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
Addition to the pure cost of insurance that reflects agent commissions, premium taxes, administrative costs associated with putting business on an insurance company's books, and ...
Coverage that goes into effect when an employer who has self insurance has its total group health insurance claims attain a certain level, which is usually 125% of its annual projected ...
Coverage providing protection for a business against loss from a hazard under the On-Premises Form, that provides all risk protection against the loss of money and securities; or the ...
Immense collection of networks that are interconnected on a global basis providing services to the general public. These services include the transferring of files among computers, ...
Coverage in liability insurance for a ship owner in the event of collision with another ship. A running down clause, when added to basic hull marine insurance, protects against liability ...
Life insurance: Bonds most state regulations permit life insurance company investments in debentures, mortgage bonds, and blue chip corporate bonds. Stocks(a) preferred stock investment ...
Procedure, in insurance, used in time series analysis to smooth out irregularities in projections of loss expectations. Irregularities to be smoothed out include: loss experience that is ...
Trade group of independent claims adjusters who settle claims for insurance companies on a fee basis. Some insurers use their own staff adjusters to settle a claim. Others use an ...
Shortened report showing pertinent insurance policy information, copies of which are distributed in the insurance company's home office and branch offices, as well as to agents and brokers. ...
Have a question or comment?
We're here to help.