Glossary

Process wastewater is any water that comes into contact with any raw material, product, by-product, or waste.

A producer-owned reinsurance company (PORC) is a captive or a rent-a-captive cell owned or used by a broker or managing general agent (MGA) for reinsurance of selected risks that it produces for the purposes of retaining the underwriting income.

Producer is another term commonly used for an agent, broker, or other insurance representative who has responsibility for selling insurance.

A product is the subject of product liability insurance; defined in the standard Insurance Services Office, Inc. (ISO), commercial general liability (CGL) policies to include property—other than real property—manufactured, sold, handled, distributed, or disposed of by the named insured or others involved with the named insured in the stream of commerce.

Production contracts are risk transfer techniques often used by farmers who raise livestock, such as poultry.

Production of documents means to produce or bring forward, show, or exhibit documents deemed to be relevant to a legal action and is in response to a request for production of such documents.

Products-completed operations is one of the hazards ordinarily insured by a general liability policy.

Products guarantee legal liability is a specialty insurance coverage that insures the liability of a manufacturer for damage to the product resulting from the product.

Products tampering insurance indemnifies the insured for loss of net profit, chemical analysis, recall, examination, transportation, destruction, and extra expenses incurred to regain market share following a malicious product tampering incident.

Product liability is liability for bodily injury (BI) or property damage (PD) incurred by a merchant or manufacturer as a consequence of some defect in the product sold or manufactured.