Businessowners Policy—section H Liability Coverages
Definition of "Businessowners policy—section h liability coverages"
Coverage that protects a business, up to the policy limits, if actions or non-actions of the insured result in a legally enforceable claim for bodily injury, property damage, or personal injury. Included are coverages for: non owned automobiles used by the business in its normal operations (owned automobiles are excluded); host liquor liability where the business is having a social gathering. For example, liability at an office party would be covered, since this social function is incidental to normal business activity (excluded would be operation of a liquor store on the premises of the business); fire and explosion legal liability, where the insured is renting business space in a building. If a fire or explosion from business operations is proven to be of negligent origin, the insurer of the owner of the building has subrogation rights against the business; products, for which completed operations coverage is provided. Excluded from Section II coverages are professional liability, owned automobiles of the business, operation of airplanes and other aircraft, Workers Compensation, liquor liability (other than that served as a host at business social functions), and off-premises operation of boats.
Popular Insurance Terms
Plan in which funds are withdrawn or income begins before the plan participant reaches age 59/2. An extra 10% early distribution tax on the taxable amount may have to be paid unless any one ...
Value or property given by an individual to a trustee who holds and administers it for the benefit of the donee (recipient of the gift). For example, a father entrusts a life insurance ...
State law that limits the admitted value of an insurance company's EDP equipment to 3% of the company's ADJUSTED SURPLUS. ...
Coverage provided on an all risks basis for an exhibitor whose product, while being displayed at a public exhibition, is damaged or destroyed by a peril that is not specifically excluded in ...
Law under which one state gives favorable tax treatment to an insurance company domiciled in a different state that is admitted to do business, provided the second state does the same for ...
Trust whereby asset management is provided until a child reaches the age of majority. Upon reaching majority, the child has full use and control over the assets. The grantor of the trust ...
Health insurance that provides income payments to the insured wage earner when income is interrupted or terminated because of illness, sickness, or accident. Definitions under this ...
Value or cost of the actual net protection, in life insurance, in any year (face amount less reserve) according to the yearly renewal term rate used by an insurance company. ...
Clause common to life and health insurance policies issued during wartime that exclude benefits for military service-connected perils of death, disability, illness, accident, or sickness. ...
Have a question or comment?
We're here to help.