Term
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Definition
The amount the insurer will pay for the sum of the following arising out of
a single occurrence: (1) damages for bodily injury and property damage under Coverage A and (2) medical expenses under Coverage C. (p. 9.7) |
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Term
| Personal and advertising injury limit |
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Definition
| The most the insurer will pay under Coverage B for the sum of all personal and advertising injury to one person or organization (p. 9.7) |
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Term
| "Damage to premises rented to you" limit |
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Definition
| The most the insurer will pay for either damage by a cause other than fire to any one premises rented to the named insured or damage by fire to any one premises rented to the named insured or temporarily occupied by the named insured with the owner's permission. (p. 9.7) |
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Term
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Definition
| The most the insurer will pay for Coverage C medical expenses resulting from bodily injury to one person (p. 9.7) |
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Term
| Products-completed operations hazard |
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Definition
| All bodily injury and property damage occurring away from the named insured's premises and arising out of the named insured's product or work, but not including products that are still in the named insured's physical possession or work that has been abandoned or not yet completed. (p. 9.7) |
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Term
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Definition
| The most the insurer will pay for the sum of damages under Coverage A other than damages included in the products-completed operations hazard, damages under Coverage B, and medical expenses under Coverage C. (p. 9.8) |
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Term
| Products-completed operations aggregate limit |
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Definition
| The most the insurer will pay under Coverage A for bodily injury or property damage included in the products-completed operations hazard. (p. 9.8) |
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Term
| Contribution by equal shares |
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Definition
| Method of sharing loss when two or more policies apply in which each insurer pays an equal amount until the claim is fully paid or until one insurer exhausts its limit, in which case the other insurer pays the remainder of the claim (up to its limit). (p. 9.12) |
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Term
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Definition
| Method of sharing loss when two or more policies apply in which each insurer pays that proportion of the claim that the insurer's limit bears to the total of all applicable insurance. (p. 9.13) |
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Term
| Claims-made coverage trigger |
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Definition
| The event that triggers coverage under the claims-made CGL coverage form that is the first making of a claim against the insured during the policy period. (p. 9.15) |
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Term
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Definition
| The date on or after which bodily injury or property damage must occur (or a personal and advertising injury offense must be committed) in order to be covered. (p. 9.16) |
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Term
| Extended reporting period |
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Definition
| An additional period (also called a "tall") following the expiration date of a claims-made policy. (p. 9.16) |
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Term
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Definition
| A brief description of insurance coverage prepared by an insurer or its agent commonly used by policyholders to provide evidence of insurance. (p. 9.21) |
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Term
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Definition
| The unit in which the exposure is measured, such as gross sales or payroll. (p. 9.23) |
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Term
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Definition
| A numeric code representing the description in the rating classification table that best fits a particular organization's operations. (p. 9.23) |
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Term
| Liquor Liability Coverage Form |
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Definition
| Form that covers liquor liability of insureds in the business of manufacturing, distributing, selling, serving, or furnishing alcoholic beverages. (p. 9.25) |
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Term
| Products/Completed Operations Liability Coverage Form |
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Definition
| Form that covers products and completed operations liability separately from the CGL coverage form (p. 9.25) |
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Term
| Owners and Contractors Protective Liability Coverage Form |
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Definition
Form purchased by a contractor to protect a property owner against liability for bodily injury or property damage arising out of the contractor's operations at the specified location or acts or omissions of the property owner in connection with the general supervision of such
operations. (p. 9.25) |
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Term
| Railroad Protective Liability Coverage Form |
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Definition
| Form that covers a railroad against claims arising out of a contractor's work on or adjacent to a railroad property and that is purchased by the contractor. (p. 9.26) |
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