Agents & Brokers E&O This coverage protects against claims for negligent acts, errors or omissions in the conduct of the agent's/brokers business.
Lawyers Professional Liability Covers direct pecuniary loss and expense to an attorney or law firm arising from claims for alleged neglect, error or omission in the performance of services in a professional legal capacity.
Miscellaneous E&O Liability Errors and omissions coverage for professionals whose standards are perceived as less rigorous.
Real Estate Agents E&O Protects a real estate agency against claims for damages alleging negligence in the conduct of negotiations and business performance for others.
Software Design Computer E&S Liability coverage for errors in programs or computer system designs.
Automobile Coverage - A type of insurance, which protects the insured against losses involving automobiles. Different coverages can be purchased depending on the needs and wants of the insured, e.g., the liability coverages of bodily injury liability, property damage liability and medical payments, and the physical damage coverages of collision and comprehensive.
Coverage TypeDescription
Commercial Auto Liability Liability insurance on various types of miscellaneous commercial automobiles that promises to pay legal obligations of the insured for bodily injury and property damage caused by an accident and arising out of ownership, maintenance, or use of covered auto.
Commercial Auto Excess Liability Excess liability over the primary liability insurance.
Commercial Auto Physical Damage Coverage on various types of miscellaneous commercial automobiles providing protection from direct and accidental “loss” or damage to an insured's auto.
Dealers Open Lot This coverage is similar to garagekeepers liability, but covers property losses to dealerships.
Garage Liability Insurance to protect garage owners or automobile dealers for liabilities arising out of their business operations.
Garage Keepers Legal Covers the insured's liability for autos accepted for safekeeping, storage, service or repairs when such are lost or damaged due to an insured peril.
Private Passengers Auto-Physical Damage Only Coverage for damages from such perils as collision, comprehensive, fire and theft or any damage to the vehicle itself.
Personal Excess Auto Liability Excess liability over the primary liability insurance.
Aircraft - a type of policy that protects an insured against losses connected with the use of an airplane. Coverage can be purchased depending upon the needs and desires of the insured and can include the liability coverages of bodily injury, property damage, passenger bodily injury and medical payments, as well as physical damage or hull coverage. Coverage can also be written for airports, aircraft dealers, airlines and hangar keepers/liability.
Coverage TypeDescription
Commercial Aircraft Hull &/or Liability An aircraft hull and liability policy is similar to a combination automobile policy in that both physical damage, liability and medical payments hazards are combined. Under Hull insurance two types of coverage are available: all risks while not in flight and all risks coverage. Liability coverage is similar to an automobile liability policy, except that it is divided into two separate insuring agreements: bodily injury, excluding passenger liability; and passenger liability. Medical payments may be added if passenger liability coverage is obtained.
Airport Liability Coverage for the insured in the event that the insured's negligent acts and/or omissions result in losses in connection with the use, ownership or maintenance of aircraft. Liability coverage can be provided for bodily injury and/or property damage to passengers and also to individuals who are not passengers. Medical payments insurance may be included on an optional basis.
Aviation Cargo Coverage for an air carrier's legal liability for damage, destruction, or other loss of a customer's property while being shipped. Coverage is on an all risks basis subject to specific perils excluded in the policy. Air cargo insurance is a form of Marine Insurance, which at one time only covered goods in transit over waterways. Today, goods in transit can be insured regardless of the means of transportation.
Aviation Product Liability Products liability coverage for manufacturers and dealers of aircraft products and for fixed based operators who repair and maintain aircraft.
Hangar Keepers Legal Liability Coverage for the owner of an airplane in circumstances where use of his premises as an aircraft hangar results in bodily injury or property damage to a third party. Excluded from coverage is property under the care, custody, and control of the insured. Another application of this policy covers the operator of a hangar for liability from damage to an aircraft that the owner has placed under his care, custody, and control for storage or repair.
Personal & Pleasure Aircraft Aircraft coverage for personal or pleasure use, excluding operations for which there is a charge.