Glossary

Public Law 15 (McCarran Act) is a congressional act of 1945 exempting insurance from federal antitrust laws to the extent that the individual states regulate the industry.

Public liability insurance is insurance covering an insured's liability to third parties for causing bodily injury (BI) or property damage (PD).

A public officials bond is a guarantee by the surety that the specified public official will faithfully perform his or her official duties, including accounting for all funds entrusted to his or her care.

Public officials liability insurance provides liability coverage for the errors and omissions of public officials.

Public or livery conveyance use involves the transporting of people and/or goods for hire, such as by a taxi service, motor carrier, or a delivery service.

The public policy exception is a common law remedy to the employment-at-will doctrine that has been created by the judicial system.

The Public Risk Management Association (PRIMA) is an association of governmental risk managers that publishes a monthly magazine, sponsors seminars and an annual conference, and provides other services to its members.

Publishers liability refers to liability of a book, periodical, or other type of publisher arising from acts such as plagiarism, libel, or copyright infringement.

Punitive damages are damages in excess of those required to compensate the plaintiff for the wrong done, which are imposed to punish the defendant because of the particularly wanton or willful nature of their wrongdoing.

Authorized by the Liability Risk Retention Act of 1986, a purchasing group is a group formed to obtain liability coverage for its members, all of which must have similar or related exposures.