Insurance protecting against civil authority mandates. Civil Authority Coverage is a crucial aspect of business interruption insurance that provides financial protection when a business is forced to close or limit operations due to government orders or mandates. Such orders might arise from civil unrest, natural disasters, or public health emergencies. This coverage helps businesses recover … Read more
In the context of business insurance, “blanket cover” and “blanket insurance” are closely related terms, but they can have slightly different connotations depending on the specific insurance policy and provider. In practice, the terms are often used interchangeably, but “blanket insurance” is more commonly used when referring to an actual insurance policy, while “blanket cover” … Read more
Assumed liability refers to the obligation of one party to take on the responsibility for the liabilities of another party. This can arise from contractual agreements, statutes, or common law. This concept is prevalent in various business arrangements, such as mergers, acquisitions, contracts for services, and lease agreements. By agreeing to assume liability, one party … Read more
A risk evaluation method of adjusting premiums for specific businesses. Schedule Rating is a customized method in business insurance that calculates premiums based on the unique risks associated with a specific business. This method evaluates the unique characteristics of a business, including its operations, safety policies, and overall risk management practices. Unlike standard rating methods … Read more
Insurance for cargo loss due to supplier failure. Contingent Cargo Coverage is an important type of insurance designed to protect businesses engaged in shipping goods when the primary insurance may not respond. This insurance is particularly relevant when a company relies on third-party suppliers or manufacturers for their products. If the supplier experiences a loss, … Read more
Process of converting an insurance quote into a policy. The binding process is a critical stage in business insurance procurement that involves transitioning from a proposed insurance quote to an actual binding policy. This process typically begins when a client receives a detailed quote from an insurance provider outlining coverage options, limits, premiums, and terms … Read more
Coverage for tenants against property damage claims. Tenant’s Legal Liability refers to a specific type of insurance coverage designed to protect tenants from financial responsibility arising from damaging property they lease or rent. This liability insurance covers claims that landlords may bring against tenants for damage to the rental property that occurs due to the … Read more
Legal Entity Cover is a type of business insurance that protects the company itself as a separate legal entity. It covers the entity for financial losses due to lawsuits, regulatory actions, or contractual disputes. Legal Entity Cover is typically more applicable to non-individual entities such as corporations, LLCs, and partnerships. This is because these structures … Read more
Coverage limit covering multiple properties or locations. A blanket limit is an insurance term referring to a single coverage limit that applies to multiple properties or locations. This type of insurance policy allows businesses to secure coverage for various assets without having to specify the value of each asset individually. The total coverage amount is … Read more
Insurance covering assets on a business’s yard. Yard Coverage is a specific type of insurance that protects businesses’ assets located on their premises, particularly in outdoor areas such as yards, lots, and storage spaces. Coverage may be included under broader property insurance or inland marine insurance policies. This coverage is essential for businesses that own … Read more
