Glossary

Definitions/Optional Coverage:

Accounts Receivable
Provides coverage for accounts receivable that you are unable to collect as a result of damage to your accounts receivable records from a covered cause of loss.

Actual Cash Value
Valuation of your covered property at the time of a loss will reflect depreciation, age, condition, and obsolescence.

Aggregate Limit of Liability Per Project
The aggregate limit applying to all bodily injury and property damage other than that included in the Products/Completed Operations hazard applies separately to each of your projects away from premises owned by or rented to you.  A separate aggregate applies at premises owned by or rented to you.

Amendment of Products, Garagekeepers & Faulty Repair
Coverage is included for resulting damage, replacing faulty parts you installed and paying for labor to redo the work if the original work was done in a negligent manner.  Coverage applies while your technician is working on the vehicle as well as after your customer has taken possession. 

Business Errors and Omissions
This policy provides protection when you are required to repair or replace work due to an alleged error or omission, but NO bodily injury or property damage is involved.  (If no property damage or bodily injury occurs, there is no coverage under the general liability policy.)  This coverage also provides important protection for damage to your product and work, which is usually excluded under the general liability policy.

Business Income and Extra Expense
Provides coverage to help replace income lost or to pay for extra expenses incurred following a covered loss.  This part of a claim is often unrecognized and uncovered. 

Business Income from Dependent Properties
Your business may depend on a single supplier of a crucial item or have one main customer and could lose income if that other business is damaged.  Coverage can be provided for the loss of your income if the other business is damaged by a covered peril.

Business Personal Property
Coverage is provided for furniture, fixtures, equipment, inventory, tools, parts, etc. which you own or for which you are responsible including personal property of others that is at your premises.

Contractual Liability
Coverage for your liability due to an "insured contract".

Debris Removal
This provides for your expense to remove debris of covered property resulting from a covered cause of loss.  This coverage does not apply to costs to extract pollutants from land or water. 

Disaster Deductible
If a catastrophic loss occurs, you may have adequate coverage limits, but that coverage may be subject to a number of deductibles.  For many businesses, the deductible alone could amount to a significant uncovered loss. 

Drive Other Car
Protection extends to persons listed below and their resident spouse while they are driving non-owned autos for non-business purposes.

Employee Benefit Liability
In the course of business, it's possible that you might fail to enroll an eligible employee in a company benefit program.  The employee may sue for compensation.  No bodily injury or property damage is involved, so the commercial general liability program often won't respond. 

Employee Theft
Provides coverage for loss or damage to money, securities, and other property resulting from theft committed by an employee.

Employment Related Practices Liability
Coverage provided for personal injury resulting from unintentional discrimination, sexual harassment, and wrongful termination of an employee or prospective employee.

False Pretense
False pretense covers direct physical loss to your covered property that results from someone causing you to voluntarily parting with by trick, scheme, or false pretense, from obtaining it from a seller who did not have legal title, or from conversion of covered property that is rented or leased to others.

Forgery or Alternation
Provides coverage for a covered loss of checks or drafts if forged or altered by outside parties.

Functional Replacement Cost
Sometimes it is not possible or necessary to replace a building with an identical one.  For example, your building may be three stories high, but you never use more than two floors.  Functional replacement cost may fill your needs.

Hired and Non-owned Auto Liability
Coverage for lawsuits arising from an employee or another persons' automobile when used in your behalf, including when you pay someone to use their own vehicle.

Host Liquor Liability
Host liquor liability coverage is included for businesses that do not manufacture, sell, or distribute alcoholic beverages.  A liquor liability policy is needed for these types of businesses.

Installation Floater
Covers the contractor's interest in property contracted for installation - property owned or for which the contractor is responsible.  Labor costs are specifically included.  Coverage applies at the premises of installation and in transit to or from the premises of installation. 

Legal Liability – Building Coverage
Coverage is provided for damage caused to the non-owned building you occupy or personal property in your care, custody, or control.  It covers your legal liability because of fire, explosion, collapse, owned automobiles, and any other cause of loss not specifically excluded.  This includes your liability to repair or replace the building or property as well as court awards for loss of its use.

Medical Expense and Medical Payments Expense
Pays reasonable medical and related expenses resulting from injury occurring on your premises.  Covered expenses include medical, surgical, dental, ambulance, hospital, and nursing services.  Medical payment expense pays reasonable medical and related expenses resulting from automobile accidents-regardless of liability. 

Money Orders and Counterfeit Currency
Provides coverage for loss from you having accepted in the United States, Puerto Rico or Canada money orders or counterfeit currency in exchange for merchandise, money, or services.

Money and Securities
We will pay for a covered loss of money or securities by fire, theft, robbery, mysterious disappearance or other covered cause of loss at your listed premise and away from your listed premises including lottery tickets held for sale.

Outdoor Property
Coverage for outdoor property such as fences, radio and TV antennas, trees, shrubs, and plants, including debris removal expense.  Coverage is on a named perils basis. 

Owners' and Contractors' Protective Policy
This liability policy is usually written in the name of the owner of property to cover liability of the owner for operations performed by a contractor until the operations have been completed or that portion of the contractor's work has been put to its intended use.  The Owners' and Contractors' Protective Policy does not include coverage for products or completed operations.

Personal Effects and Property of Others
Coverage is provided in the basic policy for personal effects that belong to you or your employees (for loss other than theft) and for Personal Property of Others while at your business premises.  Personal effects are items of personal property carried or worn by an individual and intimately associated with that individual, such as eyeglasses, wallet, coat, umbrella, etc.

Personal Property of the Insured
Coverage is provided for furniture, fixtures, equipment, inventory, tools, parts, etc. which you own or for which you are responsible that is at your premises.

Pollution Clean-Up and Removal
Coverage is provided for your expense to extract pollutants from land or water at the described premises if their release was caused by a covered cause of loss.  The covered cause of loss must occur during the policy period.

Primary and Non-Contributory Amendment
Insurance provided to any additional insured is primary and non-contributory when primary and non-contributory coverage is required in a written contract.

Replacement Cost
Coverage so your building or contents can be replaced after a covered loss without a reduction for depreciation, up to policy limits.

Uninsured Motorist
Anyone driving business-owned vehicles will have protection up to this amount for injuries caused by an uninsured motorist.  (Excess over any other collectible insurance.)

Utility Services Interruption - Time Element
The interruption of communication, water, or power service could cause you to lose business income.  Business interruption coverage can be provided for interruption of these services from a covered peril. 

Valuable Papers and Records
Coverage is provided for valuable papers such as payroll records, titles, and deeds.  The extension also includes the cost of research to redo these valuable papers and records.

Ask your agent if there are any additional coverages that you wish to have quoted.