Insurance Glossary

In the insurance industry, a binder is a temporary insurance contract that provides coverage while a permanent policy is being processed.

Bodily injury liability coverage is a crucial component of insurance policies that provides financial protection to individuals or entities in the event they are held responsible for causing bodily harm or injury to others.

A type of insurance that covers damage to equipment and machinery, as well as liability for injuries or damages caused by equipment breakdown.

A type of insurance that specifically covers damage caused by the explosion of a boiler or other pressure vessel.

A bordereau is a type of report used in the insurance industry to summarize key details about insurance policies or claims.

A type of insurance called builder’s risk insurance is used to safeguard buildings and structures under construction, renovation, or remodeling.

The Business Auto Form is a standardized insurance form used in the United States to provide commercial auto insurance coverage.

Business interruption insurance, also known as business income insurance, is a type of insurance that protects businesses from financial losses caused by a disruption to their operations.

A type of insurance policy that combines property, liability, and business interruption coverage into one package, designed specifically for small and medium-sized businesses.

Business personal property insurance, also known as contents coverage or business contents insurance, is a type of insurance that protects a business’s personal property from damage or loss.

Carrier’s legal liability insurance protects carriers from financial loss if they are responsible for damage to transported goods.

In motor insurance, a cash loss settlement occurs when the insurance company pays the policyholder a cash amount to settle a claim instead of directly paying for repairs to the damaged vehicle.