Glossary

A stop-gap endorsement is an endorsement that is primarily used to provide employers liability coverage for work-related injuries arising out of exposures in monopolistic fund states (fund workers compensation policies do not provide employers liability coverage). If the employer has operations in nonmonopolistic states, the endorsement is attached to the workers compensation policy providing coverage in those states. For employers operating exclusively in a monopolistic fund state, the endorsement is attached to the employer's general liability policy.

Stop loss is a form of reinsurance under which a reinsurer is liable for all losses, regardless of size, that occur after a specified loss ratio or total dollar amount of losses has been reached. It is also known as "aggregate excess of loss reinsurance."

Storekeepers broad form refers commercial crime coverage plan 3 of the Insurance Services Office, Inc. (ISO), portfolio. Coverage for various forms of crimes, including employee dishonesty, is provided under this form. The following coverage forms are mandatory for the plan: Employee Dishonesty (A) (CR 00 01 and CR 00 02); Forgery (B) (CR 00 03); Theft, Disappearance, and Destruction of Money and Securities (C) (CR 00 04); Robbery and Safe Burglary—Other than Money and Securities (D) (CR 00 05); and Premises Burglary (E) (CR 00 06).

A storekeepers burglary and robbery policy covers loss of property other than money and securities by robbery and burglary. The Insurance Services Office, Inc. (ISO), commercial crime coverage plan No. 4 is composed of coverage form D, Robbery and Safe Burglary—Property Other than Money and Securities (CR 00 05), and coverage form E, Premises Burglary (CR 00 06).

A storm surge is water that is pushed toward the shore due to the force of winds swirling around a storm advancing across a body of water. This advancing surge combines with the normal tides to generate the hurricane storm tide, which can lead to severe flooding in coastal areas. Numerous coverage disputes over the applicability of flood exclusions to storm surge losses caused by major hurricanes, such as Katrina (often called "wind versus water" cases), have arisen because this term is not often listed as an excluded peril in property insurance forms. Most courts, however, have ruled against coverage for these losses under standard property insurance policies, stating that "storm surge" is little more than a synonym for a "tidal wave" or "wind-driven flood," both of which are excluded under most property forms. Courts have generally ruled that only flood insurance policies cover these losses.

The Stowers doctrine holds that a liability insurer that undertakes the defense of an insured has a duty to act in good faith in settling a liability claim. It is named for a seminal Texas case, G.A. Stowers Furniture Co. v. American Indem. Co. , 15 S.W.2d 544 (Tex. Comm'n App. 1929). Courts have interpreted the "duty to defend" language in standard insurance policies as giving liability insurers absolute control over the conduct of the defense. Whether to settle a liability claim is therefore completely within the discretion of the liability insurer under the terms of the policy contract. If the injured party makes a pretrial offer to settle a liability claim for an amount within the liability policy limit, the insurer is not obligated to accept the offer and has the contractual right to take the claim to trial. To protect insureds from abusive practices, courts impose an extracontractual duty on insurers to act in good faith when deciding whether to reject a pretrial settlement offer that is within policy limits. If the insurer acts unreasonably and rejects a good pretrial settlement offer within policy limits, unwisely takes the claim to trial, loses, and the jury returns a verdict against the insured for an amount above policy limits, the defaulting insurer may be liable to pay the entire judgment under the Stowers doctrine, even the excess portion above policy limits.

A straight life policy is an ordinary life policy or whole life policy.

Countering strategic lawsuits against public participation (SLAPP) refer to a type of law designed to censor and silence critics. SLAPP lawsuits often involve high-profile, large, wealthy companies or individuals suing a less prominent defendant in an attempt to restrict or limit criticism. As such, SLAPP lawsuits (and anti-SLAPP laws) are particularly relevant for large media organizations and media professional liability. Many states have enacted anti-SLAPP laws to provide a cost-effective way for defendants to prevail in lawsuits that are perceived to restrict free speech on a public concern. Under most anti-SLAPP laws, an evidentiary burden shifts to the plaintiff (i.e., the plaintiff must show that they have sufficient evidence for a favorable verdict before the lawsuit can proceed). Furthermore, if a defendant successfully counters with an anti-SLAPP dismissal, they can recover reasonable attorney fees from the plaintiff.

Strategic risk refers to exposure to uncertainty arising from long-term policy decisions.

Stray risk insurance covers one voyage or a single venture.