Insurance Terms Found in Our Event Insurance Quotes
Thank you for your interest in acquiring a Special Event Insurance quotation from Event Insurance Now. Your quotation may contain several terms you are not familiar with. Below is a listing of key insurance terms you may find on your quotation.
Additional insured (AI)
A person or organization not automatically included as an insured under an insurance policy but for whom limited coverage is afforded by the policy for the operations of the first named insured by endorsement. The intent is not to provide primary insurance to the AI but to provide the AI defense costs for the possible liability of the first named insured if the AI were to be named in a suit caused by the actions of the first named insured.
General liability coverage, combined in standard commercial general liability policies with personal injury coverage that insures the following offenses in connection with the insured's advertising of its goods or services: libel, slander, invasion of privacy, copyright infringement, and misappropriation of advertising ideas.
A limit in an insurance policy stipulating the most it will pay for all covered losses sustained during a specified period of time, usually a year.
Commercial general liability (CGL) insurance
A standard insurance policy issued to organizations to protect them against third party liability claims for bodily injury and property damage arising out of premises, operations, products, and completed operations; as well as defense for intentional torts i.e. advertising and personal injury liability (slander, libel, wrongful eviction, violations of a personâ€™s right of privacy).
Liability transferred to an entity by the terms of a contract. The CGL affords coverage for specific insured contracts, such as a lease agreement, whereby one party agrees to indemnify the other party for their negligence. The negligent act must fall within the CGL policy insuring agreements and coverage form for it to be triggered.
Damage to premises rented to you; Sublimit
One of the limits of liability prescribed by the standard commercial general liability policy; it applies to damage by fire to premises rented to the insured and to other causes of property damage to the premise (including contents) occupied by the insured for 7 days or less.
Employment-related practices liability policy (not part of a CGL policy)
This specific policy protects an insured for liability claims arising from employee, volunteer, and third party allegations of discrimination, wrongful termination, sexual harassment, coercion, and other workplace torts. These perils are EXCLUDED in a Commercial General Liability Insurance policy.
Medical payments, general liability
A separate limit of insurance in the Commercial General Liability policy (usually $5,000) that reimburses third parties, without regard to the insured's negligence, for medical expenses incurred by them as a result of their bodily injury sustained by an occurrence deemed to be the responsibility of the insured . This 'no fault' coverage is often EXCLUDED from short term (special event) policies.
In a Commercial General Liability coverage form an accident, including continuous or repeated exposure to substantially the same general harmful conditions, is considered a single occurrence. General liability policies insure the negligent acts of the insured that are caused by an occurrence and there is a specific per occurrence limit afforded; usually one half of the annual policy aggregate limit of liability.
Under general liability coverage, a category of insurable offenses that produce harm other than bodily injury. Personal injury includes: false arrest, detention, or imprisonment; malicious prosecution; wrongful eviction; slander; libel; and invasion of privacy.
Liability claims brought by persons allegedly injured or harmed by the insured. The insured is the first party, the insurer is the second party, and the claimant is the third party.
Above data extracted from IRMI.com - Founded in 1978, IRMI helps risk and insurance professionals make decisions with a vast online risk and insurance library. Visit IRMI's web site for a comprehensive list of property & casualty insurance terms and definitions.