Liability insurance coverage which gives protection because of liability arising out of ownership, use or occupancy; operation or maintenance of buildings or premises.

When two different kinds of policies cover the same loss, the insurance is said to be “overlapping.” This does not mean, for example, when two fire insurance policies cover the same loss, which is called “contributing insurance.” However, if an…

A class of inland marine insurance covering boats, motors and equipment for named perils (fire, collision and theft) or, at a higher premium, for all risks. Some policies include liability cover for property damage to other vessels.

In automobile insurance, optional coverage is a commonly used term for insurance that is not required by law, such as coverage for collision or comprehensive claims (e.g., theft). For home insurance, optional coverage is that which is not normally included…

A policy covering the insured’s merchandise in the store, warehouse or factory insured, against the felonious entry of a burglar and the removal of part or all of the stock. It extends also to cover damage to the actual premises…

See Directors’ and Officers’ Liability Insurance.

A provision in residential policies affording coverage on some of the household goods when away from the premises, within certain limits.

An event that results in an insured loss. In some lines of insurance, such as liability, an occurrence is not necessarily an accident (something sudden or unexpected); it can result from continuous or repeated exposure to a risk. Nonetheless, an…

An individual or organization in possession of property (i.e., the occupier) owes a duty of care to those who come onto the premises. The occupier must take reasonable care to protect others from harm that might result from programs on…