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INS 123 wk 4

Commercial Insurance SP 2018

TermDefinition
1. Inland Marine Insurance Insurance that covers property that is movable or in transit.
2. Marine Insurance Insurance that covers vessels and cargo transported primarily over water.
3. Filed Classes Classes of insurance where forms and rates must be filed with the state.
4. Nonfiled Classes Classes of insurance that do not require forms and rates to be filed with the state.
5. Nonfiled Inland Marine Classes Specialized classes with fewer insureds and diverse exposures.
6. Contractors Equipment Floater Covers mobile equipment such as bulldozers, cranes, and tools used in construction.
7. Builders Risk Policy Covers buildings under construction against damage.
8. Transportation Insurance Covers property in transit from one location to another.
9. Commercial Inland Marine Classes Includes camera dealers, equipment dealers, jewelers block, physicians and surgeons equipment, and similar specialized coverages.
10. Ocean Marine Cargo Insurance Covers loss or damage to property shipped primarily by water or air in foreign trade.
11. Hull Insurance Covers physical damage to vessels, including machinery and fuel.
12. Commercial General Liability (CGL) The most widely used liability policy covering bodily injury/property damage and personal/advertising injury.
13. Premises and Operations Hazard Liability exposure arising from business operations and conditions on the premises.
14. Products and Completed Operations Hazard Liability exposure arising after a product is sold or work is completed.
15. Medical Payments Coverage Coverage that pays medical expenses regardless of fault.
16. Coverage A Bodily Injury and Property Damage Liability coverage.
17. Duty to Defend The insurer’s obligation to defend the insured against covered claims or suits.
18. Coverage A Exclusions Includes expected/intended injury, contractual liability, liquor liability, workers compensation, pollution, and auto exclusions.
19. Coverage B Personal and Advertising Injury Liability coverage.
20. Supplementary Payments Expenses paid by the insurer in addition to damages, such as legal fees and court costs.
Created by: comminsurance
 

 



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