December 13, 2017

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Package Policy

A single insurance policy which combines many different types of coverages resulting in a lower price than if each were purchased individually. Business owners packages typically combine automobile, liability and property coverages in to a single insurance policy.

Partial Disability Coverage

Insurance typically used to pay for job retraining and personal rehabilitation when an accident or injury renders you partially disabled. Partially disabled is defined as the inability to continue in your current vocation but still able to perform other occupations.

Peril

The cause of a loss. Examples of perils are fire, wind, an accident and acts of vandalism.

Personal Articles Floater

Insurance on items you have scheduled (listed), anywhere they might be and against all perils or causes of loss except those specified in the insurance policy.

Personal Automobile Coverage

Insurance for vehicles owned by individuals and not used for business purposes other than driving to and from work. Usually comprised of collision (stuff you hit with your vehicle), comprehensive (your vehicle) and medical coverages.

Personal Injury Liability Coverage

This insurance coverage protects against false arrest, detention or imprisonment, or malicious prosecution; libel, slander, defamation, or violation of right of privacy; and wrongful entry, eviction, or other invasion of right of private occupancy.

Personal Injury Protection Coverage (PIP)

Insurance for other people in your vehicle and pedestrians injured or killed in a motor vehicle accident. PIP covers medical expenses, lost wages, funeral costs, etc. for other parties when not be covered by other policies.

Personal Package Policy

A single policy for individuals which combines property, automobile and sometimes other coverages in to a single insurance policy resulting in a lower cost than if each were purchased separately.

Personal Property Floater (PPF)

Insurance for homeowners covering all household effects such as furniture, appliances and clothing. Typically does not require the items to be specified on a list or schedule but does have a fixed limit.

Physical Damage Coverage

Insurance against damage to tangible property. Automobile physical damage covers damage to your vehicle.

Plate Glass Coverage

This insurance coverage provides "special" protection, except for the perils of war, nuclear reaction, and fire. (Fire is covered under the building policy.)

This coverage is for full replacement cost and covers the expense of repairing frames, installing temporary plates, or boarding up openings.

Pleasure Use

A term used to indicate a vehicle is not used for any business purpose other than driving to and from work. Required to obtain private passenger automobile insurance.

Policy

A formal contract outlining the terms and conditions of the insurance provided by an insurance carrier.

Pollutants Cleanup and Removal Coverage

This is an aggregate first party coverage that applies to your expense in extracting "pollutants" from land or water at your location, if the release of the pollutants is caused by or results from a covered loss.

Pollution Legal Liability Coverage

Coverages

Pays on your behalf all sums you are legally obligated to pay as a result of emission, discharge, release, or escape of any contaminants, irritants, or pollutants into or on land, the atmosphere, or any water course or body of water, provided this results in "environmental damage."
Additionally pays to reimburse your expense for reasonable and necessary cleanup costs incurred in the discharge of a legal obligation validly imposed through governmental action, provided such expense is incurred because of "environmental damage."
Pays for defense of any claim or suit that is the subject of this insurance.
Coverage Response

"Claims made" coverage response (i.e., responds only to claims first made during the policy period and only for incidents that have occurred after the effective date of this coverage).

Pollution"Environmental damage" is defined in the policy as"the injurious presence in or on land, theatmosphere, or any water course or body of waterof solid, liquid, gaseous, or thermalcontaminants, irritants, or pollutants."

Pre-Existing Condition

Injury from an accident or sickness which occurred, began or was diagnosed before the insurance policy was in effect are pre-existing conditions and may be excluded from coverage.

Preferred Provider Organization (PPO)

A health insurance plan in which visits to member physicians and facilities are at a reduced cost but you may typically go to any doctor or facility of your choice. Most PPO plans do not require you to select a primary care physician.

Premium

The amount you are asked to pay for an insurance policy.

Private Passenger Automobile Coverage

Insurance for vehicles owned by individuals and not used for business purposes other than driving to and from work. Usually comprised of collision (stuff you hit with your vehicle), comprehensive (your vehicle) and medical coverages.

Products Liability Coverage

The liability for bodily injury or property damage incurred by a merchant or manufacturer as a consequence of some defect in the product sold or manufacturered or the liability incurred by a contractor after he has completed a job as a result of improperly performed work. The latter described part of products liability is called Completed Operations.

Professional Liability Coverage

Consultants and companies providing advice and services of any kind have exposures that are not usually insured by a Commercial General Liability policy. Among the more common types of organizations that have professional exposure are accountants, lawyers, computer consulting firms, investment advisors, insurance agents, data processing service firms, publishers, third-party administrators, teachers and anyone providing consulting services. A variety of Professional Liability and Errors & Omissions Liability policies are designed to protect individuals and companies for claims alleging negligence in the providing of specialized services.

Property Coverage

Protects against loss of or damage to buildings and personal property.

Property Damage Liability Coverage

Protects against loss caused by your negligent damage of someone else's property.

Protection Class

A scale of 1 to 10 used to measure the fire protection of every area in the United States. Ten is the worst and one is the best. The rating is based on such items as the water supply, the fire department and climate.

Protective Liability Coverage

Protects against claims arising from a secondary cause such as a business being sued due to the actions of an employee.

Punitive Damages

Punitive damages are awarded in civil law suits to discourage intentional wrongdoing, wanton and reckless misconduct and outrageous behavior. The majority of courts in the United States, including those of New York hold that punitive damages are not compensation for injury, but, instead, are private fines levied by civil juries to punish reprehensible conduct and to deter its future occurrence.