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Specialty Lines terms
D&O, E&O, marine and the niche covers.
BaileeA person or business holding someone else's property temporarily, such as a repair shop, dry cleaner or warehouse, with a duty to care for it and return it.Bid bondA surety bond guaranteeing that a contractor who wins a bid will sign the contract and furnish the required performance and payment bonds.Bonding capacityThe most bonded work a surety will back for a contractor, set as a limit per project and a total for all uncompleted bonded jobs.Claims-made policyA liability policy that covers claims first made against you and reported to the insurer during the policy period, whenever the underlying act occurred.Computer fraudA crime-policy coverage for money, securities or property lost when someone uses a computer to fraudulently move it out of your premises or accounts.Contractor's equipmentAn inland marine coverage for the mobile machinery and power tools contractors move between job sites, which a standard property policy mostly leaves out.Directors and officers (D&O) insuranceLiability insurance protecting a company's directors and officers, and often the company itself, against claims alleging wrongful acts in managing the business.Employee dishonestyCrime coverage for money, securities or other property lost through dishonest acts by your own employees, intended to harm you and benefit them.Employment practices liability (EPLI)Claims-made coverage for employee lawsuits alleging discrimination, harassment, wrongful termination, retaliation and similar wrongful employment acts.Errors and omissions (E&O)Insurance for claims that a professional or service business's mistakes, missed work or bad advice caused a client a financial loss.Excess and surplus linesInsurance placed with non-admitted insurers for risks the standard market declines or cannot price, with freer forms and rates but less regulatory protection.Extended reporting periodA window after a claims-made policy ends during which claims can still be reported for incidents that happened while the coverage was in force.Fidelity bondA two-party bond that works like insurance, reimbursing an employer or its clients for theft and other dishonest acts by employees.Fiduciary liabilityCoverage for claims that the people running an employee benefit plan breached their duties, such as imprudent investments, excess fees or administrative errors.Forgery and alterationA crime coverage that pays when a check, draft or promissory note you issued is forged or altered, plus the cost of defending a suit over it.General averageA maritime principle under which everyone with an interest in a voyage shares, in proportion to values saved, the cost of a sacrifice made to save the venture.General indemnity agreementThe contract in which a bonded business, and usually its owners, promise to reimburse a surety for any bond losses and costs.Hammer clauseA policy provision that caps the insurer's payments if you refuse a settlement it recommends, leaving you to bear the extra cost of going on.Inland marineProperty coverage for goods in transit, movable equipment and certain specialty property, written outside the standard building and contents forms.Insured vs insured exclusionA D&O exclusion removing coverage for claims brought by one insured against another, such as a company suing its own directors.Jones ActA federal law letting injured seamen sue their employer for negligence, which replaces workers' compensation for crew members of vessels.License and permit bondA surety bond a government agency requires before issuing a license or permit, guaranteeing the holder will follow the law and pay those harmed.Ocean marineInsurance for ships, their cargo and the liabilities of shipowners and shippers at sea; one of the oldest forms of insurance and separate from inland marine.Payment bondA surety bond guaranteeing a contractor will pay its subcontractors, laborers and suppliers on a project; unpaid parties can claim against the bond.Performance bondA surety bond guaranteeing a contractor will finish a project under its contract; if it defaults, the surety completes the work or pays the owner.Prior acts coverageCoverage under a claims-made policy for wrongful acts committed before the policy began, reaching back to its retroactive date or without a limit.Professional liabilityCoverage for claims that a professional's advice, design or service was negligent, incomplete or not delivered as promised and cost a client money.Retroactive dateThe date in a claims-made policy before which wrongful acts are not covered, even if the claim is made and reported while the policy is in force.Surety bondA three-party guarantee in which a surety promises an obligee that a principal will perform or pay, with the principal bound to repay the surety for any loss.Tail coverageAn option that lets a claims-made policyholder report claims after the policy ends, for wrongful acts that happened while it was in force.Trade credit insuranceInsurance that reimburses a seller when a customer fails to pay a valid invoice because of insolvency or prolonged default.