| These
definitions are descriptive, brief and incomplete. Specific definitions may vary in your
own insurance policy. Read your policy to determine your exact coverage, exclusions,
extensions and limitations. Your own policy may include or exclude some of the coverage
described. |
|
 |
| Word
or Phrase |
Definition |
| Additional Insured |
An
entity that has coverage via your insurance policy limited to its relationship to You.
|
| Aggregate Limit |
The
maximum limit of coverage regardless of the number of occurrences. |
| Advertising Injury |
Loss
due to false or misleading advertising |
| Assault |
A
threat to physically harm someone or something. |
| All-Risk Coverage |
No
such thing. Every policy has some exclusion. |
| Battery |
Actually
physically harming someone or something. |
| Burglary |
A
theft that occurs without the owner's knowledge. A break-in. |
| Broad Form Property Damage |
Property
damage to non-owned material in your care, custody or control, other than real property. |
| Business Interruption |
Coverage
for your loss of earnings or loss of tuition if there's a covered event and/or
your extra expenses to operate on an emergency basis. |
| Certificate Holder |
An
entity entitled to information about your insurance and subsequent material changes to it. |
| Claims-Made |
A
policy form that covers incidents that occur and are first reported while the policy is in
force. Sometimes coverage can go back to a retro-date. |
| Completed Operations |
Coverage
for non-professional services. (i.e., making & serving lunch) |
| Criminal Act |
A
violation of Federal, State, County, City, or Local law, ordinance or statute. |
| Earnings |
Your
loss of earnings or loss of tuition as a result of a covered event like a fire. |
| Extra Expense |
The
extra expense you would have to temporarily re-locate and conduct business after a covered
event. example: emergency re-hab of temporary site, transportation, advertising, telephone
calls. |
| Fire Legal Liability |
Coverage
for fire damage you caused to premises you occupy but do not own. |
| False Arrest |
To
wrongly seize, restrain or take someone into custody. |
| False Imprisonment |
To
wrongly restrict in any way. |
| Hired Auto |
Coverage
for you for your liability for vehicles that have been hired or chartered. |
| Incidental Contractual |
An
expressed or implied warranty |
| Intentional Act |
A willful event. Something done deliberately with knowledge of possible outcome. |
| Leasehold Interest |
The remaining value of a lease if you are forced to re-locate due to a
covered event. |
| Libel |
Written damaging statements |
| Malicious Mischief |
Intentional Damage of property or rights. |
| Named Insured |
The insured entity. See You. |
| Named Perils |
The specific perils from which you are insured. example: fire, lightening, etc. |
| Negligence |
Failure to use a reasonable amount of care. |
| Non-Owned Auto |
Coverage for you if an employee uses his/her vehicle for
"you". |
| Obligee |
The beneficiary to whom a bond is payable. |
| Occurrence |
An incident, or an event or a loss. |
| Occurrence-Form |
A policy form that provides coverage as long as the event occurs within the
policy term. |
| Owners & Contractors Protective |
Covers you for acts of independent and sub-contractors. |
| Personal Injury |
Libel, Slander, Invasion of Privacy. |
| Physical Abuse |
Verbally or physically hurting someone. |
| Premises Liability |
Coverage for the "safe use" of your premises by someone other than you.
(i.e., student) |
| Principal |
An entity that obligates its financial or physical performance with a bond. |
| Products Liability |
Completed Operations |
| Professional Liability |
Coverage for acts of professional judgment. |
| Retro-Date |
The date, regardless of how many times the coverage has renewed, that you first
had a claims-made policy. Usually there absolutely can not be any lapses. |
| Robbery |
Theft occurring with the owners knowledge. example: Hold-Up |
| Sexual Abuse |
Verbally or physically hurting someone sexually. |
| Slander |
Uttered damaging statements. |
| Special Form |
Usually includes the coverage that are not specifically excluded. |
| Teacher's Professional |
see Professional Liability. |
| Theft |
See Burglary or Robbery |
| Valuable Papers |
School, employee and/or student records. |
| Vandalism |
Wanton damage of property or rights. |
| You |
The Named Insured. This can be broadened to include employees, volunteers,
partners, directors, officers, trustees, members and stockholders. |
|
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