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Other coverage/bonds
| Term | Definition |
|---|---|
| Errors and omissions | Protects professionals from liability caused by a professional mistake |
| Fiduciary liability | Fiduciary bonds are issued by court order or decree to protect retirement plans and individuals who are responsible of taking care of someone who can't take care of themselves |
| Liquor liability | Covers the seller if a buyer injures another person while intoxicated |
| Employment practices liability | Covers legal costs incured for sexual harassment claims, wrongful termination |
| Surety bonds | Provides monetary compensation should there be a failure to complete specified acts |
| Bid bond | A bid bond guarantees that the bidder provides to the project owner stating that the bidder has the capability to take on and implement the project once selected during the bidding process |
| Contract bonds | Guarantees the contractor will perform a job on time, according to specifications, and without liens for materials or labor. |
| License and permit bond | Guarantee that laws or regulations of a business will be followed. |
| Judicial bond | Judicial bonds are required in the event of a lawsuit when one individual wants to tie up the assets of another party or restrain the other party from doing some action. Types of judicial bonds include litigation and fiduciary bonds. |
| Fidelity bond | A fidelity bond is a form of insurance protection that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees. |
| Hull insurance | Protects a ship owner against damage to the ship itself. Written on a modified all-risk basis. Includes a “running-down“ clause (RDC) that also protects against liability caused by damage to other ships due to collision. |
| Cargo insurance | Protects the cargo owner from loss due to destruction. |
| Freight insurance | Indemnifies the ship owner from loss of income that would have been earned if the ship completed its voyage. |
| General average | A voluntary loss of part of the vessel or cargo to save the remaining parts which affects all owners and the expenses are shared equally.it's a clause that saves ship from complete destruction |
| Obligee | The person or company the bond is written for |
Created by:
Jenny10795
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