Failure to live up to the conditions or warranties contained in a policy.
A car is branded after an accident to indicate its state of disrepair as one of the following: Salvage – A vehicle that has sustained damage to the point where the cost of fixing it exceeds its cash value prior…
This coverage protects an organization against any losses that result from a breakdown of heating, refrigeration, air conditioning equipment, pressure vessels, boilers, production machinery, electrical apparatus and/or electronic equipment
A term, mostly used in automobile insurance, meaning physical injury as a result of a car collision.
The Blue Book lists the values of automobiles. Insurers typically use this book to establish the amount of loss in automobile physical damage claims. These values are synonymous with market value. See also Red Book.
An individual policy covering several crime perils on a single amount rather than on individual limits.
A temporary or preliminary agreement that provides coverage until a policy can be written or delivered.
See Named Perils.
A person entrusting goods to another.