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"Prior acts" (or "nose") coverage transfers the retro-active date for an old policy to a new insurance carrier—eliminating the need to purchase tail coverage from the last carrier. Nose coverage is usually less expensive than purchasing tail coverage from the old carrier. Tail coverage costs 2–3 times the expiring premium.
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy.
Loan/lease payoff coverage, also known as GAP coverage or GAP insurance, [15] [16] was established in the early 1980s to provide protection to consumers based upon buying and market trends. Due to the sharp decline in value immediately following purchase, there is generally a period in which the amount owed on the car loan exceeds the value of ...
A full coverage car insurance policy generally includes liability insurance and your state’s other minimum coverage requirements (if applicable), plus collision and comprehensive coverage ...
Liability coverage also includes property damage liability, which pays for the damages you cause to the other party’s vehicle, as well as for damage you cause to items like fences, buildings and ...
Liability coverage, for instance, typically has state-mandated minimum limits that you must carry to register your car and drive it legally. Other coverage types, like comprehensive and collision ...
Directors and officers liability insurance (also written directors' and officers' liability insurance; [1] often called D&O) is liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for ...
The war risks areas are established by the London-based Joint War Committee. Increased Value (IV): Increased Value cover protects the shipowner against any difference between the insured value of the vessel and the market value of the vessel. Overdue insurance: This is a form of insurance now largely obsolete due to advances in communications ...
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