Simplified Commercial Lines Portfolio Policy (SCLP)
Policy that provides coverage through four parts:
- Commercial property coverage is provided under the BUILDING AND PERSONAL PROPERTY COVERAGE FORM (BPPCF), divided into three major categories: owned buildings, owned business personal property, and non owned business personal property.
- Crime coverage is provided under the commercial crime program, which includes the following coverages: forgery; theft, disappearance, and destruction; employee dishonesty; safe robbery and burglary; burglary of the premises; computer fraud; extortion; and liability for the property of guests.
- Boiler and machinery coverage is provided according to four items of classification: electrical, turbine, mechanical, and pressure and refrigeration. Property covered in these four groups is that which is owned by the insured or is under the care, custody, or control of the insured.
- Liability coverage is provided for general liability, products and completed operations liability, medical payments, advertising and personal liability, and fire legal liability. Each of these categories has a separate limit of liability that is applicable. However, an annual AGGREGATE LIMIT of liability is applicable to the total of these categories except for the products and completed operations liability, which has a separate annual aggregate limit.
Popular Insurance Terms
Policy used to provide the funds for buy and sell agreements under which an income payment or a series of income payments is paid to the buyer of the disabled partner's interest contained ...
Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
Approved or accepted policy for a particular type of risk. The only type of risk covered by a standard form mandated by law is the fire policy. In 1886, New York adopted a standard fire ...
Same as term Assignment Clause: feature in a life insurance policy allowing a policyowner to freely assign (give, sell) a policy to another or institution. For example, in order to secure a ...
Found under the "Exceptions and Exclusions Section for All Medical Benefits" in many health insurance policies that exclude: complications arising from elective, nontherapeutic voluntary ...
Specified amount received by an insured at the end of an endowment period (usually the face amount of the endowment policy), or by the owner of an ordinary life policy (usually the ...
Employee of the insurance company who has the authority to appoint brokers on behalf of the insurance company. This supervisor has the objective and responsibility to sell the insurance ...
Payment of an employee's employee benefit insurance plan benefits to the employee's individual retirement account ( IRA) or to another plan maintained by the employer. ...
Same as term Bail Bond: monetary guarantee that an individual released from jail will be present in court at the appointed time. If the individual is not present in court at that time, the ...
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