A disappearing deductible is a dollar amount deducted from the amount of loss which is reduced as the loss increases and disappears entirely to provide full coverage when the loss reaches a certain specified figure. Deductible amounts vary from $500.00…

Insurance that provides coverage for members of boards of directors against “wrongful acts,” which might include actual or alleged errors, omissions, misleading statements, and neglect or breach of duty on the part of the board of directors.

Insurance company selling direct to the public and not through independent agents or brokers.

Damage to or loss of the insured property itself. It does not include consequential loss or expenses incurred as an indirect result of the damage, such as the cost of renting replacement items while the originals are being repaired.

(As pertains to Ontario, Quebec, New Brunswick) Covers damage to – or loss of use of – an automobile or its contents, to the extent that the driver of another vehicle was at fault for the accident. It is called…

A system for the collection of premiums whereby the insurance company “directly bills” the insured for the premium in lieu of the conventional collection of premiums by the agent or broker. The insurer sends a statement to the agent, usually…

A policy insuring against losses not usually covered by Fire and Business Interruption polices such as those caused by flood, earthquake, landslide and other unusual accidental occurrence. Applicable mostly to large commercial and industrial organizations, and performs much the same…

Reduction in value of property through use, ageing, deterioration and obsolescence.

Insurance against the cost of removing the ruins of a building partially destroyed by an insured peril.