Glossary
The unnamed pilot exclusion, found in aircraft policies with a named pilot warranty, precludes coverage for any insured if the aircraft is piloted by anyone other than the pilot listed in the policy with the named insured's knowledge and consent.
Read MoreUnplanned retention refers to retention of losses by an organization because it fails to identify a loss exposure or fails or forgets to act on a loss exposure.
Read MoreUnrelated business refers to the insuring of risks not related to those of a captive's owner(s).
Read MoreUnrelated business income tax (UBIT) is paid on income earned in an affiliate.
Read MoreUnseaworthiness is a concept based on general maritime law that warrants that the vessel is reasonably fit for the intended use at sea.
Read MoreIn life insurance, unusual expenses are nonroutine expenses of the cedent for claims investigation, legal defense, or rescission actions.
Read MoreUpset coverage insures for damage to a crane caused by tipping. Most contractors equipment policies are written on an all risks basis that includes coverage for upset. However, tipping caused by attempting to lift more than the crane's specified weight-bearing capacity is likely to be excluded.
Read MoreUsage-based insurance is a type of auto insurance that tracks driving behavior via (a) devices installed in a vehicle or (b) a smartphone.
Read MoreUse and occupancy (U&O) insurance is an obsolete boiler and machinery (BM) insurance term for BM business interruption coverage.
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