Glossary

Total insurable value is a property insurance term referring to the sum of the full value of the insured's covered property, business income values, and any other covered property interests.

The total insured value provision in reinsurance agreements excludes coverage of individual properties in cases where total insured values across all property lines equal or exceed a certain level.

A total pollution exclusion eliminates virtually all coverage for pollution incidents, including those retained in the standard commercial general liability (CGL) policy despite its "absolute" pollution exclusion.

Towing operations are attending, servicing, or repairing a customer's auto at the location where it becomes disabled, including transporting the auto from that location to the repair garage.

The Toxic Substances Control Act of 1976 [15 U.S.C. §2601 et seq.] was enacted by the Environmental Protection Agency (EPA) to regulate the importation, production, use in commerce, and disposal of specified chemicals with the intent to ensure the safe use of such chemicals within American workplaces and in commerce.

Toxic tort is an action based on allegations that injuries or death were caused by contact with, use of, or ingestion of an insidious or poisonous substance, such as asbestos, polychlorinated biphenyls, or insecticides.

Tradable risk is the wide array of risks that share one fundamental characteristic—transparency.

Trade disruption insurance is a political risk insurance (PRI) that covers loss of gross earnings and extra expenses caused by a delay or nonarrival of supplies or stocks arising from foreign government actions or inaction. Such losses can arise from embargoes, expropriation, nationalization, interference with transportation, and similar actions. It is the most commonly written form of PRI and responds to changes in trade regulations or disruptions in trade conditions to either ensure that contracted goods are successfully shipped and paid for or that any resulting losses are compensated. Trade disruption insurance is generally written for short periods of time, from a few days to 2 years. Given the vast volume of world trade, trade insurance also accounts for the substantial majority of a PRI premium.

Trade dress refers to the distinctive design, color scheme, shape, or packaging of a product that distinguishes it in consumers' minds from other similar or competing products.

Trade libel is a standard peril covered under a media professional liability policy.