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Terms
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- Incidental Contract
- A written lease of premises; also an easment agreement, except in connection with construction or demolition operations on or adjacent to a railroad; a municipality indemnification agreement, sidetrack agreement, or elevator maintenance agreement.
- Independent Contractor
- A contractor who performs work for another but is not an employee of the party for whom the work is performed.
- Inland Marine Insurance
- This provides insurance protection for cargo and shipments that do not involve ocean transit. In addition, coverage is provided for bridges and tunnels, as well as jewels, furs, collectables and other items that may not remain at a single location.
- Insuring Agreement
- A clause in a policy that broadly defines and describes the scope of the coverage provided and its limits of indemnification.
- Jeweler's Block Policy
- This provides broad, open perils coverage for a jeweler's goods and the goods of others while they are in the insured's care, custody, or control.
- Insurable Interest
- The interest from which monetary loss will result if the peril insured against occurs; possibility of financial loss that can be protected against by insurance.
- Garage Insurance
- This provides special protection for firms in the automobile business that offers bodily injury and property damage for premises and operations, products and completed operations, medical payments, ownership, operation, and use of owned and nonowned autos.
- Homeowners policies (HO)
- A series of package policies for occupants of residential property that combines insurance for dwellings and household contents with personal liability insurance.
- Inception Date
- See effective date.
- Increased Cost of Construction Insurance
- This provides protection for the portion of a loss owing to changes in local building code specifications that require modifications when rebuiling after a covered loss. See also contigent liability from operation of building laws; demolition cost insurance.
- Inherent Vice
- A characteristic in property itself that causes it to depreciate, spoil, break, become defective, disentigrate, or destroy itself.
- Hazzard
- A specific situation or condition that increases the probability or severity of a loss.
- Indemnity
- The payment of an amount of money to offset all or part of an insured loss.
- Hostile Fire
- A fire that produces a visible spark, flame, or glow and leaves the area in which it was intended to be kept.
- Jettison
- The act of throwing a ship's cargo overboard of cargo from a ship to prevent further damage or sinking.
- Improvement and Betterments Coverage
- Protection for lesses and tentants against loss to additions or changes made by them at their own cost that enhance the value of the property they occupy.
- Hold Harless Agreement
- A contractual agreement , usually written, whereby one party assumes legal responsibility on behalf of the other.
- Indemnify
- To restore in whole or in part by payment, repair, or replacement the situation of one who has suffered a loss.
- Garagekeepers Coverage
- It protects against loss that results from damage by insured perils to costumer's vehicles in the custody of the insured for reasons such as safekeeping, storage, service, or repair.
- Inflation Guard Endorcement
- An endorcement to a property insurance policy that increases the amount of coverage by a stated percentage at specified times to counteract the effects of increased building costs.
- General Liability Insurance
- This provides protection against legal liability for commercial risks arising against legal liability for commercial risks arising from ownership, maintenance, or use of business premises, defects in manufactured products, and completed operations. See also commercial general liability insurance.
- Insurance Service Office (ISO)
- An organization that develops and provides standardized and state-specific forms, rates and inspections for its members.
- Garagekeepers Insurance
- This provied collision and comprehensive (other than collision) coverage for losses to nonowned vehicles left in the insured's care, custody or control.
- Insurance
- A contractual means of transferring the risk of loss to an entity (insurer) that pools similar exposure.
- Inderect (contengent) Loss
- A loss that results from a peril, but is not directly and immediately caused by it.
- Implied Authority
- Authority that, although it is not expressed in a contract (express authority) is necessary to perform the duties expressly authorized.
- Installation Floater
- This primarily insures a contractor's or owner's interest in machinery, equipment and supplies while they are in transit to the place of installation and during installation.