Owner that performs an activity on behalf of another owner of the business who is not part of the workforce.
Tag: RAW
Business personal property
A term relating to contents of a commercial enterprise. It may include furniture, fixtures, machinery and equipment as well as stock, all other chattels owned by the insured, and even use interest in building improvements and betterments.
Business plan
The plan sets out a firm’s objectives and shows in a systematic way how it will approach marketing, operations, finance, management and control. It also includes details of key personnel and covers strengths, weaknesses, threats and portunities. The FSA sees syndicate business plans as central to the ability of Lloyd’s to control and monitor the activities of managing agents. Consequently the FSA monitors the way in which Lloyd’s monitors syndicate business plans. Business plans are also required from intermediaries seeking FSA authorisiation. See LLOYD’S BUSINESS PLAN; FRANCHISE; FRANCHISE BOARD. most
Business process reform
An initiative to increase the speed and efficiency with which business is transacted at Lloyd’s and also to reduce of the cost of doing business at Lloyd’s. It includes the promotion of contract certainty.
Business property and liability insurance package (Property Insurance)
Insurance for business-owned property against damage or loss by fire or vandalism. Also covers bodily injury or damage to the property of others caused by representatives of the business.
Business pursuits
Activities that involve at least two elements continuity and a goal or expectation of monetary gain. Many personal lines policies exclude coverage for loss arising from business pursuits because the primary purpose of such forms is to insure against loss arising from personal activities.
Business relationships
Person or organization that assumes some of the responsibilities of another one. This phrase has been avoided in the final Health Insurance Portability and Accountability Act (HIPAA) rules so that a more specific meaning could be used for business associate.
Business risk
A risk to the company’s earning capability.
Business risk exclusion
An exclusion that omits coverage for sub-par products that do not work as well as the insured had promised.
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Also known as the (Product) Failure to Perform Exclusion. In Products Insurance, no coverage is provided for a product that does not meet the level of performance, quality, fitness, or durability warranted or represented by the insured. Coverage is provided, however, if liability results from a Bench Error or an Active Malfunction.
Business travel
Insurance for business people travelling abroad. It is similar in range of cover to the travel insurance arranged for holidays. As a business traveller travels regularly, at short notice. annual cover may be arranged.