Peers, Wharves, Docks, And Slips Insurance
Definition of "Peers, wharves, docks, and slips insurance"
Coverage in the event of damage or destruction resulting from collision by a vessel or high waves. Excluded are fire, lightning, windstorm, earthquake, and explosion, since these perils are included under the Standard Fire Policy and the other business property policies. Piers, wharves, docks, and slips were the few properties that could be covered for flood damage under commercial insurance prior to passage of the Natural Disasters Act of 1968, of which the Federal Flood Insurance Program is a part.
Popular Insurance Terms
Coverage for small groups that cannot meet the underwriting standards of true group insurance. Even though the franchise insurance covers an entire group, individual policies are written on ...
Two basic kinds of policies sold by health insurance companies: medigap insurance (medicare supplementary insurance); and medicare wraparound ...
Plan under the employee retirement income security act of 1974 (ERISA) for employees who are less than 50% vested. An employee must be permitted to buy back retirement benefits lost because ...
Difference between the yield on earning assets and the cost of interest-bearing liabilities. ...
Coverage for less than one year. Insurers generally charge higher rates for short-term policies than for longer term insurance, such as an annual policy, because of the need to recoup ...
Powers of an agent delegated by an insurance company and shown in the form of a document. ...
Chance that an event will occur. The foundation of insurance is probability and statistics. By pooling a large number of homogeneous exposures an insurance company can predict with a given ...
Method of pricing property and liability insurance. It uses charges and credits to modify a class rate based on the special characteristics of the risk. Insurers have been able to develop a ...
Provision in workers compensation insurance under which an employee who incurs an injury in another state, and elects to come under the law of his home state, will retain coverage under the ...
Have a question or comment?
We're here to help.