Veteran-Owned · DeLand, Florida
Insurance A-Z Glossary
Plain-English definitions for the commercial insurance terms that show up on your policy, your contract, and your COI.
- Veteran-Owned
- 100+ Yrs Experience
- Fast Certificates
- Real Agents
- Florida Experts
- Veteran-OwnedIndependent agency
- 100+ Years CombinedCommercial expertise
- Florida-ResidentDeLand, FL office
- Fast COIsMost certificates issued quickly
A
- Additional Insured
- A person or entity added to your policy by endorsement so they share certain coverage rights for your operations. Common examples: a venue, a property owner, or a GC named on your COI. Additional Insured, Explained →
- Aggregate Limit
- The maximum the policy will pay across all claims during the policy period, regardless of the per-occurrence limit.
- Annual Policy
- A policy that runs for 12 months and renews on its anniversary. The opposite of a one-day or short-term event policy. Annual vs One-Day →
- AOP Deductible
- All-other-perils deductible — the standard flat deductible on a property policy that applies to non-named-storm losses (fire, theft, vandalism, hail).
B
- Bailee's Coverage
- Coverage for property in your care, custody, and control that belongs to a customer — for example, a tent at a customer's home overnight between setup and breakdown.
- Bodily Injury
- Physical harm to a person, including sickness, disease, or death. Covered under standard CGL when caused by your operations.
- BOP
- Business Owners Policy — a packaged policy that bundles general liability and commercial property at a lower combined premium for small-to-mid-size operators. Business Owners Policy →
- BPP
- Business Personal Property — inventory, equipment, contents, and other movable property at your premises. A core property line.
- Business Email Compromise
- A scam where criminals use email impersonation or a compromised account to trick a business into sending money, changing payment instructions, or releasing sensitive information. Often abbreviated BEC. Whether it is covered depends on the cyber or crime policy's social engineering and funds transfer fraud terms. Business Email Compromise Insurance →
- Business Income (BI)
- Coverage that replaces lost revenue and ongoing expenses during a covered closure. Also called business interruption.
C
- Certificate of Insurance (COI)
- A one-page summary of an active policy, used as proof to venues, landlords, and contracting parties. Does not change the underlying policy. Request a Certificate →
- CGL
- Commercial General Liability — the foundation third-party liability policy covering bodily injury, property damage, personal and advertising injury, and products and completed operations. General Liability →
- Claims-Made Policy
- A policy that responds to claims first reported during the policy period for incidents on or after the retroactive date. Standard structure for professional liability and E&O.
- Commercial Auto
- Liability and (optionally) physical damage on vehicles your business owns or hires for business use. Personal auto policies exclude business use. Commercial Auto →
- Commercial Property
- First-party coverage for the building (when owned) and BPP at your stated location. Named-storm and flood are typically separate. Commercial Property →
- Commercial Umbrella
- Excess liability coverage above primary GL, commercial auto, and employer's liability. Common tiers: $1M, $2M, $5M. Commercial Umbrella →
- Completed Operations
- Liability for claims arising after your work is done and you have left the premises. Critical for inflatable, contractor, and roofing operations.
- Coverage Limit
- The maximum the policy will pay on a covered claim, expressed per-occurrence and aggregate (for liability) or by replacement value (for property).
- Cyber Liability
- Coverage that helps a business respond to cyberattacks and data incidents. Depending on the policy and endorsements, it may include data breach response, ransomware and cyber extortion, business email compromise, funds transfer fraud, computer fraud, data restoration, and cyber-related business interruption. Scam and fraud coverage is policy-specific and must be reviewed. Cyber Liability Insurance →
D
- Data Breach
- An incident where customer or business information is accessed, exposed, or stolen without authorization. Cyber data breach response may include legal guidance, customer notification, credit monitoring, and breach investigation, subject to policy terms. Data Breach Insurance →
- Dealers Open Lot (DOL)
- First-party physical damage coverage on a dealer's for-sale vehicle inventory. Typically lender-required. Dealers Open Lot →
- Deductible
- The amount you pay out-of-pocket on a covered claim before the insurer pays. Higher deductibles produce lower premiums.
- Direct Primary (Garage Keepers)
- A garage keepers structure that pays for damage to a customer vehicle in your custody regardless of fault. Higher premium, broader response.
E
- E&O
- Errors and Omissions — same coverage as professional liability, the term most commonly used in licensed-profession contexts (real estate, insurance, financial advisory). E&O Insurance →
- Employer's Liability
- A liability line embedded in workers compensation that covers the employer for related lawsuits (third-party-over actions, loss-of-consortium claims).
- EPLI
- Employment Practices Liability Insurance — covers wage-and-hour, harassment, discrimination, and wrongful-termination claims.
- Equipment Breakdown
- Coverage for internal mechanical or electrical failure of equipment — blowers, pumps, motors, AC compressors, kitchen equipment. Standard property excludes internal failure.
- Experience Modifier
- A workers compensation credit or surcharge based on your business's prior claims history. Below 1.0 is a credit; above 1.0 is a surcharge.
F
- Floor Plan Financing
- A revolving credit line that lets a dealer finance vehicle inventory. Floor-plan lenders typically require DOL with the lender named as loss payee.
- Funds Transfer Fraud
- Loss from the unauthorized or fraudulent electronic transfer of money from the insured's account. May be addressed on cyber or crime policies, sometimes with verification-control conditions before a claim is covered. Funds Transfer Fraud Insurance →
G
- Garage Keepers
- Coverage for damage to customer vehicles in your care, custody, and control — service department, body shop, valet. Garage Keepers →
- Garage Liability
- A hybrid auto + premises liability policy for auto dealers and repair operations. Required by most state DMVs. Garage Liability →
- General Aggregate
- The aggregate limit on a CGL policy for non-products claims. Products and completed operations have their own aggregate.
H
- Hired and Non-Owned Auto (HNOA)
- Liability coverage for vehicles your business uses but does not own — employee-owned vehicles, rented vehicles, contractor delivery cars.
- Honeypot
- A hidden form field that real users do not fill in but bots do. Submissions with a filled honeypot are silently ignored.
- Hurricane Deductible
- See Named-Storm Deductible. Often used interchangeably with named-storm.
I
- Inland Marine
- Property insurance for movable business property — tools, equipment, rental inventory, computers, signs, exhibits. Despite the name, no boats. Inland Marine →
- Insurance Agency
- A licensed entity that represents one or more insurance carriers and places coverage on behalf of its clients. First Commercial is an independent agency.
- IUEC Limits
- $1M / $2M aggregate — the standard limit pattern adopted by the International Union of Elevator Constructors that propagated into most elevator service contracts. Elevator Insurance →
L
- Legal Liability (Garage Keepers)
- A garage keepers structure that pays only when the dealer is legally liable for damage to a customer vehicle. Lower premium, narrower response than direct primary.
- Liquor Liability
- Coverage for claims arising from intoxicated customers harming themselves or others. Excluded from standard CGL. Liquor Liability →
- Loss Run
- A history of paid and reserved claims under a policy. Carriers request 5+ years of loss runs at quote.
N
- Named-Storm Deductible
- A separate, higher deductible on a Florida (or Gulf state) commercial property policy that applies to losses caused by storms named by the National Hurricane Center. Typically 2-5% of TIV. Florida Named-Storm Deductibles →
- NCCI Class Code
- The standardized National Council on Compensation Insurance code that classifies a job for workers comp rating. Class code drives the rate per $100 of payroll.
O
- Occurrence Policy
- A liability policy that responds to claims for incidents that happened during the policy period, regardless of when the claim is reported. Standard for CGL.
P
- Policy Period
- The 12-month (typically) span during which the policy provides coverage. Begins on the inception date and ends at expiration.
- Primary and Non-Contributory
- Endorsement language requiring your policy to pay first on a covered claim, with no contribution from another policy. Common venue contract requirement.
- Prior Acts
- Claims-made coverage for incidents that occurred before the current policy's inception date but after the retroactive date. Critical when switching PL/E&O carriers.
- Products and Completed Operations
- A liability category for claims after your operation is complete or your product has left your control. Often has its own aggregate limit.
- Professional Liability (PL)
- Annual claims-made coverage for service-based businesses against claims of negligence, errors, omissions, or inadequate work. Professional Liability →
R
- Ransomware
- Malicious software that encrypts or locks a business's files and demands payment to restore access. Cyber policies may cover response costs, negotiation support, data restoration, and covered ransom-related expenses where legally allowed. Ransomware Insurance →
- Recaptcha v3
- A Google service that returns a score (0.0 to 1.0) reflecting how human-like a request is. Used server-side to filter bot submissions.
- Replacement Cost
- A property settlement basis where the carrier pays to replace damaged property with new equivalent property, without depreciation. Compare to ACV.
- Retroactive Date
- On a claims-made policy, the earliest date a claim can trigger the policy. Acts before the retroactive date are excluded.
S
- Service Schema
- JSON-LD structured data declaring a Service offered by an organization. Used in this site to mark each specialty / coverage page for search engines.
- Subcontractor
- A person or business hired by a contractor to perform part of a project. Coverage for sub work flows back to the principal contractor when the sub lacks their own GL.
- Subrogation
- The carrier's right to recover from a responsible third party after paying a claim. Waiver of subrogation gives up that right and is commonly required by venues.
T
- TCPA
- Telephone Consumer Protection Act — federal law governing telemarketing calls and text messages. Most quote forms require an explicit consent checkbox.
- TIV
- Total Insured Value — the sum of building, BPP, and other scheduled property values on a commercial property policy. Used to calculate percentage-of-TIV deductibles.
- Tools Floater
- An inland marine endorsement scheduling contractor tools at agreed value. The coverage follows the tools wherever they go.
U
- Umbrella
- See Commercial Umbrella.
- Underwriting
- The process by which a carrier evaluates a risk and decides whether and at what price to insure it. Underwriting is informed by your application, loss runs, and inspection reports.
W
- Waiver of Subrogation
- An endorsement that waives the carrier's right to recover from a specific third party. Commonly required by venues and landlords.
- WATL / IATF
- World Axe Throwing League / International Axe Throwing Federation — the two major axe-throwing leagues. Affiliation matters for league play coverage. Axe Throwing Insurance →
- Workers Compensation
- Required state-mandated coverage for employee work-related injuries. Pays medical care, lost wages, rehabilitation, and death benefits. Workers Compensation →