Glossary

Personal and advertising injury refers to the following: (1) a standard coverage (Coverage B) of the 1986 and later commercial general liability (CGL) forms; (2) a defined term in the standard CGL since 1998, which combines elements of the earlier separate categories of "personal injury" (PI) and "advertising injury."

A personal articles floater is a personal lines inland marine policy that is used to cover scheduled personal property on an all risks basis. The policy is particularly appropriate for property that receives limited coverage under the homeowners forms, such as furs, jewelry, fine arts, silverware, cameras, musical instruments, stamp and coin collections, and similar property. Standard forms have been developed by both Insurance Services Office, Inc. (ISO), and American Association of Insurance Services, Inc. (AAIS). Coverage is also sometimes afforded in homeowners policies by endorsement.

A personal auto policy is a standard form promulgated by Insurance Services Office, Inc. (ISO), for insuring private-passenger-type autos owned by individuals. Private insurers also offer the PAP. The policy may be structured to provide a combination of liability, personal injury protection (PIP), medical payments, uninsured and underinsured motorists (UM/UIM), and physical damage coverages.

A personal effects floater is Insurance designed for tourists who desire worldwide coverage on their personal effects, which refers to transportable property of the type carried by tourists or travelers. This all risks coverage is sometimes procured by people who travel extensively in their motor homes and who do not have homeowners coverage. Since the personal property coverage in homeowners policies has been expanded in recent decades, personal effects floaters are not as commonly used today as they once were.

Personal Information Protection and Electronic Documents Act (PIPEDA) is a Canadian law that sets out ground rules as of January 1, 2001, for how private sector organizations may collect, use, or disclose personal information in the course of commercial activities. The law gives individuals the right to see and ask for corrections to information an organization may have collected about them. The Act applies to personal information about customers or employees, including personal health information, that is collected, used, or disclosed by the federally regulated sector in the course of commercial activities.

Personal injury coverage is found under the commercial general liability and homeowners policies. This coverage pertains to a category of insurable offenses that produce harm other than bodily injury (BI). As covered by the 1986 commercial general liability (CGL) policy, PI includes: false arrest, detention, or imprisonment; malicious prosecution; wrongful eviction; slander; libel; and invasion of privacy. Also addressed in the homeowners policy. Under umbrella liability insurance, a broad category of insurable offenses that includes both BI and the offenses defined as "personal injury" in CGL policies.

Personal liability coverage is provided by the homeowners policy and other personal lines forms that protects the insured against the financial consequences of liability to others for bodily injury (BI) and property damage (PD). This coverage also insures the cost of defense in addition to the policy limit.

Personal lines insurance is purchased by an individual or families (as opposed to an organization) to protect against personal risks.

The personal profit exclusion is an exclusion contained in nearly all directors and officers (D&O) and fiduciary liability insurance policy forms. The exclusion precludes coverage of claims against insureds who attain personal profit or financial advantage to which they were not legally entitled. For example, assume that an outside director sitting on a corporate board uses inside information to assist his own corporation in obtaining a contract with the company on whose board he sits. If a stockholder were to bring a claim against that director, a personal profit exclusion may preclude coverage for the claim. However, few policies apply the personal profit exclusion unless the claim of personal profit is factually established. From a practical standpoint, this means that coverage to defend against allegations of illegal personal profit applies, until it is proven that the insured did, in fact, obtain such profit. Accordingly, the policy always excludes actual damages that resulted from any illegal conduct.

Personal property is all tangible property not classified as real property.