Insurance decoded
Coinsurance. Subrogation. Ordinance and law. These are not buzzwords, they are the terms that determine whether a check arrives or a denial letter does. Here is what 20 of them actually mean, in plain English, each one drawn from a real story on the show.
Property and business income
A reduction in your claim payment that applies when you insured a building for less than the percentage of its replaceme…
Coverage that replaces lost income and continuing expenses while your business recovers from direct physical damage caus…
An extension that pays lost business income when a government order blocks access to your premises because of damage at …
Coverage for income you lose when a supplier, customer, or nearby anchor business you depend on suffers damage, even tho…
Coverage for the extra cost of rebuilding to current building codes after a covered loss, rather than only replacing wha…
Coverage for sudden mechanical, electrical, or pressure system failures and the damage that follows, which standard prop…
Coverage for perishable stock ruined by temperature change, contamination, or power interruption, usually added by endor…
Standard property policies exclude rising surface water and storm surge, which must be insured separately through NFIP o…
Liability and contracts
Subrogation is your insurer's right to pursue whoever caused a loss after paying your claim. A waiver of subrogation is …
An endorsement extending liability coverage to a one off event that falls outside your normal day to day operations.…
Standard liability policies exclude injury caused by pollutants, and the legal definition of pollutant is broad enough t…
Contract language that puts you on someone else's policy and makes that policy pay first, instead of quietly sharing the…
Additional limits that sit above your primary policies, with umbrella forms sometimes covering things the underlying pol…
Coverage for damage to customers' vehicles while they are in your care, custody, or control, which most property and aut…
Cyber and crime
Coverage for money your own employee sends voluntarily after being deceived by a fake invoice, spoofed email, or imperso…
Coverage for both the losses you suffer in a cyber incident and the claims other people bring against you afterward.…
People and operations
Insurance owned by the business on an individual whose loss would materially damage revenue, operations, or financing.…
Coverage for claims brought by employees and applicants, including wrongful termination, discrimination, harassment, and…
Policy basics
Statements you make about the risk can become part of the contract, and an untrue material statement can jeopardize cove…
A customs bond guarantees payment of duties to the government, and destroyed bonded inventory does not automatically era…
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Education and entertainment only. Nothing here is insurance, legal, or financial advice.