Topic

Property insurance

Business insurance glossary

Opens perils coverage refers to a type of property insurance that covers damage to your possessions from all causes except those your policy specifically excludes.

Business insurance glossary

The actual cash value (ACV) is the current value of an insured item.

Business insurance glossary

Equipment breakdown coverage is a form of commercial insurance that provides funds to repair or replace damaged machinery or equipment that has suffered a mechanical or electrical failure.

Business insurance glossary

An appraisal is a structured process in which a trained professional determines the value of an asset to facilitate a financial transaction for business or personal purposes.

Business insurance glossary

The term coinsurance can refer to either a property coverage provision called a coinsurance clause or coverage provided by more than one insurance company.

Business insurance glossary

A wind and hail deductible is the amount of money you’d have to pay out of pocket before your insurance will pay out the rest of your claim for wind and hail damage.

Business insurance glossary

Named perils coverage is a type of commercial property insurance that only protects you against losses your policy specifically lists.

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