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Is your current insurance policy Greek to you? Has a client demanded you have a type of coverage you've never heard of? Whenever you stumble over insurance jargon, click on this translator tool. It contains plain English definitions of hundreds of insurance terms.
Simply click on the first letter of the term you need defined below. Then select the word from the scrolling list. In seconds, we'll translate that term from insurance jargon into plain English.
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Additions or alterations made by a lessee at his own expense, which enhance the value of a building he occupies. These become part of the realty (and are not legally subject to removal) and require special insurance consideration.
Any changes made by the person who rents the property that improve the value of it.
Many insurance policies and all bonds promise to “indemnify” the insured. Under such a contract, there can be no recovery until the insured has actually suffered a loss. He is entitled to be compensated for the damage, which has occurred, i.e., to be restored to the same financial position he enjoyed immediately before the loss.
To compensate for an actual loss.
A term sometimes used to describe a consequential loss.
A financial loss to a business that is caused indirectly. For example, a store in a mall could have to temporarily close down because a fire in another part of the mall reduces overall mall traffic. Even though the insured wasn’t directly damaged, the loss of income could still be covered.
Insurance developed originally by marine underwriters to cover goods while in transit by other than ocean vessels. It now covers any goods in transit (except transoceanic) and also includes numerous floater policies, such as personal effects, personal property, jewelry, furs, etc. Although property must be movable to be eligible for coverage, bridges, tunnels, radio and TV broadcasting equipment, and similar aids to transportation and communication also qualify for inland marine insurance.
A broad type of insurance covering articles that may be transported from place to place as well as bridges and tunnels. It includes goods in transit as well as special types of property.
An amount of insurance at, or close to, the value of the property insured.
Insurance written in an amount that approximates the value of the insured property.
An insurance company that underwrites the insurance coverage or provides other insurance-related services.
The insurance company. Also referred to as the carrier.
This document outlines in general terms the coverages that may be afforded under a Hartford policy. All policies must be examined carefully to determine suitability for your needs and to identify any exclusions, limitations or any other terms and conditions that may specifically affect coverage. In the event of a conflict, the terms and conditions of the policy prevail. All Hartford coverages described in this document may be offered by one or more of the property and casualty insurance company subsidiaries of The Hartford Financial Services Group, Inc.
USAA is acting as an agent through its insurance agency affiliate, USAA General Agency, Inc. or USAA Insurance Agency, Inc. The USAA Business Insurance Program offered through the agency affiliate is available only to persons eligible for USAA membership. The Hartford Fire Insurance Company and its affiliates provide the insurance for this program. All insurance applications are subject to underwriting to determine acceptability. Product availability and coverage may vary by state. Insurance descriptions are general in nature. Please refer to your policy for full disclosure of coverages, limitations and conditions.