Insurance - an individual or a corporation which is an insurance policy that the loss or damage to property or against the case of a liability policy indemnifies (defense) for that contract, it protects against a claim from a third party. Named insured - Any person, firm or corporation designated by name as a particular insurance (s) to others as a policy, which is anonymous, are protected in some circumstances is distinguished from. For example, a common application of this latter theory is that the auto liability policies, "insurance" named insured coverage to allow other drivers using the car to have increased by a definition. Other parties are also going to support a policy or "additional insurance" in the name of an insurance policy can be afforded protection. Additional insurance - a person or entity which automatically insured under the policy of another as one does not include, but named insureds to whom the policy provides a certain degree of protection. An advertising effect typically requires additional insured status. Others nominated for the position to provide additional insurance for insureds to encourage a close relationship with the party (eg employee, or member of an insured club) because of the other party or a contractual agreement to protect name need to insure compliance may wish to do so (such as customers, or leased in the name of the insured property owners).

An insurance policy or risk sharing between two or more insurance companies - co-insurance. It usually each insured losses related to the share of their payments directly to the insurance company entails. Co-insurance arrangement by which the insured, in consideration of a lower rate, a percentage of the total value of insured property equal to the amount of insurance may agree to move. One example is if you insure 80% or 90% of the value of your building is guaranteed to lead to and / or content, as the case may be. If you do not, the company pays claims only in proportion to the amount of coverage you carry. Amount of insurance x insurance in the amount of reduction that should be an example = pay a 80% co-insurance clause and Mr. Right is the following situation: The following equation to determine the amount of $ 100,000 for loss of use may be collected building value is a loss of $ 80,000 to $ 10,000 insurance payment to determine building damage is done by applying the equation, can be collected the following amount:

$ 80000 x 10000 $ = $ 10,000 $ 80,000 loss because he is my Mr. Right in your co-insurance clause is specified to recover the full amount of coverage. Loss of $ 100,000 building cost $ 70,000 to pay for insurance by applying the equation for determining building damage is $ 10,000, can be collected the following amount: $ 70,000 x 10,000 dollars a 80% co-insurance clause B Mr. bad example the following conditions = $ 8,750 $ 80,000 $ 10,000 co-insurance clause that under Mr. Wrong loss exceeds the limit of liability of the company. $ 1,250 - so wrong, for the remainder of Mr. loss becomes a self-insurance company. Premium - the amount of money an insurance company for insurance coverage paid by an insurance. Deductible - the amount of the first dollar of loss for which insurance is responsible before benefits are paid by the insurer, a self-insured retention (SIR) is similar to. Insurer's liability begins when the exemption expires. Acts as a discount insurance the same way but all legal fees incurred in relation to the amount of head is responsible for - self-insured retention.

Policy Limit - The maximum monetary amount an insurance company under its policy of insurance is responsible for insurance. Insure that the insureds for their property or a person applies for coverage - the first party insurance. Traditionally, the insureds property which for some reason have been included in the policy covers the loss. The property insurance coverage. An example of first party insurance builders risk insurance during construction or leak their vessels are insured against loss. The only insurance company and the rig owner and / or contractor who rig includes a financial interest. Third party insurance - liability insurance against claims of negligence of a third party insurance cover work (ie, no insurance or insurance company - insurance policy to a third party). An example of the ship repairer legal liability insurance (SRLL) will - Repair or his shipyard, other locations or sea vessel altering a client provides security for contractors, also cover the customer's property "care, custody and control insurance. A commercial general liability policy position of slip and fall as coverage for other needs.

Insurable interest - an interest in something that an insurance policy or insurance that is subject to a certain monetary losses caused by the event will trigger any legal relationship to the subject. Examples of insurable interest - ownership of a piece of property or property interest in the piece, such as a rig or ship construction shipyard. Insurance coverage for damage to their property or person against claims made by third party insurance cover is - (see top builders risk) liability insurance. Usually these losses as a result of the negligence of insurance about to come. Marine construction in the policy MGL, marine general liability policy referred to. Non-marine conditions for policy CGL, commercial general liability policy is referred to as. Insurance policies can be divided into two broad categories: First party insurance covers the property who purchase insurance. For example, a home owner for fire damage to home owners home policy promised to pay a first party policy. Liability insurance, sometimes called third party insurance, the policy holder's responsibility to include others. For example, 'homeowners policy covers liability if someone trips and home owners can fall on the property. Sometimes in these instances such a policy can be both first and third party insurance coverage.Liability provides two separate benefits. First, the policy will cover damages incurred by third party. Sometimes the damage to the "compensation" is said to provide. Second, most liability policies provide a duty to defend. Fees required to protect the insurance company lawyers, expert witnesses, and court costs to pay for the defense of third party claims. These costs can sometimes be substantial and should not be ignored when facing a liability claim. Inclusive liability coverage - This type of liability insurance provides additional liability protection. Your business needs this coverage the following three reasons:

The "underlying" liability insurance you carry.It all other offers coverage for liability exposures, some specifically excluded except exposure provides greater coverage. About $ 10,000 to $ 25,000. The policies underlying the automatic replacement coverage that has been reduced or exhausted by loss offers a large discount for this topic. Negligence - failure to use reasonable care. Something that a reasonably prudent person would not, or something that a reasonably prudent person would do in such circumstances are of failure. Negligence of the damage "legal cause" if it directly and in natural and continuous sequence produces or contributes significantly to the production of such damage, it did not fair for the negligence, loss, injury or loss will not be done. Gross negligence - a carelessness and safety or lives of others, which is so great it almost to safety conscious violation of the rights of others would seem reckless to ignore. It is more than simple negligence, willful misconduct, but it just has to be low. If gross negligence fact (judge or jury) is found by the trier, on top of general and special damages to punitive damages in some jurisdictions, may result in the award.

Willful misconduct - an intentional act with knowledge of their potential to cause serious injury or with reckless disregard for the consequences of such action. Product liability - liability that results when a product is negligently manufactured and introduced in the stream is sent. An obligation that arises from the failure of a manufacturer's right, the manufacture or construction of the test warned. Manufacturing defects - when left to their purpose designed product, even though all possible care was used. Design flaw - the product resulting from damage or risk could be reduced close to the adoption of a reasonable alternative design, and alternative design renders the product not reasonably safe to use avoided failure. Inadequate instructions or warnings defect - the product resulting from damage or risk could be reduced close to the proper instructions or warnings, and their omission renders the product not reasonably safe by the left.

Professional liability insurance - liability insurance professionals, losses or expenses (doctors, lawyers, architects, engineers, etc.), which any professional indemnity insurance professional legally negligent act error, omission or arising out of to pay as will be obliged to compensate or to render professional services by failing to insure. Malpractice insurance as well. Professional liability has been expanded over the years in those businesses that specialized knowledge, skills and close client relationships are paramount included. More and more businesses are considered professional occupations, the trend in business as a service-oriented economy from a manufacturing-based economy continues to grow. Litigious nature of our society, coupled with the service economy, more and more companies than ever before employees are subject to exposure to malpractice claims. Errors and omissions - as well as malpractice or professional liability insurance. Hold harmless agreement - A contractual arrangement whereby one party assumes the liability inherent in the situation, thereby relieving the other party of responsibility. For example, a lease may provide that the lessee of the premises any liability from accidents arising from the premises for the lessor "harmless" should hold.

Compensation - to pay all or a loss, repair, or replacement part, restore the victim. Compensation agreements - contracts section who is responsible if the obligation arises and to recognize that often the other party a party for his wrongful acts liability transfer. Items or conditions under which a buyer and seller to repair or fix problems without cost to the buyer will report an agreement between a seller of services - warranty. May warranty either expressed or implied. An express warranty, the seller of the goods which clearly, eg a sales-related conditions "for a year This item is guaranteed against defects in construction" made by the states are guaranteed. A warranty is normal in common law jurisdictions by operation of law, sale of goods made from the manufacturer's attached to. These warranties generally are not in writing. Warranties implied warranty of fitness for ordinary use (implied by law that a seller for a particular purpose purchased some item guarantees contained knows) and the warranty of merchantability (the law that the goods are reasonably fit implied warranty, general purpose for which they are sold) to.

Damage or loss - monetary consequences which result from injury to one thing or person. As opposed to direct loss or damage - - consequential damages or indirect loss or damage or loss of fire as a cover windstorm risk, because of the damage has resulted. Due to the case where a cover windstorm damage risk, if a tree is blown down and cuts electricity to power a freezer and freezer used to loot food, the food spoilage if the insurance policy coverage for loss or damage resulting loss will be covered in detail. Business interruption insurance, extra expenses, rental value, profits and commissions, etc. destroyed damages resulting loss or damage to items such as expanded coverage - what the parties agreed to a payment contract for part of the deal were not satisfied. In some cases prevention damages or forfeiture of a deposit a down payment, damage or destroy the value of the contract, work based on the percentage of a percentage may be incomplete. Stack losses often are paid in lieu of trial, the court action, many are seeking damages in cases where prevention may be necessary. Pile damage, as opposed to a penalty, sometimes are paid when there is uncertainty as actual monetary loss involved. Delete the remainder of the contract performance obligation to pay damages to the party in breach of a contract relieves.