Burglary Insurance
Coverage against loss as the result of a burglary. Found as part of the commercial package policy that has generally replaced the special multiperil insurance (smp) policy and the MERCANTILE OPEN STOCK BURGLARY INSURANCE policy. Covers loss of merchandise, furniture, equipment, fixtures due to force and violence to the exterior of a business's premises in order to gain entry, and damage to the premises of the business as the result of the burglary. There is a coinsurance requirement that ranges from 40 to 80%.
Popular Insurance Terms
Provision in insurance policies that states the deductible. ...
Coverage for automobile or aircraft operators if they are sued for negligently killing or injuring a passenger. The PERSONAL AUTOMOBILE POLICY (PAP) provides MEDICAL PAYMENTS INSURANCE for ...
Rule that stipulates how to calculate the actual cash value of property that has been damaged, destroyed, or stolen. The thesis of this rule is that whatever evidence that can be produced ...
Maximum amount that an insurance company will pay under a liability insurance policy for claims resulting from a particular accident. This maximum amount applies regardless of the amount of ...
Liability created when an individual who offers services to the general public claims expertise in a particular area greater than the ordinary layman. Today, suits are frequently brought ...
Coverage for bodily injury and/or death resulting from accidental means (other than natural causes). For example, an insured is critically injured in an accident. Accident insurance can ...
Act that established mandatory notification by manufacturers of products and the distributors of these products to the Consumer Product Safety Commission in the event they become aware of a ...
Coverage in which an insurer is not bound to cede and a reinsurer is not bound to accept a risk. A separate reinsurance contract covers each cession. The contract is automatically renewed ...
Fiduciary named in a will to settle an estate of a deceased person. The executor must act as a reasonably prudent man in safeguarding that property in his care, custody, and control. ...
Have a question or comment?
We're here to help.