Common Insurance Terms:

LIABILITY- protects the insured against bodily injury or property damage claims made by others.

UNINSURED/UNDERINSURED MOTORIST- protects the insured if involved in an accident that is caused by an uninsured or underinsured motorist where bodily injury is sustained by the insured.

PERSONAL INJURY PROTECTION- covers the insured for medical expenses or lost wages resulting from a collision, regardless of fault. This coverage varies by State.

MEDICAL PAYMENTS- pays for medical expenses incurred by an insured resulting from an accident.

COMPREHENSIVE- pays for damage caused by perils such as fire, theft, earthquake, windstorm, vandalism, or animals.

COLLISION- pays for damage resulting from a collision with another object.

ACV- Actual Cash Value is the market value at the time of loss.

 • All coverages are based on individual state laws, coverage availability and specific limits.

Commercial Insurance Terms:

COMMERCIAL GENERAL LIABILITY (CGL): A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; and advertising and personal injury liability.

COMMERCIAL PROPERTY: An insurance policy for businesses and other organizations that insures against damage to their buildings and contents due to a covered cause of loss, such as a fire. The policy may also cover loss of income or increase in expenses that result from the property damage.

COMMERCIAL INLAND MARINE: A group of property insurance coverages designed to insure exposures that cannot be conveniently or reasonably confined to a fixed location or insured at a standard rate under a standard form. Includes coverage for property in transit over land, certain moveable property, property under construction, instrumentalities of transportation and communication (such as bridges, roads, piers, and television and radio towers), legal liability coverage for bailees, and computerized equipment. Many inland marine coverage forms provide coverage without regard to the location of the covered property; these are sometimes called “floater” policies. Inland marine coverage forms are generally broader than property coverage forms due to the relative freedom from rate and form regulation of inland marine insurance as compared with property insurance.

COMMERCIAL AUTO: Insurance that protects the insured against financial loss because of legal liability for automobile-related injuries to others or damage to their property by an auto.

COMMERCIAL UMBRELLA: A policy designed to provide protection against catastrophic losses and it generally is written over various primary liability policies.

WORKERS COMPENSATION: The system by which no-fault statutory benefits prescribed in state law are provided by an employer to an employee (or the employee’s family) due to a job-related injury (including death) resulting from an accident or occupational disease.

EMPLOYMENT PRACTICES LIABILITY: Protects companies and individuals against loss (damages and defense costs) arising out of employment practice disputes.

DIRECTORS AND OFFICERS LIABILITY: Protects directors and officers of public, private, and not-for-profit corporations against loss (damages and defense costs) arising out of their status or conduct as directors or officers.

PROFESSIONAL LIABILITY / ERRORS & OMISSIONS: Protects companies and individuals against loss (damages and defense costs) resulting from acts, errors or omissions in their performance of professional duties.

INTERNET LIABILITY: Modern businesses rely on electronic data, computers and networks to support critical operations and better serve customers. Do your clients use e-mail; store data, including private information on computers; generate revenue online; or use their network to control production, manufacturing, inventory or a supply chain? If so, then your clients are at risk if they don’t have information risk coverage.