Aggregate - the maximum dollar amount or total amount of coverage payable for a single loss, or multiple losses, during a policy period, or on a single project. 

All-Risk - also known as open peril, this type of policy covers a broad range of losses. The policy covers risks not explicitly excluded in the policy contract. 

Bodily Injury - physical injury including sickness or disease to a person. 

Broker - an individual who receives commissions from the sale and service of insurance policies. These individuals work on behalf of the customer and are not restricted to selling policies for a specific company, but commissions are paid by the company with which the sale was made. 

Coinsurance - A clause contained in most property insurance policies to encourage policy holders to carry a reasonable amount of insurance. If the insured fails to maintain the amount specified in the clause (Usually at least 80%), the insured shares a higher proportion of the loss. 

Comprehensive General Liability (CGL) - coverage of all business liabilities unless specifically excluded in the policy contract. 

Deductible - Portion of the insured loss (in dollars) paid by the policy holder 

Directors & Officers Liability - liability coverage protecting directors or officers of a corporation from liability arising out of the performance of their professional duties on behalf of the corporation. 

Fidelity - a bond or policy covering an employer’s loss resulting from an employee’s dishonest act (e.g., loss of cash, securities, valuables, etc.). 

Flood - coverage protecting the insured against loss or damage to real or personal property from flood. 

Independent Agent - a representative of multiple insurance companies who sells and services policies for records which they own and operate under the American Agency System. 

Liquor Liability - coverage for the liability of an entity involved in the retail or wholesale sales of alcoholic beverages, or the serving of alcoholic beverages, to persons who have incurred bodily injury or property damage arising from an intoxicated person. 

Named Insured - the individual defined as the insured in the policy contract. . 

Negligence - failure to exercise reasonable consideration resulting in loss or damage to oneself or others. 

NFIP – National Flood Insurance Program - flood insurance and floodplain management for personal and business property administered under the National Flood Act of 1968. Encourages participation by private insurers through a flood insurance pool. 

Occurrence - an accident, including injurious exposure to conditions, which results, during the policy period, in bodily injury or property damage neither expected or intended from the standpoint of the insured. 

Personal Property - single interest or dual interest credit insurance that covers perils to goods purchased or used as collateral and that concerns a creditor’s interest in the purchased goods or pledged collateral either in whole or in part; or covers perils to goods purchased in connection with an open-end credit transaction. 

Premises and Operations - policies covering the liability of an insured to persons who have incurred bodily injury or property damage on an insured’s premises during normal operations or routine maintenance, or from an insured’s business operations either on or off of the insured’s premises. 

Product Liability - insurance coverage protecting the manufacturer, distributor, seller, or lessor of a product against legal liability resulting from a defective condition causing personal injury, or damage, to any individual or entity, associated with the use of the product. 

Property - coverage protecting the insured against loss or damage to real or personal property from a variety of perils, including but not limited to fire, lightening, business interruption, loss of rents, glass breakage, tornado, windstorm, hail, water damage, explosion, riot, civil commotion, rain, or damage from aircraft or vehicles. 

Replacement Cost - the cost of replacing property without a reduction for depreciation due to normal wear and tear. 

Umbrella and Excess (Commercial) - coverage for the liability of a commercial venture above a specific amount set forth in a basic policy issued by the primary insurer; or a self-insurer for losses over a stated amount; or an insured or self-insurer for known or unknown gaps in basic coverages or self-insured retentions.