Glossary

Wage and hour indemnity coverage refers to a type of insurance that covers indemnity costs (i.e., settlements and judgments) resulting from wage and hour claims.

A wage and hour insurance coverage endorsement is a coverage endorsement that may be attached to employment practices liability insurance policy forms.

A waiting period deductible is sometimes used in business interruption and other time element policies, in lieu of a dollar amount deductible. It establishes that the insurer is not responsible for loss suffered during a specified period (such as 72 hours) immediately following a direct damage loss.

Waiver is the intentional or voluntary surrender of a right, claim, or privilege.

A waiver of inventory is a fire insurance policy provision that states that inventory will not be required in the event of a small loss.

Waiver of premium is the known relinquishment by an insurer of the right to collect premium from an insured.

A waiver of recourse endorsement is an endorsement to a fiduciary liability insurance policy that prevents an insurer from exercising its subrogation rights against an insured fiduciary.

A waiver of subrogation is an acknowledgment by an insurer that it has no right to subrogate against a liable third party after it has paid a loss on behalf of its insured.

Warehouse operators legal liability insurance covers liability that might be incurred by businesses that store property of others for a fee.

A warehouse to warehouse clause is a marine cargo insurance policy provision that extends the protection from the warehouse at which the shipment originates to the one at which it terminates.