Translate INSURANCE–EZE INTO BUSINESS–EASE
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Additions or alterations made by a lessee at his own expense, which enhance the value of a building he occupies. These become part of the realty (and are not legally subject to removal) and require special insurance consideration.
Any changes made by the person who rents the property that improve the value of it.
Many insurance policies and all bonds promise to “indemnify” the insured. Under such a contract, there can be no recovery until the insured has actually suffered a loss. He is entitled to be compensated for the damage, which has occurred, i.e., to be restored to the same financial position he enjoyed immediately before the loss.
To compensate for an actual loss.
Insurance developed originally by marine underwriters to cover goods while in transit by other than ocean vessels. It now covers any goods in transit (except transoceanic) and also includes numerous floater policies, such as personal effects, personal property, jewelry, furs, etc. Although property must be movable to be eligible for coverage, bridges, tunnels, radio and TV broadcasting equipment, and similar aids to transportation and communication also qualify for inland marine insurance.
A broad type of insurance covering articles that may be transported from place to place as well as bridges and tunnels. It includes goods in transit as well as special types of property.
This type of insurance protects the individual or business that is responsible for the installation and completion of ancillary systems and other types of materials involved in many kinds of construction projects. It is often purchased to complement a contractor’s equipment policy.
Coverage for the installation of materials such as flooring or “systems” such as refrigeration, heating, alarms, and plumbing.
An amount of insurance at, or close to, the value of the property insured.
Insurance written in an amount that approximates the value of the insured property.
An insurance company that underwrites the insurance coverage or provides other insurance-related services.
The insurance company. Also referred to as the carrier.
The definitions contained herein are for informational purposes only,are not intended to be all inclusive, and may not apply in all situations. You should not rely on these definitions for interpretation of policy coverages, terms and conditions.