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Improvements And Betterments
Permanent alterations which a tenant makes to the rented property which will not be removed when the tenant leaves.

Inception Date
See Effective Date.

Incontestable Clause
A policy provision in which the company agrees not to contest the validity of the contract after it has been in force for a certain period of time, usually two years.

Indemnitor
In a Surety agreement, one who agrees to reimburse the surety for any loss it may suffer from having bonded the Principal.

Indemnity
A principle of insurance which provides that when a loss occurs the insured should be restored to the approximate financial condition occupied before the loss occurred, no better, no worse.

Indemnity Bond
A License bond which holds the government harmless from injuries or damages caused by the principal's activities.

Independent Insurance Agent
One who represents more than one company, sells and services the insurance solely on a commission or fee basis under contract and is recognized to own the business produced.

Independent Insurance Agents & Brokers of America (IIABA)
Formerly the Independent Insurance Agents of America (IIAA), this is a member organization of independent agents and brokers monitoring and affecting industry issues.  Numerous state associations are affiliated with the IIABA.

Indirect Damage
Loss resulting as a consequence of physical damage to property .

Indirect Loss
Loss which is a result or consequence of a direct loss.

Inflation Guard
A property insurance option which provides that the policy limits will increase a certain percentage at regular intervals for instance annually.

Inland Marine Insurance
A form of insurance originally designed as an extension of marine coverage to insure transportation of goods over land. Today it covers in addition to goods in transit, a variety of portable property.

Insolvency Bond
Fiduciary bonds that are required of persons appointed to conserve remaining assets and protect creditors.

Installation Form
An uncontrolled Inland Marine form that covers property in transit and at premises where an installation is to be made.

Instrumentalities Of Transportation And Communication
A category Inland Marine insurance covering such property as bridges, tunnels, pipelines, etc.

Insurable Interest
Any actual lawful and substantial economic interest in the safety or preservation of the subject of the insurance from loss, destruction or pecuniary damage or impairment. A claim may be paid only when an insurable interest exists.

Insurance
A contract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies.

Insurance Adjuster
A representative of the insurer who seeks to determine the extent of the insurer's liability for loss when a claim is submitted.  Independent insurance adjusters are hired by insurance companies on an "as needed" basis and might work for several insurance companies at the same time.  Independent adjusters charge insurance companies both by the hour and by miles traveled.  Public adjusters work for the insured in the settlement of claims and receive a percentage of the claim as their fee.  A.M. Best's Directory of Recommended Insurance Attorneys and Adjusters list independent adjusters only.

Insurance Attorney
An attorney who practices the law as it relates to insurance matters.  Attorneys might be solo practitioners or work as part of a law firm.  Insurance companies who retain attorneys to defend them against law suits might hire staff attorneys to work for them in-house or they might retain attorneys on an as-needed basis.  A.M. Best's Directory of Recommended Attorneys and Adjusters lists insurance defense attorneys who concentrate their practice in insurance defense such as coverage issues, bad faith, malpractice, products liability, and workers' compensation.

Insured
The policyholder – the person(s) protected in case of a loss or claim.

Insurer
The insurance company.

Insuring Agreement
The section of an insurance policy which states which losses will be indemnified, what property is covered, which perils are insured against.

Invoice
A bill for providing coverage.