Apartment Building Insurance Specialists
Glossary of Insurance Terms
Generally refers to liability insurance. It is the total amount of insurance coverage the insured has under the insurance policy, during the contract period, regardless of the number of claims.
Insurance that covers all losses except for those specifically excluded in the policy.
A deductible that applies to all buildings or locations covered by a policy.
Boiler and Machinery Coverage
Covers losses resulting from the malfunction of boilers and certain equipment and machinery. This type of coverage is generally excluded from property insurance creating the need for this separate insurance product. It will often cover the breakdown of elevators and HVAC systems.
An insurance agent that researches the marketplace for the benefit of insureds, not insurance companies.
Broker of Record Letter
A written statement signed by an insured advising an insurance company that a specific broker or agent is acting as the insured’s exclusive representative.
Building Code and Ordinance Coverage
An additional line of protection that pays for items that must be added as part of the rebuilding process to bring the property up to the current building codes.