Glossary

Statutory capital is the amount of capital and/or surplus required in order for an insurance company to obtain and retain a license to do business.

Statutory coverages are lines of insurance required by law, such as workers compensation, auto liability, and pollution liability (for underground storage tanks and waste disposal sites).

Statutory inspections in boiler and machinery insurance are the requirement for inspection of pressure vessels as a condition of insurance.

Statutory insurance is insurance that the insured is required to buy under a country, state, or federal law.

Statutory law is that body of law that is enacted by legislative bodies.

A stay of proceedings is a temporary suspension of a legal proceeding by direction of the court, generally related to an appellate or procedural issue.

Step rate premium refers to life or health insurance policy that has built-in rate increases that are based on reaching certain ages or numbers of years in force.

Stevedores legal liability coverage provides liability insurance including coverage for care, custody, and control for stevedoring operations related to the exposures arising from the loading and unloading of cargo from vessels.

Stevedoring is the act of loading or unloading cargo from vessels.

A stipulation is an agreement reached between the parties. For example, both parties to a lawsuit might stipulate to certain facts so that neither party will have to prove those facts.