Glossary

An insuring agreement is that portion of the insurance policy in which the insurer promises to make payment to or on behalf of the insured. The insuring agreement is usually contained in a coverage form from which a policy is constructed. Often, insuring agreements outline a broad scope of coverage, which is then narrowed by exclusions and definitions.

InsurTech involves the use of technology to bring efficiencies to the insurance industry. Those engaged with InsurTech believe new tech players will disrupt the current insurance market by bringing coverage to a digitally savvy customer base. Customer expectations of seamless, instant transactions are increasingly the norm, and InsurTech's use of blockchain and artificial intelligence are promising—although yet to be proven in most scenarios. Much of the focus of InsurTech is on personal lines; however, it is starting to move into commercial segments.

Integrated disability management is adjusting claims for both occupational (workers compensation) and nonoccupational (employee benefits-related) accidents and absence.

Integrated excess policies can apply as additional coverage over one or more different types of primary liability policies, which are usually, but not always, written on a claims-made basis. Integrated excess policies are also known as "flexible excess" policies and most often apply as excess coverage over directors and officers (D&O), employment practices liability (EPL), and fiduciary liability policies. Integrated excess policies are written with a single, aggregate limit for all of the underlying coverages to which the policy applies.

Integrated project delivery (IPD) describes a cooperative business relationship where the project owner, the design team, and the primary contractor (and possibly key subcontractors) on a construction project collaborate for the design and construction of a project. The goal of the collaboration is to minimize conflict among participants and steer the project to a favorable outcome for all participants. A sharing of project risk/reward is a key feature of IPD.

Integrated risk is a risk financing technique that combines diverse coverages in a single multiyear policy or program with one or more shared limits of liability. These programs can help insureds obtain more efficient use of their risk capital and potentially reduce their risk transfer costs. In addition, these programs can be extended to include certain financial risks that are uninsurable in traditional insurance markets, such as currency fluctuations or commodity prices.

Intellectual property refers to intangible products of human intelligence, especially as one may be entitled to the commercial proceeds of such products, such as patents or copyrights.

Intellectual property defense cost reimbursement insurance provides coverage that reimburses insureds for legal expenses incurred to defend against lawsuits alleging that the insured has committed patent, trademark, or copyright infringement. Since the purpose of the policy is to pay defense costs only, there is no coverage for damages awarded against the insured if it is found that the insured, in fact, infringed upon another's intellectual property. The rationale for this approach is that such infringements are usually (although not always) intentional and that it would be against public policy to provide coverage for the insured's intentional acts.

Intellectual property infringement abatement insurance provides coverage that reimburses insureds for legal expenses incurred when an insured enforces a patent, trademark, or copyright against infringers. Since the purpose of the policy is to pay legal costs required to enforce intellectual property rights, there is no coverage for damages suffered by the insured that result from the infringement (e.g., lost profits because a competitor infringed upon a valid patent). The rationale for this approach is that such damages are often, although not always, recovered when an enforcement action is brought against an infringer.

An interchange agreement is between trucking companies wherein Company A has possession of Company B's trailer or equipment and agrees to be responsible for loss to such while in A's possession.