Legally binding contract effecting insurance or certificates thereof, including all clauses, riders, endorsements and renewals.
Cause of loss or damage. Unbroken chain of cause and effect between the occurrence of an insured peril and damage to property.
Statements contained in an insurance policy which explain the benefits, conditions and other features of the insurance contract.
The adjustment of policy benefits due to a change of exposure or existence of “other insurance.”
Cancellation of an insurance policy or bond with the return premium credit being the full proportion of premium for the unexpired term of the policy.
Covers an insured’s property against damage, destruction or loss by a covered peril.
Protection against liability for damage to the property of another including loss of the use of the property.
A formal statement made by a policyholder to the insurance company regarding a claim, specifying its circumstances and the amount of loss, especially in property insurance.
Designed for manufacturers, this coverage insures against the unexpected cost of recalling a product from the market due to faulty design, errors in manufacturing, or intentional tampering not caused or known by the insured and that may cause harm to…