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| A single insurance policy which combines many different
types of coverages resulting in a lower price than if
each were purchased individually. Business owners packages
typically combine automobile, liability and property
coverages in to a single insurance policy. |
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| Partial
Disability Coverage |
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| Insurance typically used to pay for job retraining
and personal rehabilitation when an accident or injury
renders you partially disabled. Partially disabled is
defined as the inability to continue in your current
vocation but still able to perform other occupations. |
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| The cause of a loss. Examples of perils are fire,
wind, an accident and acts of vandalism. |
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| Personal
Articles Floater |
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| Insurance on items you have scheduled (listed), anywhere
they might be and against all perils or causes of loss
except those specified in the insurance policy. |
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| Personal
Automobile Coverage |
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| Insurance for vehicles owned by individuals and not
used for business purposes other than driving to and
from work. Usually comprised of collision (stuff you
hit with your vehicle), comprehensive (your vehicle)
and medical coverages. |
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| Personal
Injury Liability Coverage |
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| This insurance coverage protects against false arrest,
detention or imprisonment, or malicious prosecution;
libel, slander, defamation, or violation of right of
privacy; and wrongful entry, eviction, or other invasion
of right of private occupancy. |
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| Personal
Injury Protection Coverage (PIP)
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| Insurance for other people in your vehicle and pedestrians
injured or killed in a motor vehicle accident. PIP covers
medical expenses, lost wages, funeral costs, etc. for
other parties when not be covered by other policies. |
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| A single policy for individuals which combines property,
automobile and sometimes other coverages in to a single
insurance policy resulting in a lower cost than if each
were purchased separately. |
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| Personal
Property Floater (PPF) |
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| Insurance for homeowners covering all household effects
such as furniture, appliances and clothing. Typically
does not require the items to be specified on a list
or schedule but does have a fixed limit. |
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| Insurance against damage to tangible property. Automobile
physical damage covers damage to your vehicle. |
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This insurance coverage provides "special" protection,
except for the perils of war, nuclear reaction, and
fire. (Fire is covered under the building policy.)
This coverage is for full replacement cost and covers
the expense of repairing frames, installing temporary
plates, or boarding up openings. |
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| A term used to indicate a vehicle is not used for
any business purpose other than driving to and from
work. Required to obtain private passenger automobile
insurance. |
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| A formal contract outlining the terms and conditions
of the insurance provided by an insurance carrier. |
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| Pollutants
Cleanup and Removal Coverage
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| This is an aggregate first party coverage that applies
to your expense in extracting "pollutants" from land
or water at your location, if the release of the pollutants
is caused by or results from a covered loss. |
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| Pollution
Legal Liability Coverage |
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Coverages
Pays on your behalf all sums you are legally obligated
to pay as a result of emission, discharge, release,
or escape of any contaminants, irritants, or pollutants
into or on land, the atmosphere, or any water course
or body of water, provided this results in "environmental
damage."
Additionally pays to reimburse your expense for reasonable
and necessary cleanup costs incurred in the discharge
of a legal obligation validly imposed through governmental
action, provided such expense is incurred because of
"environmental damage."
Pays for defense of any claim or suit that is the subject
of this insurance.
Coverage Response
"Claims made" coverage response
(i.e., responds only to claims first made during the
policy period and only for incidents that have occurred
after the effective date of this coverage).
Pollution"Environmental damage" is defined in the policy
as"the injurious presence in or on land, theatmosphere,
or any water course or body of waterof solid, liquid,
gaseous, or thermalcontaminants, irritants, or pollutants." |
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| Injury from an accident or sickness which occurred,
began or was diagnosed before the insurance policy was
in effect are pre-existing conditions and may be excluded
from coverage. |
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| Preferred
Provider Organization (PPO)
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| A health insurance plan in which visits to member
physicians and facilities are at a reduced cost but
you may typically go to any doctor or facility of your
choice. Most PPO plans do not require you to select
a primary care physician. |
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| The amount you are asked to pay for an insurance policy. |
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| Private
Passenger Automobile Coverage
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| Insurance for vehicles owned by individuals and not
used for business purposes other than driving to and
from work. Usually comprised of collision (stuff you
hit with your vehicle), comprehensive (your vehicle)
and medical coverages. |
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| Products
Liability Coverage |
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| The liability for bodily injury or property damage
incurred by a merchant or manufacturer as a consequence
of some defect in the product sold or manufacturered
or the liability incurred by a contractor after he has
completed a job as a result of improperly performed
work. The latter described part of products liability
is called Completed Operations. |
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| Professional
Liability Coverage |
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| Consultants and companies providing advice and services
of any kind have exposures that are not usually insured
by a Commercial General Liability policy. Among the
more common types of organizations that have professional
exposure are accountants, lawyers, computer consulting
firms, investment advisors, insurance agents, data processing
service firms, publishers, third-party administrators,
teachers and anyone providing consulting services. A
variety of Professional Liability and Errors & Omissions
Liability policies are designed to protect individuals
and companies for claims alleging negligence in the
providing of specialized services. |
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| Protects against loss of or damage to buildings and
personal property. |
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| Property
Damage Liability Coverage |
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| Protects against loss caused by your negligent damage
of someone else's property. |
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| A scale of 1 to 10 used to measure the fire protection
of every area in the United States. Ten is the worst
and one is the best. The rating is based on such items
as the water supply, the fire department and climate. |
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| Protective
Liability Coverage |
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| Protects against claims arising from a secondary cause
such as a business being sued due to the actions of
an employee. |
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| Punitive damages are awarded in civil law suits to
discourage intentional wrongdoing, wanton and reckless
misconduct and outrageous behavior. The majority of
courts in the United States, including those of New
York hold that punitive damages are not compensation
for injury, but, instead, are private fines levied by
civil juries to punish reprehensible conduct and to
deter its future occurrence. |
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