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
- 24-Hour COIsMost certificates same business day
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 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).
D
- 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.
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
- 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 →