Glossary

Words that show up on the policy

Short definitions tied to the form numbers Coverbird looks for when you upload a PDF.

• Additional insuredSomeone added to your liability policy by endorsement, usually because a contract asked for it.
• Named insuredThe person or entity listed first on the declarations as the policyholder.
• Certificate of insuranceA snapshot someone else asked for. It is not the policy and does not change the policy.
• Declarations pageThe front pages that list who is insured, what is covered, the term, premium, and limits.
• Information pageThe workers compensation version of declarations (WC 00 00 01 A on NCCI forms).
• Waiver of subrogationAn endorsement that limits the insurer’s right to recover from another party after it pays a claim.
• Primary and noncontributoryWording that says your policy should respond first and not seek contribution from the additional insured’s own policy.
• Per occurrence vs aggregatePer occurrence is the most the policy will pay for one event. Aggregate is the most it will pay for the term.
• Products-completed operationsLiability arising after you finish the work or after your product is out of your hands.
• OccurrenceA coverage trigger: the policy that applies is the one in force when the injury or damage happens.
• Claims-madeA coverage trigger: the policy that applies is the one in force when the claim is made, subject to a retroactive date.
• EndorsementA form that changes the base policy: adding people, taking back perils, or amending definitions.
• ExclusionLanguage that takes a type of injury, damage, or activity out of the insuring agreement.
• CoinsuranceA property penalty if you insure a building or contents for less than the required percentage of value.
• Replacement costValuation that pays to replace property with new property of like kind, without deducting depreciation.
• Business incomeCoverage for lost net income and continuing expenses when a covered property loss shuts you down.
• Hired and non-owned autoLiability for vehicles you rent, borrow, or do not own—such as an employee’s car on a company errand.
• Businessowners policy (BOP)A packaged property-and-liability policy commonly issued to smaller commercial accounts.
• Umbrella / excessA policy that sits above primary GL, auto, and employers liability limits.
• Professional liabilityCoverage for advice, design, instruction, or professional services—usually not in a standard GL form.
• Location scheduleThe list of buildings or premises the property or GL policy actually names.
• Loss payeeA person or lender listed to be paid for a property or auto physical-damage loss, often a bank or equipment lessor.
• DeductibleThe amount you absorb before the policy pays, shown on the declarations for that coverage.
• Policy termThe effective and expiration dates on the declarations—the window the policy is in force.
• Forms and endorsements scheduleThe list of form numbers and editions that actually make up the policy.