Glossary

The prior and pending litigation exclusion found in most directors and officers (D&O) liability policies precludes coverage for claims from litigation that was pending prior to the inception of the policy.

A prior work exclusion is an endorsement sometimes attached to contractors' general liability policies.

Privacy notification and crisis management expense coverage refers to an insuring agreement contained within policies written to cover claims caused by data breaches.

A privately held corporation is a type of corporation whose shares are not for sale to the public.

Private carrier is a motor carrier that transports their own property by motor vehicle in interstate or foreign commerce to further their own business or commercial enterprise.

Private company directors and officers liability insurance insures directors and officers of privately held companies against claims alleging mismanagement of the firm.

Private crop-hail insurance is the first type of crop insurance written in the United States. It typically covers the single peril of hail.

A private equity firm is a company that raises money in private markets (i.e., from institutional investors such as pension funds or from wealthy individuals), rather than from public markets (such as major stock exchanges) and then uses these monies to make various types of investments.

A private letter ruling is a ruling by the Internal Revenue Service (IRS) regarding how a specific transaction will be taxed.

Private placement refers to an investment opportunity involving the sale of stock to investors, for which the normal, more involved, registration requirement with the Securities and Exchange Commission (SEC) is waived.