Frequent Types of Commercial Insurance Coverages
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Basic Glossary
Fire Insurance
Business insurance coverage for property owned by the insured or for whom the insured may be the equitable owner or otherwise have an insurable interest; to protect the insured against losses to real property and/or personal property from damage caused by the perils of fire or lightning, including business interruption, loss of rents, etc. Frequently additional perils are endorsed onto the policy, such as vandalism, malicious mischief, windstorm, smoke, hail, aircraft, vehicle, explosion, riot, strike damage.
Additional Allied Property Insurance Additional Coverages
These insurance coverages are generally written with property insurance, e.g., glass,
tornado, sprinkler and water damage; explosion, civil commotion; growing crops; flood; rain; and damage from vehicle, etc.
Multi-Peril Commercial Insurance Policy (and synonyms)
Multiperil commercial insurance policies frequently provide the lowest cost for business insurance; they may include business insurance coverage for a commercial enterprise or investment; they also package together two or more insurance business insurance coverages. Policy protects an enterprise or investment from various risks and perils, to property and liability. Insurance perils frequently include fire, allied lines, various other coverages (Example: difference in conditions) and liability coverage .
Inland Marine Insurance
Insurance coverage for property that may be in transit, or held by a bailee at a fixed location. Coverage may also be for a movable good that is often at different locations (e.g., off road construction equipment), or scheduled property. Inland Marine Insurance may include instrumentalities of transportation and communication (Example: bridges, tunnels, piers, wharves, docks, pipelines, power and phone lines, and radio and television towers).
Ocean Marine Insurance
Insurance coverage for ocean and inland water transportation exposures. This includes goods and cargo, ships or hull, earnings, and liability.
Surety Bond aka Financial Guaranty Bond (or Insurance Policy)
A Surety Bond is an indemnity contract and another similar guaranty. Coverage is for a loss, payable upon proof of occurrence of financial loss to an insured claimant, obligee, or indemnitee; this default results from the default or failure to perform a financial obligation or contractual performance of an obligation. Example: Construction of a warehouse or multifamily dwelling, pursuant to a building construction contract.
Fidelity Bond
Insurance coverage for an employer's loss resulting from an employee's dishonest act
(e.g., loss of cash, securities, valuables, etc.).
Credit Insurance
Insurance coverage available to manufacturers, merchants, educational institutions, or other commercial businesses that extend credit, for indemnification of losses or damages resulting from the nonpayment of accounts receivables, owed to them for goods or services provided in the normal course of their business.
Workers' Compensation Insurance
Insurance coverage to cover an employer's liability for injuries, disability or death to employees, without regard to fault, as prescribed by state law, or federal workers' compensation laws. Coverage includes employer’s liability against the common law liability for injuries to employees.
Liability Insurance
Insurance coverage to protect the insured against legal liability resulting from
negligence, carelessness, or a failure to act; in particular when it causes property damage or personal injury to others. Coverages may include construction and alteration liability, contingent liability, contractual liability, elevators and escalators liability, errors and omissions liability, environmental pollution liability,
liquor liability, personal injury liability, operations liability, premises liability,
completed operations liability, nonmedical professional liability, excess
stop loss, excess over insured or self insured amounts and umbrella liability,
etc.
Premises and Operations Liability Insurance
Insurance coverage for the liability of an insured to persons who have incurred bodily injury or property damage on an insured’s premises during normal operations or routine maintenance, or from an insured’s business operations either on or off of the insured’s premises.
Product Liability Insurance
Insurance coverage that provides protection to a manufacturer, distributor, seller, or lessor of a product against legal liability resulting from a defective condition that causes
personal injury, or damage, to any individual or entity, that is associated with the use of
the product.
Completed Operations Liability Insurance
Insurance coverage for the liability of contractors, plumbers, electricians, repair shops, and similar firms to third parties, who have incurred bodily injury or property damage from defective work or operations completed or abandoned by (or for the insured), away from the insured’s premises.
Construction and Alteration Liability Insurance
Insurance coverage for the liability of an insured to people who have incurred bodily injury or property damage, from alterations involving demolition, new construction or change in size of a structure on the insured’s property or premises.
Contingent Liability Insurance
Insurance coverage for the liability of an insured to people who have incurred bodily injury or property damage from work done by an independent contractor hired by the insured to perform work that was illegal, inherently dangerous, supervised too closely, or it was a situation that does not permit delegation of responsibility.
Contractual Liability Insurance
Insurance coverage for the liability of an insured that has assumed the legal liability of another party by written or oral contract. This includes coverage that names the lender/lessor as beneficiary and indemnifies the borrower/lessee for the liability of the balance due on the automobile loan/lease for an automobile that has been destroyed in an accident.
Elevators and Escalators Liability Insurance
Insurance coverage for the liability of an insured to persons who have incurred bodily injury or property damage from use of elevators or escalators operated, maintained or controlled by the insured.
Errors and Omissions Liability Insurance
Professional liability insurance, other than medical malpractice insurance, that covers the liability of a professional or quasi-professional insured to persons who have incurred bodily injury or property damage, or who have sustained any loss from omissions arising from the performance of services for others, errors in judgment, breaches of duty, or negligent or wrongful acts in business conduct.
Environmental Pollution Liability Insurance
Insurance coverage for the liability of an insured to persons who have incurred bodily injury or property damage from acids, fumes, smoke, toxic chemicals, waste materials or other pollutants.
Excess and Umbrella Liability Insurance
Insurance coverage for the liability of an insured above a specific amount set forth in a basic policy issued by the primary insurer; or a self-insurer for losses over a stated amount. Also, may provide an insured or self-insurer insurance for gaps in basic coverages or self insured retentions.
Liquor Liability Insurance
Insurance coverage for the liability of an insured to persons whom have incurred bodily injury or property damage from an intoxicated person.
Personal Injury Liability Insurance
Insurance coverage for the liability of an insured to persons who have been discriminated against, falsely arrested, illegally detained, libeled, maliciously prosecuted, slandered, suffered mental anguish or alienation of affections, or have had their right of privacy violated.
Auto Liability Insurance
Insurance coverage to protect the insured against financial loss because of legal liability, arising from motor vehicle related injuries and/or damage to the property of others (Caused by accidents arising out of ownership, maintenance or use of a motor vehicle).
Commercial Auto Liability Insurance
Insurance coverage for motor vehicles that are used primarily in connection with business, commercial establishments, activity, employment, or activities carried on for gain or profit.
Auto Physical Damage Insurance
Insurance against material damage to the insured’s vehicle.
Commercial Auto Physical Damage Insurance
Insurance for vehicles that are used in connection with business, commercial establishments or activities, employment, or activities carried on for gain or profit.
Aircraft Insurance
Insurance coverage for the aircraft hull and its contents. Usually covers aircraft owners and aircraft manufacturers liability to passengers, airports and other third parties.
Glass Insurance
Insured glass coverage for the costs of replacement and incidental costs of building glass due to breakage or application of chemicals to glass.
Burglary and Theft Insurance
Insurance coverage for property taken or destroyed by breaking and entering the insured's premises, burglary or theft, forgery or counterfeiting, or fraud. Coverage may be for on or off premises exposure.
Boiler and Machinery Insurance
Insurance coverage for the failure of boilers, machinery and electrical equipment. This usually includes: (a) property of the insured, which has been directly damaged by the accident; (b) costs of temporary repairs and expediting expenses; and (c) liability for damage to the property of others.
International Insurance for USA Domiciled Businesses
Insurance coverage for business transacted outside the U.S., its territories, and
possessions.
Medical Malpractice Insurance
Insurance coverage to protect a licensed health care provider, or health care facility, when providing professional services, against legal liability resulting from the death or injury to a person, resulting from the insured's negligence, or incompetence, etc.
Earthquake Property Insurance
Insurance coverage for losses resulting from a sudden trembling or shaking of the earth, including volcanic eruption.
Farm Owners Multi-Peril Package Insurance Policy
Insurance coverage includes both property and liability coverages for personal and business losses. Property includes farm dwellings and their contents, barns, stables, other farm structures and farm inland marine, such as mobile equipment and livestock.
Homeowners Multi-Peril Package Insurance Policy
Insurance coverage combines broad property coverages for the personal property and/or structure with broad personal liability coverage. Typical coverage is for the dwelling, appurtenant structures such as a garage, personal property and additional living expenses.
Mortgage Guaranty Insurance
Coverage insures a lender from loss resulting from borrowers’ mortgage payment default..
CONTACT US: For additional information or answers information about how to protect your company's assets and capital, use the email form at the bottom, or email Priscilla Li in English or Chinese, or call us:
Greenpoint Agency, Inc.
Home Office Telephone Numbers:
Mary Sylenko or Priscilla Li: (718) 591-2400
Anytime 24/7 Direct Phone: (347) 468-7338