CISR Other Personal key terms

A homeowners policy provision that removes coverage for bodily injury or property damage arising from an insured's regular income-producing activity, though limited incidental activities may be excepted.

A limited homeowners exception allowing minor office, studio, or private school use of the residence when no employees beyond domestic help work there and the public does not routinely visit.

An optional endorsement that adds liability and sometimes property coverage for a described home-based enterprise, typically naming the business, its operations, and any required limits.

Coverage that reimburses lost net income and added costs of continuing operations after a covered property loss, often needed when a home-based business depends on the residence.

Tangible property used in a business, such as inventory, furniture, and equipment, which is generally excluded or sublimited under unendorsed personal lines forms.

A provision barring liability coverage for damage to property the insured is holding, storing, or working on, a common gap for contractors and service businesses.

Coverage for claims alleging negligent advice, design, treatment, or other skilled services, which personal lines policies and home business endorsements typically do not provide.

A liability coverage form protecting a business against claims that its professional services were performed negligently or failed to meet the applicable standard of care.

A short document summarizing another party's policy limits, coverages, and effective dates, often requested by landlords or clients to evidence business liability protection.

A person or organization added to a policy and granted coverage under it, commonly required by contract for landlords, clients, or event venues.

Liability assumed under a written or oral agreement, which personal lines policies cover only narrowly and which business policies often address through a specific insuring agreement.

Legal responsibility imposed on one party for the acts of another, such as an employer for an employee's negligence within the scope of employment.

Liability coverage for vehicles used in business that the insured does not own, including rented cars and employee-owned vehicles driven on company errands.

Use of a personal vehicle for work-related driving, which may fall outside a personal auto policy unless rated or endorsed, especially for delivery or livery.

An optional personal auto endorsement that adds liability and sometimes collision coverage during the period a driver is logged into a transportation network platform.

A personal auto provision excluding coverage when a vehicle is used to carry persons or property for a charge, including taxi and delivery-for-hire work.

Coverage for bodily injury or property damage caused by ownership or use of off-road vehicles, boats, or similar craft, often written as a separate policy or endorsement.

A small motorized craft ridden rather than sat in, such as a jet ski, which is commonly excluded or sublimited under homeowners and requires dedicated coverage.

An addition to a homeowners or personal auto policy extending liability coverage to described boats or personal watercraft, usually with size and horsepower limits.

Liability and physical damage protection for all-terrain and utility-terrain vehicles, which are typically excluded from unendorsed homeowners policies once off the residence premises.

Coverage paying to repair or replace a boat, ATV, or similar craft after collision, theft, fire, or other covered loss, subject to deductibles and stated values.

A settlement method in which the insurer and insured fix a dollar amount payable for a total loss, avoiding depreciation disputes on recreational craft.

A loss settlement method equal to replacement cost minus depreciation, often applied to older recreational equipment instead of agreed value.

Coverage for injury or damage caused by a golf cart, which is frequently excluded from homeowners and auto forms when used on public roads or for a fee.

A policy providing liability limits above the underlying auto, homeowners, and recreational policies, usually after those policies pay their required retained limits.

The minimum liability limits an insured must maintain on primary auto, homeowners, and other policies as a condition of umbrella coverage.

A specified amount the insured pays out of pocket before an excess or umbrella policy responds, commonly applied to losses not covered by any underlying policy.

A feature allowing an umbrella to pay from the first dollar, or at a lower attachment point, when a loss is not covered by the required underlying policy.

Coverage that sits above a stated primary policy and pays only after that policy's limits are exhausted, generally following the same terms as the underlying coverage.

Liability protection for non-bodily offenses such as libel, slander, invasion of privacy, and wrongful eviction, which umbrellas often add where primary policies do not.

An optional umbrella feature that raises protection for injuries caused by drivers with no insurance or limits too low to pay the loss.

A computer simulation estimating potential losses from hurricanes, earthquakes, wildfires, or severe storms by combining hazard, exposure, vulnerability, and financial assumptions.

An estimate of the largest loss likely from a catastrophic event at a given return period, used by insurers and reinsurers to gauge capital needs and capacity.

A separate, often percentage-based deductible that applies to losses from named storms, earthquakes, or other defined events instead of the standard flat deductible.

A percentage deductible, calculated on the dwelling limit, triggered when a named storm is declared by the specified weather authority within a defined time window.

A provision removing or restricting coverage for damage from a specifically defined storm while it is designated as such by an official weather or emergency agency.

A coastal property provision excluding or sublimiting damage from wind and hail, requiring a separate policy or endorsement to restore protection.

A state-created residual market providing basic property insurance to owners who cannot obtain coverage in the voluntary market, often with limited limits and forms.

Insurance purchased by an insurer to transfer part of its risk to another company, freeing capacity to write more business after major catastrophic events.

The practice of evaluating long-term physical and transition risks from changing climate patterns when pricing, accepting, and managing property exposures.

Actions such as defensible space, fire-resistant roofing, and brush clearance that reduce loss likelihood and may earn premium credits or eligibility with insurers.

The shortfall between potential flood losses and the coverage actually in force, because many homeowners assume their policy includes flood protection when it does not.

Coverage for personal losses from data breaches, online fraud, identity theft, and cyber extortion, increasingly offered as endorsements to homeowners or standalone policies.

A loss caused when someone is tricked into transferring money or data through impersonation, often addressed by a specific sublimit or endorsement.

Services and expense reimbursement that help a victim clear fraudulent accounts and repair credit records after personal information is misused.

Coverage sold at the point of a related purchase, such as a rental car, travel booking, or electronics sale, often through a digital partner platform.

A pricing approach that sets premiums from measured behavior such as miles driven or driving habits, typically collected through telematics devices or mobile apps.

A policy paying a preset amount when a defined measurement, such as rainfall or wind speed, is reached, without adjusting the claim for actual loss.