Actual Cash Value (ACV)
The cost to repair or replace the damaged property with material of like kind and quality, less depreciation of the damaged property.

 

Additional Insured
A person or organization not automatically included as an insured under an insurance policy who is included or added as an insured under the policy at the request of the named insured.

Advertising Injury
Provides coverage for liability arising out of advertising activities for libel, misappropriation of advertising, slander, or infringement of copyright title or slogan.

Blanket Additional Insured
The "Named Insured" is extended to include any persons or organizations you are obligated by written contract to provide liability coverage as respects operations performed for them.

Claims Made
For coverage to apply, a claim must be made during the "claims made" policy period (plus extending reporting period) and after the retroactive date.

Commercial Automobile
Covers your legal liability for bodily ijury and property damage to members of the public arising out of the ownership, maintenance or use of your vehicles, including loading and unloading. Also covers physical damage to your vehicle on a schedule basis.

Equipment Floater
Covers mobile equipment either at or away from the designated premises. An inland marine policy designed to cover movable property wherever it may be located.

 

Hired Auto
Provides liability coverage for the use of rented, leased, hired, or borroed vehicles used in your business on a temporary basis, other than employees autos. Coverage is not provided for physical damage to "hired" autos (it can be extended to physical damage for hired autos, on request).

Garage keepers Insurance
Covers physical damage to vehicles left in your care, custody or control.

​General Aggregate
The total dollar limit available for a policy term (excluding the limit for the products and completed operations).

​General Liability
Bodily Injury: Injury to others resulting from your operations.

Motor Truck Cargo
Covers property of others being transported by owned, leased or rented vehicles

Non-Owned Auto
Covers your liability for auto accidents when an employee uses his or her own vehicle in connection with your business.

Occurrence
In general, for coverage to apply in an occurrence policy, the accident must occur during the policy period, but can be reported as a claim at any time - as long as notice is given to the carrier (also see "Claims Made").

 

Personal Injury

Provides against false arrest, libel, slander and wrongful entry.

 

Property Damage

Damaged property of others as a result of your operations.

Physical Damage
Insures motor vehicles from physical damage from fire, theft, and other named causes of loss, including glass breakage and collision.

Products and Completed Operations
Protects against bodily injury and property damage to third parties due to your negligence. This is also the total dollar limit available from your policy for products and completed operations claims, such as the aggregate.

Umbrella/Excess Liability
Provides excess General and Auto liability above the primary policy's maximum limits. Also protects the insured from the exclusions and gaps of primary liability insurance. An umbrella policy comes into play when primary insurance limits have been exhausted, or when a claim develops that is not covered by primary insurance.

Unidentified Trailer
Coverage for a non-owned trailer in your possession while attached to your power unit.

Uninsured/Under Insured Motorist
Provides coverage for bodily injury, if the injury is caused by a motorist who is uninsured, or your injuries are in excess of the available insured of the other motorist. most umbrella policies will not include uninsured/underinsured covereage in excess of that provided by your primary policy.

Warehousemen's Legal Liability
Provides coverage for legal liability for property of others in your care, custody, and control.

Worker's Compensation
Insures against claims for work-related injuries or diseases, suffered by employees, that are compensable by statute and/or are imposed by law as damages.