Insurance Terms

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Schedule

In insurance, a schedule is a list attached to a policy. A jewelry schedule is a list of jewelry you own that is covered by an insurance policy. A vehicle schedule is a list of vehicles attached to and covered by an insurance policy.

Selling Price Clause

This applies to to the value of goods which have been damaged or destroyed by an insured peril. The purpose is to insure the profit that would have been incurred through a sale. It defines the insurable value of merchandise which has been sold, but not delivered, at the amount at which it was sold, less any charges not incurred.

Sexual Harassment Defence Coverage

Protects against legal fees and costs arising from charges of sexual harassment.

Specified Perils

An insurance policy which only covers causes of loss or perils specified in the policy.

Split Limits

The practice of providing separate limit amounts for each type of coverage contained within a single policy. An automobile policy could have separate limits for bodily injury and physical damage.

Stated Amount

When the value of a property is stated within the policy and is not dependent on valuation methods applied at the time of a loss.

Subrogation

In insurance, the process where an insurance carrier negotiates in behalf of the insured to settle a claim the carrier is liable for.

Sue and Labor Clause

A stipulation in a policy that the insured will take all necessary means to save property from further loss and recover damages from others who might have caused the loss. Under the terms of this clause, the insurance carrier agrees to pay all costs even if they exceed the limit of the policy.

Suplus Lines Tax

A tax paid by the insured on insurance placed with surplus lines carriers. It is collected by the agent and paid to the state.

Surety Bond

Insures a third party against non performance by a contracted party or organization. Common in the construction industry and to guarantee ongoing payments.

Surplus Lines Insurance

Insurance placed with carriers not licensed in the same state as the risk. Surplus lines laws differ in each state but generally require that the insured attempt to place the insurance with a licensed carrier before using a surplus lines carrier. Proof of this placement attempt is also typically required.

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