Public review and remarks on the merits or appropriateness of proposed or potential federal regulations provided in response to a notice of proposed rulemaking (NPRM), a notice of intent (NOI), or other federal regulatory notice. Anyone may submit comments and suggestions during this time. Also called comment period.
Insurance Encyclopedia
Commercial
The opposite of personal; of a business nature, usually mercantile or manufacturing.
Commercial all risks insurance
See: industrial all risks insurance.
Commercial and Insurable Risk
The principal distinction is that while some risks are amenable to insurance e.g., state and pure risks – others are not. Commercial Risks are normally associated with speculative or dynamic risks and are usually regarded as being uninsurable.
Commercial auto insurance coverage forms
The entire portfolio of coverage forms that furnish auto coverage for any type of commercial entity. It includes the business auto, business auto physical damage, garage, motor carrier, and truckers coverage forms.
Commercial blanket bond
A bond that covers the named insured against employee dishonesty. A single coverage amount applies to any one loss, regardless of the number of employees involved.
***
Blanket coverage of employees supplied by the employer. Under this type of coverage, the maximum loss limit is applied to any loss regardless of how many people were involved in the loss.
***
This form provides a single amount of coverage for any one loss caused by one or more employees. For example, the bond covers embezzlement if it is committed by one employee or several working together. It differs from the blanket position bond in that there is only one limit regardless of the number of employees involved. If the coverage amount is $50,000 and four employees conspire to embezzle $100,000 the company is obligated only to pay $50,000.
Commercial carriers
Private for-profit insurance companies that offer individual and group health insurance policies.
Commercial Code
A published code designed to reduce the total number of words required in a cablegram.
Commercial credit insurance
Coverage that insures a manufacturing or service organization firm in the case of its debtors defaulting on debts owed.
Commercial crime coverage form
Insurance that covers a business against 18 different types of loss. These are separated into different forms, each briefly described as follows:• Form A covers employee dishonesty concerning money or properties.• Form B covers forgery or falsification of monetary instruments.• Form C covers against theft.• Form D protects against robbery or safe burglary.
• Form E is for burglary of a business location.
• Form F covers fraud by computer.
• Form G covers extortion.
• Form H is for theft of items other than money and securities at the business location.
• Form I covers the loss of items in a safe deposit box due to theft.
• Form J covers securities deposited with a guardian.
• Form K is for liability for a guest’s property left in a safe deposit box.
• Form L covers other liability to the guest’s property.
• Form M covers liability for a safe depository.
• Form N further covers safe depository loss.
• Form O covers dishonesty of public employees. This can include dishonesty and misrepresentation.
• Form P further covers dishonesty of public employees.
• Form Q covers robbery of money and security.
• Form R covers acts conducted by using false monetary instruments.