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Risk Management - Insurance Information | IRMI.com

NEW! Agriculture Resources. In our newest online reference, Agribusiness Risk & Insurance, you'll find in-depth analysis of coverages including farm property, farm liability, farm auto, workers comp, and umbrella insurance, special farm property insurance lines, miscellaneous farm insurance lines, and more.You can also earn your Agribusiness and Farm Insurance Specialist (AFIS

Actived: Tuesday Jan 12, 2021

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Insurance | Insurance Glossary Definition | IRMI.com

Details: An insurance policy that provides coverage for an employer's two key exposures arising out of injuries sustained by employees. Part One of the policy covers the employer's statutory liabilities under workers compensation laws, and Part Two of the policy covers liability arising out of employees' work-related injuries that do not fall under the workers compensation statute.

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Plans & Pricing - Insurance Information | IRMI.com

Details: Answers You Need, When You Need Them! Buyers and sellers of insurance benefit from IRMI products! Whether you buy, sell or write general lines or are more specialized, IRMI's researchers have put together resources that will make it easier to do your job.

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Free Resources | IRMI.com - Insurance Information | IRMI.com

Details: Insurance Industry Links. This directory provides links to about 1,000 handpicked websites of governmental agencies and associations that are particularly useful to risk professionals. You can use this list to focus your Internet search on relevant insurance and risk management websites. Learn More

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Insured | Insurance Glossary Definition | IRMI.com

Details: 101 Ways To Cut Business Insurance Costs. This "how to" guide provides cost-cutting strategies for every major line of coverage. It is designed to help insurance buyers, and their agents and brokers do a better and quicker job of auditing their insurance programs to reduce insurance costs without giving up necessary protection—a gold mine of 101 tried-and-true strategies!

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Insurance Exchange | Insurance Glossary Definition | IRMI.com

Details: Insurance Exchange — an entity providing a marketplace for insurance coverage that is generally unavailable elsewhere, for unusual or nonstandard risks. Unlike insurance companies, however, insurance exchanges do not underwrite insurance coverage. Rather, they are nonprofit organizations that oversee its underwriting members or "syndicates."

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Default Insurance | Insurance Glossary Definition | IRMI.com

Details: Default Insurance — designed as an alternative to bonding contractors, default insurance is first-party insurance that compensates the insured in the event a covered contractor or subcontractor fails to fulfill its contractual obligations. Insureds are required to develop and implement rigorous contractor prequalification procedures and to

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Insurance Regulators | IRMI.com

Details: Contact IRMI. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242

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Cyber and Privacy Insurance | Insurance Glossary

Details: A type of insurance designed to cover providers of technology services or products. For example, data storage companies and website designers provide technology services, while computer software and computer manufacturers offer technology products. Tech E&O policies cover both liability and property loss exposures.

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Who Wants To Be an Insured? | Expert Commentary | IRMI.com

Details: It is common for businesses to involve multiple corporate, partnership, and joint venture entities, and there are a number of subtle nuances that can effect how insurance coverage applies to these entities. Care must be taken to identify them and assure that insured status is properly provided under CGL policies. Learn how in this insightful article.

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Glossary - Insurance Information | IRMI.com

Details: Contact IRMI. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242

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Tail Coverage | Insurance Glossary Definition | IRMI.com

Details: Tail Coverage — a provision found within a claims-made policy that permits an insured to report claims that are made against the insured after a policy has expired or been canceled, if the wrongful act that gave rise to the claim took during the expired/canceled policy. Tail coverage requires that the insured pay additional premium.

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Insurance Line | Insurance Glossary Definition | IRMI.com

Details: Contact IRMI. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242

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Insurance Requirements | Insurance Glossary Definition

Details: Insurance Requirements — the part of a commercial contract in which the types and minimum amounts of insurance the parties agree to provide in connection with their performance of the contract are specified.

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Insurance Risk Score | Insurance Glossary Definition

Details: Insurance Risk Score — a measure developed by insurers based on credit information obtained from the three major U.S. credit bureaus and used as an underwriting tool. Such information includes payment history, number of accounts open, and bankruptcy filings but has nothing to do with a consumer's assets.

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Subguard Insurance | Insurance Glossary Definition | IRMI.com

Details: Subguard Insurance — a proprietary term for a specific insurer's subcontractor default insurance policy. Because it was the first policy of this type, the name has become a somewhat generic label for the type of coverage the policy provides.

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Federal Excise Tax (FET) | Insurance Glossary Definition

Details: Captive Insurance Company Reports. Since 1977, CICR has been educating captive practitioners on diverse captive topics such as fronting and reinsurance, collateral pressures and options, tax, legal matters and claims, domicile challenges and issues, regulatory developments, and so forth.

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Broker | Insurance Glossary Definition | IRMI.com

Details: An insurance agent is a person or organization who/that solicits, negotiates, or instigates insurance contracts on behalf of an insurer and can be independent or an employee of the insurer. Insurance agents are the legal representatives of insurers, rather than policyholders, with the right to perform certain acts on behalf of the insurers they

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Declination | Insurance Glossary Definition | IRMI.com

Details: Contact IRMI. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242

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Property Insurance: Coinsurance | Expert Commentary | IRMI.com

Details: In health insurance, it may be used as a means of risk sharing between insured and insurer as a means to lower the insured's monthly premium cost. For example, covered expenses above the deductible may be shared 80 percent insurer/20 percent insured until a policy-stated total is reached. If the total was $2,500, then the insurer would assume

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Other Insurance and the CGL Policy | Expert Commentary

Details: The other insurance must also be available to the insured. For example, the court in Federal Ins. Co. v. Empire Mut. Ins. Co., 181 A.2d. 568, 569 (N.Y. App. Div. 1992) observed: Other insurance and concurrent coverage exists where there are two or more insurance policies covering the same interest and against the same risk. [Emphasis added.]

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Subject of Insurance | Insurance Glossary Definition

Details: Contact IRMI. International Risk Management Institute, Inc. 12222 Merit Drive, Suite 1600 Dallas, TX 75251-2266 (972) 960-7693 (800) 827-4242

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Self-Insured Retention (SIR) | Insurance Glossary

Details: An amount the insurer will deduct from the loss before paying up to its policy limits. Most property insurance policies contain a per-occurrence deductible provision that stipulates that the deductible amount specified in the policy declarations will be subtracted from each covered loss in determining the amount of the insured's loss recovery.

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Direct Procurement Revisited | Expert Commentary | IRMI.com

Details: In general, insurance companies cannot offer coverage to a particular state's citizens unless it has been admitted or licensed to do so, which entails applying for admission, completing voluminous forms, and submitting to highly intrusive regulation. Nonadmitted insurers can be licensed and usually are so required.

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Riggers Liability Insurance | Insurance Glossary

Details: Riggers Liability Insurance — insurance for a contractor's liability arising out of the moving of property and equipment that belongs to others, such as lifting air-conditioning units onto a roof with a crane. The standard commercial general liability (CGL) policy does not cover this risk due to the exclusion for "personal property of others

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Parametric Insurance | Insurance Glossary Definition

Details: Parametric Insurance — an agreement under which an entity assuming risk (the "insurer") agrees to pay the indemnitee (the "insured") an agreed amount upon the occurrence of a specified event, such as an earthquake or hurricane of specified intensity.

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Guaranteed Cost Insurance | Insurance Glossary Definition

Details: Captive Insurance Company Reports. Since 1977, CICR has been educating captive practitioners on diverse captive topics such as fronting and reinsurance, collateral pressures and options, tax, legal matters and claims, domicile challenges and issues, regulatory developments, and so forth.

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Risk Purchasing Group (RPG) | Insurance Glossary

Details: Captive Insurance Company Reports. Since 1977, CICR has been educating captive practitioners on diverse captive topics such as fronting and reinsurance, collateral pressures and options, tax, legal matters and claims, domicile challenges and issues, regulatory developments, and so forth.

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Commercial Auto Resources | IRMI.com - Insurance Education

Details: List of insurance and risk management references, books, tools, applications, periodicals, and free content related to commercial auto insurance.

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Broadcasters Liability | Insurance Glossary Definition

Details: Professional Liability Insurance. Your one-stop shop for information about D&O, EPL, Professional liability, and more. The policy analyses and comparisons will help you determine which policies are best, and design the broadest coverage.

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Surety | Insurance Glossary Definition | IRMI.com

Details: Written by highly regarded insurance experts, it provides key insight and practical guidance into a number of cutting-edge areas, such as delay coverage and green construction, that are barely touched by most other publications. Learn More. The Wrap-Up Guide - Print Edition.

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Ostensible Agency Liability | Insurance Glossary

Details: Professional Liability Insurance. Your one-stop shop for information about D&O, EPL, Professional liability, and more. The policy analyses and comparisons will help you determine which policies are best, and design the broadest coverage.

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Exemplary Damages | Insurance Glossary Definition | IRMI.com

Details: Technology Errors & Omissions Insurance—This report covers liability incurred by providers of technology services or products, such as data storage companies and website designers. The policies most frequently cover liability for data breaches and other losses not involving bodily injury or property damage.

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Wrap-Ups and the Balance Sheet Effect - Insurance Information

Details: The insurance credits we have discussed accumulate and are eventually finalized and compared to the cost of the wrap-up program. These liabilities will be the subject of my next article. Opinions expressed in Expert Commentary articles are those of the author and are not necessarily held by the author's employer or IRMI.

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Other Insurance and Allocation in Construction Defect

Details: Concurrent versus Continuous Other Insurance. Our subject is the allocation of defense and indemnity payments to multiple periods involving multiple policies and uninsured periods if any—a continuous other insurance approach. In focus is the availability of more than one policy to a loss involving PD occurring during more than one policy period.

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Cross-Liability Coverage | Insurance Glossary Definition

Details: Commercial Liability Insurance. Our most popular product, this reference analyzes standard CGL and other liability policies. Online subscriptions include samples of all the ISO countrywide CGL and employment practices forms (current editions and some past editions) and a selection of AAIS forms.

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Indemnify | Insurance Glossary Definition | IRMI.com

Details: An insurance policy is an indemnity contract. Related Products. Commercial Liability Insurance. Our most popular product, this reference analyzes standard CGL and other liability policies. Online subscriptions include samples of all the ISO countrywide CGL and employment practices forms (current editions and some past editions) and a selection

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Financial Guarantee Insurance | Insurance Glossary

Details: Financial Guarantee Insurance — insurance that covers financial loss resulting from default or insolvency, interest rate level changes, currency exchange rate changes, restrictions imposed by foreign governments, or changes in the value of specific goods or products.

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Project Liability Insurance | Insurance Glossary

Details: An insurance policy written for a specific term (usually 1 year) covering the risks arising out of all the insured's ongoing activities (or insured services) during that term. The term is most often used in conjunction with architects and engineers (A&E) professional liability insurance to distinguish between ongoing practice coverage and

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Contingent Insurance | Insurance Glossary Definition

Details: Contingent Insurance — the term contingent insurance refers to a policy that is contingent on the absence of other insurance. For example, the 1973 commercial general liability (CGL) policy stated that it provided "primary insurance, except when stated to apply in excess of or contingent upon the absence of other insurance.When both this insurance and other insurance apply to the loss on

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Declaratory Judgment | Insurance Glossary Definition

Details: Declaratory Judgment — a special kind of judgment where a court declares the rights and obligations of parties to a written agreement. Where the parties to an insurance policy disagree as to the meaning of a policy term, either of them may file an action to obtain a declaratory judgment from a court as to what the policy term means.

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101 Ways To Cut Business Insurance Costs | Product Page

Details: A gold mine of 101 tried-and-true strategies organized by the major commercial lines of coverage: Automobile Insurance, Commercial General Liability Insurance, Umbrella Liability Insurance, Workers Compensation, Workers Compensation Experience Rating, Property Insurance, Insurance Industry Relationships, Claims, Loss Control, Risk Financing, and other general recommendations.

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Cyberextortion Coverage | Insurance Glossary Definition

Details: A type of insurance designed to cover consumers of technology services or products. More specifically, the policies are intended to cover a variety of both liability and property losses that may result when a business engages in various electronic activities, such as selling on the Internet or collecting data within its internal electronic network.

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Vendors Coverage | Insurance Glossary Definition | IRMI.com

Details: Commercial Liability Insurance. Our most popular product, this reference analyzes standard CGL and other liability policies. Online subscriptions include samples of all the ISO countrywide CGL and employment practices forms (current editions and some past editions) and a selection of AAIS forms.

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COPE | Insurance Glossary Definition | IRMI.com

Details: It is designed to help insurance buyers, and their agents and brokers do a better and quicker job of auditing their insurance programs to reduce insurance costs without giving up necessary protection—a gold mine of 101 tried-and-true strategies! Learn More. Risk & Insurance Package.

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In Defense of Reinsurance | Expert Commentary | IRMI.com

Details: Insurance companies may buy excess-of-loss reinsurance, which is reinsurance that responds when a specific loss exceeds a certain dollar figure. Insurance companies also may purchase aggregate excess-of-loss reinsurance, which is reinsurance that responds based on the aggregate losses paid by an insurance company within a period of time.

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Premises | Insurance Glossary Definition | IRMI.com

Details: Premises — (1) In a property insurance policy, the location where coverage applies. Usually described in the policy with a legal address. (2) Building or land occupied or owned by an insured.

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Finite Risk Insurance | Insurance Glossary Definition

Details: Finite Risk Insurance — an insurance contract that shifts the risk of loss from an insured to an insurer during a stated number of years. Such contracts are subject to a specific limit of liability and include a "commutation feature" (i.e., a refund to the insured) if loss experience is better than expected.

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Surface Water Exclusions in the - Insurance Information

Details: 1 Id. citing State Farm Lloyds v. Marchetti, 962 S.W.2d 58, 61 (Tex. App. 1997, pet. denied) (emphasis added); see alsoTransamerica Ins. Co. v. Raffkind, 521 S.W.2d 935, 939 (Tex. Civ. App. 1975, no writ [emp. italics]) ("[W]e hold that the term surface water is used in the policy to mean natural precipitation coming on and passing over the surface of the ground until it either evaporates, or

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Commercial Property Policy | Insurance Glossary Definition

Details: The key Insurance Services Office, Inc. (ISO), direct damage commercial property coverage form. This form (CP 00 10) covers buildings, business personal property, and personal property of others for direct loss or damage, subject to the limits shown in the declarations for each of these categories.

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