Protects manufacturers’ and distributors’ exposure to liability for bodily injury or property damage caused by the negligent manufacturing of the product. Also referred to in relation to claims arising out of completed work.
Broker or agent who sells insurance.
A vehicle not used as a commercial vehicle. For example, if a small van is used as a family vehicle, it is considered a private passenger vehicle. However, if this same van is used as a full-time delivery vehicle, it…
Insurance cover in force before the current insurance.
An insurance premium is the money the policyholder pays to the insurer for financial protection against specific risks for a specific time-span. Unlike the premiums for many forms of life insurance, general insurance premiums are not intended to produce a…
Building including the land immediately surrounding it and belonging to it.
A preliminary statement of the particulars of a loss which the insured submits to the insurer.
A previous common law decision used in considering a subsequent legal case.
A group of insurers or re-insurers who insure particular types of risks. Premiums, losses and expenses are shared in agreed-upon amounts.