Policy structure terms

Business Income Insurance

Business income insurance replaces revenue your company loses while operations are suspended after a covered property loss — such as a fire, flood, or theft that forces you to close temporarily.

Also: business interruption insurance · lost income coverage · BI coverage

Casualty Insurance

Casualty insurance covers financial losses your business causes to third parties — primarily through liability claims for bodily injury, property damage, or professional errors.

Also: casualty coverage · casualty lines

Commercial Property Insurance

Commercial property insurance covers physical assets your business owns or leases — equipment, office space, inventory — when they are damaged, destroyed, or stolen.

Also: business property insurance · commercial building insurance · business property coverage

Conditions

The rules you must follow for your coverage to apply.

Declarations Page

The summary page of your policy listing your named insured, limits, dates, and premium.

Endorsement

An amendment that modifies your policy's terms, coverage, or exclusions—and controls how vendor requirements are fulfilled.

Exclusion

A specific situation or loss that your policy does not cover.

Insured vs Insured Exclusion (D&O)

A D&O exclusion that bars coverage when one insured (e.g., the company) sues another insured (e.g., a director or officer).

Also: IvI Exclusion · Insured vs Insured · IvI

Insuring Agreement

The section of your policy that defines what the insurer promises to cover.

Major Shareholder Exclusion (D&O)

A D&O exclusion that denies coverage for claims brought by shareholders who own more than a specified percentage of the company.

Also: Large Shareholder Exclusion · Controlling Shareholder Exclusion

Policy (Contract)

The legal agreement that defines what's covered, what's excluded, and your responsibilities.

Side A Coverage (D&O)

D&O coverage that protects directors and officers personally when the company cannot or will not indemnify them.

Also: Side A · Non-Indemnifiable Loss Coverage · Personal Asset Protection

Side B Coverage (D&O)

D&O coverage that reimburses the company when it indemnifies its directors and officers for covered claims.

Also: Side B · Corporate Reimbursement Coverage · Company Reimbursement

Side C Coverage (D&O)

D&O coverage that protects the company itself for securities claims brought against it.

Also: Side C · Entity Coverage · Company Securities Coverage

Third-Party Insurance

Coverage that pays for claims made by other people or businesses against you—as opposed to first-party coverage that pays for your own losses.

Also: Third Party Liability Insurance · Third Party Coverage · Liability Insurance