Business Personal Property
Business personal property refers to the movable assets owned by a business, such as equipment, furniture, and inventory, that are essential to daily operations.
BOR – Broker of Record Letter
A BOR, or Broker of Record Letter, is a document that authorizes a specific insurance broker to represent an individual or business in managing their insurance policies.
Audit
An audit is a formal examination of an organization’s or individual’s accounts, transactions, and records to ensure accuracy and compliance.
Loss Reserve
Loss reserve is an estimate of the total amount an insurance company expects to pay for claims that have been reported but not yet settled.
Expense Ratio
Expense Ratio is the percentage of assets used for administrative and operational expenses in an investment, insurance, or mutual fund.
Premium Audit
A premium audit is a review of the policyholder’s records to ensure the correct insurance premium is charged based on actual business operations.
Per Occurrence Limit
A Per Occurrence Limit is the maximum amount an insurance company will pay for a single claim or incident under a policy.
Retention
Retention refers to the amount of risk that a person or business chooses to retain, rather than transferring it to an insurance company through a policy.
Modification Factor
A Modification Factor is a numerical value used to adjust insurance premiums based on specific risks associated with a policyholder.
COI
COI, or Certificate of Insurance, is a document used to prove that a person or business has insurance coverage, often required for liability or property protection.
Class Code
Class code is a numerical identifier used to classify businesses or industries based on the type of work they perform, essential in determining insurance rates.
Hold Harmless Agreement
A Hold Harmless Agreement is a legal contract in which one party agrees not to hold another party liable for any damages or injuries.
Bailee Coverage
Bailee Coverage is insurance protection for businesses that temporarily hold personal property belonging to others, covering damage or loss to the property.
Business Interruption Insurance
Business Interruption Insurance covers the loss of income a business may experience after a disaster or unexpected event that disrupts its normal operations.
Aggregate Limit
Aggregate limit refers to the maximum amount of coverage an insurance policy will provide for all claims during a specific period, usually one year.
Agreed Value Policy
An Agreed Value Policy is an insurance policy where the insurer and policyholder agree on the value of the insured item upfront, guaranteeing the payout in case of a total loss.
Loss Runs
Loss Runs are detailed reports generated by insurance companies that outline a policyholder’s claim history over a specified period.
Equipment Breakdown Coverage
Equipment Breakdown Coverage protects against the financial loss from unexpected equipment failures or breakdowns.
Cyber Insurance
Cyber Insurance is a type of coverage designed to protect businesses from internet-based risks, including data breaches and cyber-attacks.
Advertising Injury
Advertising injury refers to harm caused by defamation, privacy violations, or intellectual property infringement that occurs in advertising or promotional activities.
Business Income Insurance
Business Income Insurance provides coverage for lost income when a business is unable to operate due to a covered property loss or event.