Policy Terms & Conditions

Bodily Injury: Bodily injury means bodily injury, sickness or disease, sustained by a person, including death resulting from any of these at any time.

Certificate of Insurance: Written statement from an insurance company that certain insurance is in force.

Claims Made Coverage: Liability insurance that applies to a claim which is made during the policy period.

Decision Maker: Any employee other than accounting or clerical type.

Defense Cost: An insurance provision in which the insurance company agrees to defend, with respect to insurance afforded by the policy, all suits against the insured, even if the suits are false or fraudulent.

Extended Reporting Period (aka Prior Acts): A provision of the claims-made policy which allows coverage for claims, made after policy expiration.

Money Damages: Means a monetary judgment, award, or settlement and does not include:

  • Punitive or exemplary damages which are a multiple of compensatory damages or penalties;
  • The restitution of compensation and expenses paid to you for services or goods;
  • Judgments or awards arising from acts deemed uninsurable by law.

Occurrence: An accident, including continuous or repeated exposure to conditions, which results in bodily injury or property damage “neither expected nor intended from the standpoint of the insured”.

Occurrence Form: Covers all claims, whenever made, arising from occurrences during the policy period.

Personal Injury: “Personal Injury” means injury, other than “bodily injury,” arising out of one or more of the following offenses:

  • false arrest, detention or imprisonment;
  • malicious prosecution;
  • the wrongful eviction from, wrongful entry into, or invasion of the right of private occupancy of a room, dwelling or premises that a person occupies by or on behalf of its owners, landlord or lessor;
  • oral or written publication of material that slanders or libels a person or organization or disparages a person’s and organization’s goods, products, or services; or
  • oral or written publication of material that violates a person’s right of privacy.

Property Damage: “Property Damage” means

  • physical injury to tangible property, including all resulting loss of use of that property. All such loss of use shall be deemed to occur at the time of the physical injury that caused it;
  • loss of use of tangible property that is not physically injured. All such loss of use shall be deemed to occur at the time of the “occurrence” that caused it.