- A person or company added to your liability policy by endorsement so that it can make a claim under your policy for losses connected to your work or premises. Created by an endorsement, not by a certificate.
- The most a policy will pay for all claims in the policy year. Contracts often require a $2M general aggregate.
- Replacement cost minus depreciation. A valuation basis for property; cheaper to insure, less at claim time.
- The carrier's review of actual payroll or sales after the policy year on workers' compensation and some liability policies, which adjusts the final premium up or down.
- The carrier's written confirmation that coverage is in force before the policy documents are issued.
- An endorsement that applies automatically to anyone your written contract requires — for example blanket additional insured or blanket waiver of subrogation — instead of naming each party.
- A letter from the insured to the carrier appointing a new agent to service an existing policy. The policy, carrier and premium do not change.
- Property coverage that replaces revenue and continuing expenses while the business cannot operate after a covered loss.
- A package combining general liability, property and business income for eligible small businesses.
- The party a certificate of insurance is addressed to. Receiving a certificate gives information, not coverage.
- A summary of the policies in force on the date issued. A live certificate is a link that stays current instead.
- A policy that covers claims first made during the policy period for work done after the retroactive date; common for professional, cyber and employment practices liability.
- A property policy requirement to insure to a stated share of full value; insuring below it reduces partial-loss payments proportionally.
- One liability limit covering bodily injury and property damage together, usual on commercial auto and umbrella policies.
- The front page of a policy: named insured, policy number, term, premium, limits and the forms attached.
- The amount you pay toward a claim before the carrier pays. On professional and cyber policies the same idea is called a retention.
- Part Two of a workers' compensation policy: covers employee injury claims that fall outside the statutory benefits, with three limits that contracts often set at $1M.
- A form that changes the policy — adding a party, a coverage or a condition. Endorsements, not certificates, create rights.
- A factor comparing your workers' compensation claims to similar businesses; above 1.00 raises the premium, below lowers it.
- In the wallet, a missing line, a limit below a contract requirement, an unmet requirement, or an approaching expiration.
- Coverage for customers' vehicles while in an auto business's care, custody or control.
- Liability coverage for vehicles your business does not own — rentals and employees' personal cars used for work.
- Coverage for property that moves or sits away from the premises: tools, equipment, materials in transit or on a job site.
- The business the policy is issued to, as written on the declarations page.
- The most a liability policy pays for one incident. Contracts often require $1M.
- Wording that makes your liability policy pay first, without asking the other party's insurer to share, for claims involving the party you contracted with.
- A valuation basis that pays to replace property with new, without deduction for depreciation.
- The deductible on a claims-made policy; often applies to defence costs as well as settlements.
- On a claims-made policy, the earliest date of work the policy covers. Match it when you switch carriers.
- The agency that handles a policy day to day — certificates, changes, renewals — and that the carrier pays. Changed by a broker of record letter.
- A condition a carrier attaches to a quote or binder that must be met for coverage to continue, such as a signed form or an inspection.
- A policy that adds a limit above general liability, auto and employers' liability once those limits are exhausted.
- An endorsement in which your insurer agrees not to recover a paid claim from a named party, such as a landlord or general contractor.