As your broker, it’s our job to identify and then recommend specific types of insurance coverage you may require for your personal property or vehicles, as well as to protect your business operations. But wouldn’t it be nice to know what the different types of coverage are out there. Here are the most common, along with a brief description of what they can provide for you.

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Personal Coverages

Auto Glass
Automobiles (including Classics and Antiques)
Course of Construction
Farm
Home, Condominium, Tenants
Identity Theft
Motorcycles
Personal Life/Disability/Accident
Personal Umbrella
Recreational Vehicles/Trailers
Seasonal/Rental Property
Travel
Watercraft

Commercial Coverages

Aviation – Combination of property insurance on the hull, autopilots, instruments, radios and any other equipment of an airplane and liability insurance in the event of the insured’s negligent acts and/or omissions resulting in bodily injury and/or property damage to passengers and individuals who are not passengers.

Boiler and Machinery (Equipment Breakdown) – Equipment coverage including Electrical, Air Conditioning & Refrigeration, Boilers & Pressure Vessels, Computers & Communications and Mechanical. Equipment Breakdown coverage pays for Property Damage, Business Income, Extra Expense, Expediting Expense and Perishable Goods.

Builder’s Risk (Course of Construction) – Coverage that protects a person’s or organization’s insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a insured peril.

Business Interruption – Coverage that protects a business against losses resulting from a temporary shutdown because of fire or other insured peril. Generally, business interruption insurance provides reimbursement for lost net profits and necessary continuing expenses.

Commercial Automobiles/Fleets – Numerous automobiles covered under a common policy.

Commercial Property – Real (land & attachments) and personal (movable effects) property including buildings, contents, equipment, etc.

Commercial General Liability Insurance (CGL) – Coverage against liability exposures of a business unless specifically excluded. Coverage includes Products, Completed Operations, Premises and Operations, Advertising and Personal Injury Liability, and Independent Contractors.

Contractors’ Equipment – A form of inland marine coverage for mobile equipment of a contractor including road building machinery, cranes, pickers, winches, hoists, etc. used on the job by builders of structures such as roads, buildings, lease sites, etc.

Crime – Coverage that protects an individual or business from damages or a loss of property due to the commitment of some type of crime.

Directors’ and Officers’ Liability – Coverage when a director or officer of a company commits a negligent act or omission, or misstatement or misleading statement, and a successful libel suit is brought against the company as a result. Usually a large deductible is required. The policy provides coverage for the directors’ and officers’ liability exposure if they are sued as individuals. Coverage is also provided for defense costs such as legal fees and other court costs.

Employer’s Liability Insurance – Protects an employer against injuries sustained by employees that fall under common-law liability. This should not be confused with workers’ compensation liability, which is liability as defined by workers’ compensation law.

Employment Practices Liability – Coverage that provides protection in the event of legal actions resulting in charges of harassment, discrimination, wrongful termination of employment, defamation, and invasion of privacy.

Environmental Impairment Liability – Coverage in the event of negligent acts and/or omissions by the individual(s) and the organization(s) resulting in damage to the environment, and a suit is brought against these parties.

Errors and Omissions Liability – Coverage generally available to various professionals not usually involved with the care of the human body such as architects, engineers, accountants, etc. that require protection for negligent acts and/or omissions resulting in bodily injury, personal injury and/or property damage liability to a client.

Garage Liability Insurance – Protection for an automobile dealer, repairer, service station, etc. The coverage is for their legal liability for claims for bodily injury and property damage due to business operation.

General Liability/Umbrella – Coverage that agrees to indemnify the insured for sums he may be required by law to pay to third parties as damages for bodily injury or damage to property.

Motor Truck Cargo – Coverage for the motor truck carrier if it is legally liable for the damage, destruction, or other loss of the customer’s property being shipped.

Pollution Liability – Pollution coverage that is excluded by the Commercial General Liability (CGL) policy. This coverage can be secured through an endorsement to the CGL by adding the Pollution Liability Extension endorsement.

Ransom (Executive Protection) – Coverage up to a specific limit for payments demanded by kidnappers for the release of an insured held against his/her will. Most ransom insurance policies have a deductible and exclude abductions within a certain geographical area from coverage.

Surety Bond – When a first party (obligee) calls upon a second party (principal) to perform duties in contract form, a surety bond is issued by a third party (surety), guaranteeing that the second party will fulfill an obligation or series of obligations to the first party. In the event that the obligations are not met, the first party will recover its losses via the bond.

Warehouseman’s Legal Liability – Special insurance that covers warehousers’ legal liability to customers whose property is damaged by an insured peril while in custody of an insured warehouser.

Wrap-up Liability – Liability policy that covers all liability exposures for a large group that has something in common. For example, wrap-up insurance can be written for all of the various businesses working together on a special project, to provide coverage for losses arising out of that work only.

Specialty Coverages

Hole in One (Golf Tournament) – Coverage that is purchased by a golf tournament host or sponsor that reimburses tournament organizers for the cost of awarding a hole-in-one prize in the event a tournament participant successfully hits a hole-in-one during the tournament.

Party Alcohol Liability – Coverage that provides protection when lawsuits are brought against individuals, organizations or companies who host single/ multi-day functions with alcohol service. A liquor permit must be issued to qualify for this coverage.

Special Event – Coverage specifically designed to protect the financial investment of a special private event in the event of cancellation or any other unforeseen occurrence, and/or the liability from bodily injuries or damages sustained during the event. Special events can include a wedding, baby shower, anniversary party, family reunion, retirement event, fair, concert, convention, seminar, fundraiser, or any kind of show that attracts attendees.

Personal Coverages

Commercial Coverages

Specialty Coverages