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D
Debris removal clause
A consequential coverage commonly included in direct loss policies. For
example, fire policies limited recovery for the insured’s cost
of removing the debris after a covered fire. Not to be confused with "removal."
Declaration page
That part of a property or liability insurance policy that discloses
information pertinent to the coverage promised including names, addresses,
limits, locations, term, premium, forms, and so on. The same information,
perhaps in a shorthand version, is contained as well in the daily.
Deductible
The part of the loss that is to be borne by the insured; it comes off
the top of any payment from the insurer.
Deposit premium
When the price of insurance is tied to fluctuating values or costs that
cannot be known until the end of the policy period, inventory or payroll
are two common examples, a deposit or provisional premium or estimated
premium may be charged at the outset of a policy with final adjustment
to come at the end of the term.
Depreciation
A property ages and becomes worn it often loses value and that has to
be taken into account in any property insurance that covers loss of
actual cash value.
Driver Other Car (DOC) endorsement
A business auto or garage policy endorsement providing coverage for named
individuals while driving non-owned autos in situations related to
the business of the insured.
E
Earned premium
The amount of policy premium that has been earned at any point in time
from inception of term to the end. A disproportionate amount will have
been "earned" during the early days of contract that is subject
to short rate cancellation.
Effective date
The date shown in the declarations of policy upon which coverage is to
take effect.
Employee dishonesty coverage
Insurance protecting employers from loss due to theft by their employees.
Employers liability insurance
A feature of standard workers compensation policies, this coverage applies
to liability that may be imposed on an employer outside the provisions
of a worker compensation law.
Employers non-ownership liability
Employers who buy commercial auto coverage on a basis other than "any
auto" have this exposure whenever an employee uses his or her own
auto on the employer’s behalf.
Employment practices liability
Coverage against allegations of illegal or discriminatory hiring firing
practices, sexual harassment of employees, an so on.
Endorsement
An amendment to a policy form.
Errors and omissions coverage
A type of professional liability insurance protecting the insured against
claims alleging bodily injury or property damage caused by the professional
or technical incompetence of the insured.
Excess insurance
Coverage that applies on top of underlying insurance that is primary,
i.e., that pays until its coverage limit is exhausted at which point
that excess coverage takes over.
Excess or surplus lines market
The range of insurance available through non-admitted insurers, i.e.,
insurance companies that are not licensed in a particular state or territory.
Specific provisions of state or territorial law control placements.
Experience
A record of losses.
Experience modification
The rising or lowering of premiums under term of an experience rating
plan.
Extended period of indemnity
A time of recovery of proved business income loss after physical property
is restored and business reopened. The 30-day extension of business
income forms may be extended by endorsement.
Excess Insurance
Insurance coverage that pays only after other insurance, called primary
insurance, has been exhausted.
Exclusion
Anything specifically stated in an insurance policy as not covered by
the policy.