Archive

22 May Occurence

An event that results in an insured loss. In some lines of business, such as liability, an occurrence is distinguished from an accident in that the loss doesn’t have to be sudden and fortuitous. Instead, said loss can result from continuous or repeated exposure that...

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22 May Occupancy

This refers to the use of property. A home, for example, may have a real estate office in it. This dwelling would then have a "business occupancy." Occupancy plays an important role in determining rates, and the acceptance or rejection of risks....

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22 May Non-Owned Automobile

In commercial auto policies, coverage for autos that are used in connection with the named insured’s business but are neither owned, leased, hired, rented or borrowed by the named insured. The term specifically applies to vehicles owned by employees and used for company business....

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22 May Named Insured

Any person, firm, or corporation designated by name as the insured person(s) in a policy. Others may be protected by policy definition even though their names aren’t on the policy, such as other drivers operating (with consent) the named insured’s covered auto....

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