A special package policy for boat owners that combines physical damage insurance, medical expense insurance, liability insurance, and other coverage’s in one contract.

Coverage for loss arising out of the operation of pressure, mechanical, and electrical equipment. It may cover loss to the boiler and machinery itself, damage to other property, and business interruption losses.
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Covers losses resulting from the malfunction of boilers and machinery. This coverage is usually excluded from property insurance creating the need for this separate product.

US: (e.g., fidelity bonds) or the failure to perform a specific act (e.g., performance or surety bonds). The principal (i.e., the party paying the bond premium) is also called the obligor (i.e., the party with the obligation to perform). If there is a default, the surety (i.e., the insurer) pays the loss of the third party (the obligee). The obligor must then reimburse the surety for the amount of loss paid.
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MEDICAL,USA: 1. Certificate of debt that contains a promise to pay and issued either on the security of a mortgage, a deed of trust, or on the credit of the issuer. 2. Obligation (fidelity bond) of an insurance company to protect the insured against financial loss caused by dishonesty of a covered employee. It would pay the insured up to the limits of the policy for such a loss. 3. Certificate of ownership of a specified portion of a debt due by the federal government to holders, bearing a fixed rate of interest.
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US: A certificate issued by a government or corporation as evidence of a debt. The issuer of the bond promises to pay the bondholder a specified amount of interest for a specified period and to repay the loan on the expiration (maturity) date.
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A contract between three parties: a principal, a surety, and an obligee. The bond is issued by the surety and promises the obligee financial protection in case the principal fails to perform a duty or is found to be dishonest.
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A document for expressing surety. A bond engages three entities the surety (bonding company) sells the bond to the principal for the purpose of paying the amount the principal will owe to the obligee upon failure of the principal to perform some act or provide some service under agreed terms.
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Three Party Contract guaranteeing that if one person, the Principal Obligator, fails to perform as specified or proves to be dishonest, the person to whom the duty is owed, the Obligee, will be financially protected by the Insurer of the Bond, i.e., the Surety.

US: A marketing specialist who represents buyers of property and liability insurance and who deals with either agents or companies in arranging for the coverage required by the customer.
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UK: a professional adviser who assists a client to obtain the insurance cover sought; although strictly an agent for the insured, the broker is remunerated by way of commission from the insurer.
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US: An insurance intermediary who/that represents the insured rather than the insurer. Since they are not the legal representatives of insurers, brokers, unlike independent agents, often do not have the right to act on behalf of insurers, such as to bind coverage. While some brokers do have agency contracts with some insurers, they usually remain obligated to represent the interests of insureds rather than insurers. For example, some state insurance codes impose a fiduciary responsibility to act on behalf of their customers or provide full disclosure of all their compensation from all sources.
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At Lloyd’s, brokers act as the agent of the insured or reinsured to arrange insurance or reinsurance with Lloyd’s syndicates. Brokers may be registered Lloyd’s Brokers who are able to enter into terms of business agreements with any Lloyd’s managing agent. Non-Lloyd’s brokers may also enter into terms of business agreements subject to the managing agent assessing that the broker meets certain minimum standards. Only brokers registered as Lloyd’s Brokers may refer to themselves as a Lloyd’s Broker. Many broking firms are also approved by Lloyd’s to act as a coverholder (See Coverholder).**********State-licensed sales and service representative who handles insurance for his or her clients and may represent and sell insurance of various types and for several companies. By law, a broker may be an agent to the insurer for certain purposes such as delivery of the policy or collection of the premium. Also called licensed broker .
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A licensed person or organization paid by you to look for insurance on your behalf.
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An intermediary who negotiates reinsurance contracts between the ceding company and the reinsurer(s). The broker generally represents the ceding company and receives compensation in the form of commission, and/or other fees, for placing the business and performing other necessary services.
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A broker is an intermediary between a customer and an insurance company. Brokers typically search the market for coverage appropriate for their clients. A property/ casualty insurance broker generally works in commercial rather than personal lines insurance and receives either a commission or a fee for his or her ability to place insurance. Brokers do not have an agency relationship with insurance companies they place coverage with. Life/health insurance brokers work in much the same way as property/casualty brokers except they often work with individual clients. (See Agent).
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A person who acts on behalf of another to obtain insurance. They may also represent the insurer in a limited capacity, for example, to collect premiums.
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MEDICAL,USA,REFERENCE: See: agent .
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MEDICAL,USA: State-licensed sales and service representative who handles insurance for his or her clients and may represent and sell insurance of various types and for several companies. By law, a broker may be an agent to the insurer for certain purposes such as delivery of the policy or collection of the premium. Also called licensed broker .

A property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form; most builders risk policies are written on inland marine (rather than commercial property) forms. Coverage is usually written on an all risks basis and typically applies not only to property at the construction site, but also to property at off-site storage locations and in transit. Builders risk insurance can be written on either a completed value or a reporting form basis; in either case, the estimated completed value of the project is used as the limit of insurance.
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A property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form most builders risk policies are written on inland marine (rather than commercial property) forms. Coverage is usually written on an all risks basis and typically applies not only to property at the construction site, but also to property at off-site storage locations and in transit. Builders risk insurance can be written on either a completed value or a reporting form basis in either case, the estimated completed value of the project is used as the limit of insurance.

The key Insurance Services Office, Inc. (ISO), direct damage commercial property coverage form. This form (CP 00 10) covers buildings, business personal property, and personal property of others for direct loss or damage, subject to the limits shown in the declarations for each of these categories. Also provides additional coverages and coverage extensions, including
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The key Insurance Services Office, Inc. (ISO), direct damage commercial property coverage form. This form (CP 00 10) covers buildings, business personal property, and personal property of others for direct loss or damage, subject to the limits shown in the declarations for each of these categories. Also provides additional coverages and coverage extensions, including debris removal, pollutant cleanup, preservation of property, fire department service charges, increased cost of construction, electronic data, newly acquired or constructed property, personal effects and personal property of others, off-premises property, valuable papers and records, outdoor property, and nonowned detached trailers.

Coverage against property losses due to burglary, robbery, or larceny.

A commercial auto policy that includes auto liability and auto physical damage coverages; other coverages are available by endorsement. Except for auto-related businesses and motor carrier or trucking firms, the business auto policy (BAP) addresses the needs of most commercial entities as respects auto insurance.
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Personal auto policies normally exclude any business use of a vehicle. The business auto policy (BAP) is designed to cover vehicles used for and owned by businesses. While the same general coverage is available on both forms (e.g., bodily injury and property damage liability, medical payments, collision, comprehensive, and uninsured motorists), there are some differences. One difference is that coverage is indicated with “symdesignations” on the BAP. These are as follows:Symbol 1—Any Auto. This is the broadest possible coverage available under the BAP. It covers all autos owned by, leased, rented, borrowed, or hired used in the business of the insured. Additionally, it covers vehicles that belong to employees who use their vehicles in their jobs. While many insurance companies are willing to write “Any Auto” coverage for liability, it is less common for other types of coverage such as comprehensive andcollision.

Symbol 2- -Owned Autos Only. Only those autos owned by the named insured are covered. Thus, non-owned, hired, borrowed, and leased autos are not covered. However, certain non-owned trailers, when pulled by an owned vehicle, are covered. Symbol 3-Owned Private Passenger Autos Only. This is the same coverage as Symbol 2 except that the auto must be a private passenger auto. The BAP does not, however, define a private passenger auto. It is incumbent upon the insured to get the insurance company to describe in writing what a private passenger auto is in order to make sure coverage is as intended.

Symbol 4-Owned Autos Other Than Private Passenger. As the name suggests, this is for fleets of vehicles that do not meet the definition of private passenger. As with Symbol 3, it is necessary to agree up front to the definition of private passenger auto.

Symbol 5-Owned Autos Only Subject to NoFault. This symbol is used in No-Fault states. (See

No-Fault).

Symbol 6-Owned Autos Only Subject to Compulsory Uninsured Motorists. This symbol is used in states where the insured is not allowed to reject uninsured motorist coverage. (See Uninsured Motorist).

Symbol 7-Listed Autos Only. Only autos listed in the policy are

covered. This symbol is more restrictive than the first six. Symbol 8-Hired Autos Only. Symbol 8 does not cover any autos leased, hired, rented, or borrowed from any named insured, employees, partners, or members of a limited liability corporation (LLC). Thus, the autos must be hired from an independent third party.

Symbol 9-Non-owned Autos Only. This coverage does not include any car owned, leased, hired, rented, or borrowed by the insured. It does include the vehicles of employees used in the business.

It is important to note that the designation symbol must be shown next to each desired coverage. For example, an insured may have a BAP with Symbol 1 next to liability, medical payments, and uninsured motorists, and a Symbol 2 next to comprehensive and collision.

Newly Acquired Autos

Symbols

1, 2, 3, 4, 5, and 6 extend coverage to newly acquired autos with the same coverage as applies to current autos. Newly acquired autos under Symbol 7 are covered if the following two conditions are met. First, the company has to insure all of the insured’s autos or the new auto has to replace an existing auto. Second, the insured must report the new auto within 30 days of acquiring it.

Other Vehicles

The BAP also covers certain other types of vehicles for liability coverage. These include:

· Certain trailers with a load capacity of 2,000 pounds or less.

Mobile equipment when being hauled by a covered trailer or carried on a covered auto. Mobile equipment is normally covered under the Commercial General Liability policy, otherwise. Temporary substitute autos.

A written document summarizing steps to take in the event of a disaster—manmade or natural—assessing the business’s ability to recover from the loss event and subsequent business interruption. It is a hedging tool against the impact of a disruption on an organization. It typically includes estimated recoveries for loss of business income due to damage to
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A written document summarizing steps to take in the event of a disaster—manmade or natural—assessing the business&#8217s ability to recover from the loss event and subsequent business interruption. It is a hedging tool against the impact of a disruption on an organization. It typically includes estimated recoveries for loss of business income due to damage to the business&#8217s own locations, key suppliers/customers, adjacent buildings, key objects (such as bridges, highways), and utility interruptions. The BCP outlines the decision-making framework and advanced arrangements and procedures that enable an organization to maintain an acceptable level of operations in the event of a disruption.

US: Commercial property insurance covering loss of income suffered by a business when damage to its premises by a covered cause of loss causes a slowdown or suspension of its operations. Coverage applies to loss suffered during the time required to repair or replace the damaged property. It may also be extended to apply to loss suffered after completion of repairs for a specified number of days. There are two Insurance Services Office, Inc. (ISO), business income coverage forms
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Insurance protecting the income derived from an insured’s business activities when curtailed by a covered peril. Coverage is often combined with extra expense insurance, which provides coverage for reasonable extra expense the insured undertakes to expedite return to business operations.
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Insurance protection the income derived from an insured’s business activities when curtailed peril. Coverage includes reasonable extra the insured undertakes to expedite return to business operations.