A type of auto insurance that car owners can buy to protect themselves against losses that can arise when the amount of compensation received from a total loss does not fully cover the amount insured owes on the vehicle’s financing or lease agreement. This situation arises when the balance owed on a car loan is greater then the book value of the vehicle.
Garage Coverage Form
A coverage form that is part of the Commercial Auto Coverage Part and which provides coverage for garage businesses (dealers, service stations, garages, parking lots, etc.). Includes coverage for liability, physical damage and garage keepers losses arising out of owned, non-owned and hired autos.
Garage keepers Liability
GA coverage which is part of the Garage coverage form. Covers a garage risk’s legal liability for customers autos in the care, custody or control of the garage. At the insured’s option, can also apply without regard to fault for an additional premium.
An Ocean Marine term used to indicate a partial loss resulting from a sacrifice of cargo to save remaining property (jettison). Each party shares in the loss in proportion to their total interest in property being transported.
A category of insurance which includes most of a business’s liability exposures. Exposures covered include premises and operations, products and completed operations, contractual liability, and contingent liability.
Glass Coverage Form
One of the Commercial Property forms that can be included in the Commercial Package policy.Includes glass specified in a schedule and may include the value of lettering or ornamentation on the glass .
Good Driver Discount
To be eligible for the Good Drivers Discount all operators of the insured vehicles must have been licensed for three or more year, have no more than a one (1) point charge on their driving record and has not been determined “at fault” in an accident resulting in bodily injury or death to any person.
A period (usually 31 days) after the premium due date during which an overdue premium may be paid without penalty. The policy remains in force throughout this period.
A policy issued to cover more than one person or interest such as group life or hospitalization on all employees of a firm.
An option that permits the policy holder to buy additional stated amounts of life insurance at stated times in the future without evidence of insurability.
A Health insurance policy provision that states that the insurer must renew the policy to a certain age. While the company cannot fail to renew the policy until the specified age, it can increase the premium.
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