Factory Mutual
Definition of "Factory mutual"
Organization of a group of insurers composed of mutual property and casualty insurance companies, a subsidiary stock insurance company, and a subsidiary safety engineering company. Their objective is to provide insurance and safety engineering services for large manufacturing companies, substantial housing projects, public institutions, and educational institutions. Coverage includes the perils of fire, explosion, windstorm, riot, civil commotion, sprinkler leakage, malicious mischief, damage to vehicles, and damage to aircraft. Field offices staffed by salaried personnel deal directly with insureds; there is no agency field force.
Popular Insurance Terms
Approach in loss prevention placing emphasis on physical features of the workplace as a potential cause of injuries. For example, if a product is inherently dangerous in design or during ...
Coverage against a loss resulting from the forcible entry of a safe. In order for this coverage to be applicable, there must be signs of forcible entry into the premises in which the safe ...
Endorsements to life insurance policies that provide additional benefits or limit an insurance company's liability for payment of benefits under certain conditions. These include: Waiver of ...
Policy that combines life insurance coverage on two lives and pays policy proceeds on the second person's death with the accumulation potential of an underlying variable investment ...
Coverage on an all risks basis for fur garments belonging to customers of a furrier. ...
1961 federal legislation that allows the U.S. Export-Import Bank to set up insurance protection for U.S. exporters against credit risk and political risk in order to help make U.S. exports ...
Decline in an estate's value, when the estate owner dies, because of death-related expenses to include estate taxes, estate administration costs, funeral expenses, and outstanding estate ...
Status in which an insurance company holds funds of its insureds (the payment of premiums) in trust, and through an insuring agreement promises to make all benefit payments for which it has ...
Property coverage for a builder of ships until possession passes to the owners. Protects against pre-launch and post-launch perils. Coverage can be purchased on an all risks basis subject ...
Have a question or comment?
We're here to help.