Policy Structure

Property valuation approach that typically starts with replacement cost and subtracts depreciation.

Liability-policy status granted to another party for specified claims tied to the named insured's operations.

Total payout cap that applies across covered claims during the relevant policy period.

Temporary contract that puts insurance in force before the final policy is issued.

Midterm policy termination before the scheduled expiration date.

Liability trigger that focuses on when the claim is first made and reported, not just when the act occurred.

Property-policy mechanism that can penalize underinsurance when values are not carried to the required percentage.

Contract rule or duty that governs how coverage operates and what each party must do.

Amount the insured absorbs before the insurer pays the remaining covered loss.

Amendment that adds, removes, narrows, broadens, or clarifies policy terms.

Policy wording that carves out specified loss, property, conduct, or circumstances from coverage.

Person or organization that qualifies for protection under the contract.

Core coverage promise describing what kind of loss the insurer agrees to pay, subject to the rest of the contract.

Maximum amount payable under the relevant coverage part, subject to the policy wording.

Party specifically listed on the policy and usually holding the main contract rights and duties.

Liability trigger that centers on when covered injury or damage happened.

Insurance contract identifying covered parties, covered loss, limits, exclusions, and duties.

Span during which the policy is in force between its effective and expiration dates.

Continuation of coverage into a new term after repricing, underwriting review, or updated terms.

Property valuation basis that pays repair or replacement expense without depreciation, subject to policy conditions.

Earliest prior-act date from which claims-made coverage can respond.