Definition and meaning of Water Damage Legal Liability Insurance :

Water Damage Legal Liability Insurance: Coverage for an insured who suffers a water damage loss which also damages the property of others on the floor below or in adjoining premises. (LA)

(Source: InsWeb)

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Definition and meaning of Wrap-Up :

Wrap-Up: A package plan of a broad type, usually found only in large situations, which is coordinated in such a way as to be applicable to all Liability risks. An example would be a wrap-up policy covering all contractors working on a specific job. (LA)

(Source: InsWeb)

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Definition and meaning of XCU :

XCU: Explosion, Collapse, and Underground Damage. This term is used in Business Liability Insurance to indicate that certain types of construction work involve these hazards. Many Liability policies exclude them. They can be added by endorsement for an additional premium charge. (LA)

(Source: InsWeb)

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Definition and meaning of Warehousemens Legal Liability :

Warehousemens Legal Liability: Coverage protecting warehousemen from liability claims, common to the business of warehousing, for loss or damage to property in storage. (LA)

(Source: InsWeb)

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Definition and meaning of Underground Property Damage :

Underground Property Damage: Refers to damage to underground property, such as wires, conduits or pipes, sewers, etc., beneath the surface of the ground caused by the use of mechanical equipment for the purpose of grading land, paving, excavating, drilling, burrowing, filling, backfilling, or pile driving. (LA)

(Source: InsWeb)

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Definition and meaning of Transition Program :

Transition Program: In commercial liability insurance, rules designed to offset wide differences in premiums for mercantile risks because of a change in the rating base from area to gross sales. It limits maximum and minimum premium changes resulting solely from the change in the rating base. (LA)

(Source: InsWeb)

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Definition and meaning of Trigger :

Trigger: See Coverage Trigger. (LA)

(Source: InsWeb)

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Definition and meaning of Umbrella Liability Policy :

Umbrella Liability Policy: A coverage basically affording high limit coverage in excess of the limits of the primary policies as well as additional liability coverages. These additional coverages are usually subject to a substantial self-insured retention. The term "umbrella" is derived from the fact that it is a separate policy over and above any other basic Liability policies the insured may have. (LA)

(Source: InsWeb)

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Definition and meaning of SMP :

SMP: See Special Multi-Peril. (LA,PR)

(Source: InsWeb)

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Definition and meaning of Retroactive Date :

Retroactive Date: Date on a "claims made" liability policy which triggers the beginning period of insurance coverage. A retroactive date is not required. If one is shown on the policy, any claim made during the policy period will not be covered if the loss occurred before the retroactive date. (LA)

(Source: InsWeb)

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Definition and meaning of Immature Policies :

Immature Policies: Claims-made coverage which has not been in effect, on an uninterrupted basis, for at least five years. For rating purposes, a discount applies to manual rates for immature policies. (LA)

(Source: InsWeb)

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Definition and meaning of Product Recall Insurance :

Product Recall Insurance: Insurance which indemnifies the insured for the cost of recalling products known or suspected to be defective. (LA)

(Source: InsWeb)

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Definition and meaning of Products and Completed Operations Insurance :

Products and Completed Operations Insurance: A major general liability subline which provides coverage for an insured against claims arising out of products sold, manufactured, handled, or distributed, or operations which are complete. Claims are covered only after a product has been sold and possession relinquished, or operations have been completed or abandoned by the named insured. Manufacturers and contractors have a need for this coverage. Contrast with Premises and Operations Liability. (LA)

(Source: InsWeb)

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Definition and meaning of Premises and Operations Liability Insurance :

Premises and Operations Liability Insurance: Liability coverage for exposures arising out of an insured's premises and business operations. One of the two major sublines of general liability. Contrast with Products and Completed Operations Insurance. (LA)

(Source: InsWeb)

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Definition and meaning of Pollution Liability Extension Endorsement :

Pollution Liability Extension Endorsement: An endorsement to general liability insurance which removes part of the pollution exclusion, creating liability coverage for pollution injury or damage. (LA)

(Source: InsWeb)

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Definition and meaning of Personal Liability Supplement :

Personal Liability Supplement: This form is used to provide Personal Liability Insurance. It may be attached to a Dwelling Policy or written as a separate policy. (LA)

(Source: InsWeb)

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Definition and meaning of Physicians and Surgeons Professional Liability Insurance :

Physicians and Surgeons Professional Liability Insurance: Malpractice Insurance for physicians and surgeons. See Malpractice. (LA)

(Source: InsWeb)

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Definition and meaning of Pollution Liability Coverage Form :

Pollution Liability Coverage Form: Commercial form providing pollution insurance on a "claims made" basis, and also including coverage or clean-up costs. Contrast with Limited Pollution Liability Coverage Form. (LA)

(Source: InsWeb)

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Definition and meaning of Professional Liability Insurance :

Professional Liability Insurance: (1) See Malpractice Insurance for the definition applicable to the healing arts. (2) See Errors and Omissions Insurance for the definition applicable to those in professions such as law and accounting. Errors and Omissions exposure exists for many other kinds of businesses, like travel agencies and telephone exchanges. (LA)

(Source: InsWeb)

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Definition and meaning of Property Damage Liability Insurance :

Property Damage Liability Insurance: Protection against liability for damage to the property of another, including loss of the use of the property, as distinguished from liability for bodily injury to another. In the majority of cases it is written along with Bodily Injury Liability protection. (LA)

(Source: InsWeb)

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Definition and meaning of Railroad Subrogation Waiver Clause :

Railroad Subrogation Waiver Clause: A provision in a Property Insurance contract that the contract shall be valid even though the insured has an agreement with the railroad waiving subrogation against the railroad. Usually used in connection with a railroad sidetrack agreement. (LA)

(Source: InsWeb)

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Definition and meaning of Rating, Retrospective :

Rating, Retrospective: See Retrospective Rating. (LA,WC)

(Source: InsWeb)

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