Glossary
Lessees of Safe Deposit Boxes Coverage Form I is an outdated commercial crime insurance form used to insure against the loss of securities (not money) and property (other than money and securities) from within a safe deposit box in a vault at a financial institution.
Read MoreLess than truckload in the motor carrier industry means the motor carrier consolidates loads from multiple shippers into one cargo load.
Read MoreA letter of credit (LOC) is a legal commitment issued by a bank or other entity stating that, upon receipt of certain documents, the bank will pay against drafts meeting the terms of the LOC.
Read MoreLiability insurance is a form of insurance that applies to the obligation of the insured to pay damages arising out of legal liability to others.
Read MoreLiability Limits are the stipulated sum or sums beyond which an insurance company is not liable for payments due to a third party.
Read MoreThe federal Liability Risk Retention Act, enacted by Congress in 1986, was an expansion of the Product Liability Risk Retention Act of 1981 and addressed availability needs of commercial liability insurance in the market in the 1980s. The Act utilizes both risk retention groups (RRGs) and purchasing groups (PGs) to accomplish its purpose.
Read More