Glossary

Transportation expenses are the additional expenses paid under the personal auto policy (PAP) and the commercial auto policies. For the PAP, transportation expenses, such as rental car charges, incurred in connection with a covered comprehensive or collision loss are payable, up to a specified amount. A time-related deductible applies, for example, 48 hours when the cause of loss is theft, and 24 hours for other physical damage perils. For the business auto form, temporary transportation expenses incurred by the insured due to the total theft of a covered private passenger auto are provided, subject to a 48-hour deductible.

A transportation network company is a business model that offers prearranged rides or car rentals for a fee, utilizing an online application (app) via a mobile device to connect passengers or automobile renters with drivers/car owners. Examples of transportation network companies include Uber, Lyft, and Zipcar.

The Transportation Risk and Insurance Professional (TRIP) is a certification program that consists of a series of courses devoted to the transportation risk and insurance profession. Those who complete the program are entitled to display the TRIP certification to attest to their knowledge of transportation-related insurance and risk management and dedication to the industry. TRIP courses are approved for insurance agent or broker continuing education (CE) credit in most states. The TRIP program is administered by International Risk Management Institute, Inc., and delivered online at TRIP.

Travel agents errors and omissions insurance refers to policies covering claims arising from errors or omissions committed by travel agents when they arrange and plan trips. For example, after dining at a restaurant in St. Thomas, a woman was assaulted and, as a result, lost vision in one eye. She sued the travel agency, alleging that the area into which she had been booked was unsafe. Another example of a claim covered by a travel agents errors and omissions policy involved a business executive who sued a travel agent, alleging that he lost a multi-million-dollar construction contract because he arrived too late to submit a sealed bid by the appointed time. The connecting flight to his final destination on which the agent had booked him had been discontinued, but the flight appeared as "space available" on the agent's automated reservation system.

Travel insurance provides indemnification for (1) trip cancellation or interruption; (2) theft of, or loss to, property such as jewelry, cameras, baggage, or passports while on the trip; and (3) emergency medical and dental expenses during the trip. Travel insurance may be procured from travel agents or directly from certain insurers.

A treaty is an agreement between an insurer and a reinsurer stating the types or classes of businesses that the reinsurer will accept from the insurer.

Treaty reinsurance is a form of reinsurance in which the ceding company agrees to cede certain classes of business to a reinsurer. The reinsurer, in turn, agrees to accept all business qualifying under the reinsurance contract, known as a "treaty." Under a reinsurance treaty, the ceding company is assured that all of its risks falling within the terms of the treaty will be reinsured in accordance with treaty terms. A treaty relationship generally is a long-term relationship governed by a detailed treaty wording.

Trend analysis is a technique used by risk managers for forecasting future events, such as accidental and business losses. This process involves a review of historical loss data to ascertain patterns of change in loss frequency or loss severity; the results can be used to adjust projections previously established by probability analysis to produce forecasts that are more accurate. This analysis is appropriate for forecasting losses when the analyst assumes that past or future changes in the organization's operations, in technology, or in underlying economic or social factors are likely to change or modify a projection of losses based solely on probability analysis.

A trend factor is used in the loss forecasting process that accounts for increases over time in the dollar amount of losses sustained by an organization. Trend factors are applied to convert historical loss data to current dollars. For example, the Consumer Price Index and the US Claims Cost Indexes are sometimes applied to past losses for this purpose.

A trespasser is one who, without authorization, goes on the private premises of another without an invitation or inducement, expressed or implied, but purely for their own purposes or convenience and where no mutuality of interest exists between them and the owner or occupant. Certain forms of trespass have been held covered under personal injury liability coverage.