Insurance BrokersGlossary
ACORD Form
ACORD forms are the standardised documents the US insurance industry exchanges. The ACORD 25 is the certificate of liability insurance.
July 24, 2026Read more →
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Glossary
The terms that decide whether coverage responds.
Plain definitions of the wordings, endorsements and conditions that come up in commercial policy and certificate work.
Industry
Topic
Insurance BrokersGlossary
Additional Insured
An additional insured is a party added to another's liability policy by endorsement. The certificate does not create the status. Only the endorsement does.
July 13, 2026Read more →
Insurance BrokersGlossary
Binder vs Policy vs Certificate
A binder is temporary evidence of coverage. The policy is the contract. A certificate summarises it for a third party. All three can disagree.
June 19, 2026Read more →
Insurance BrokersGlossary
Blanket Additional Insured
A blanket additional insured endorsement extends status automatically to anyone the named insured is contractually required to add, rather than naming each party.
August 13, 2026Read more →
Insurance BrokersGlossary
Certificate Holder vs Additional Insured
A certificate holder receives the certificate. An additional insured has coverage under the policy. The two are unrelated and confusing them creates real exposure.
July 6, 2026Read more →
Insurance BrokersGlossary
CG 20 10 vs CG 20 37
CG 20 10 grants additional insured status for ongoing operations. CG 20 37 covers completed operations. Contracts requiring both need both forms.
July 27, 2026Read more →
Insurance BrokersGlossary
Commercial General Liability
CGL covers third party bodily injury, property damage and personal and advertising injury. It is the policy most contracts name first.
August 28, 2026Read more →
Insurance BrokersGlossary
Completed Operations
Completed operations covers liability arising from work after it is finished. Additional insured status for ongoing operations alone leaves this uncovered.
July 20, 2026Read more →
Insurance BrokersGlossary
Declarations Page
The declarations page summarises the named insured, term, limits and forms. It is the index to the policy, not the policy itself.
June 17, 2026Read more →
Insurance BrokersGlossaryClaims
First Notice of Loss (FNOL)
FNOL is the first report of a claim to the insurer. What gets captured at that moment shapes the entire claim.
August 24, 2026Read more →
Insurance BrokersGlossary
Hold Harmless Agreement
A hold harmless agreement shifts liability by contract. It is not insurance, and it frequently reaches further than the insurance arranged to support it.
August 20, 2026Read more →
Insurance BrokersGlossary
Insurance Endorsement
An endorsement is a document that amends the policy. It is where coverage is actually added, restricted or changed, and it overrides the base form.
August 11, 2026Read more →
Insurance BrokersGlossary
Loss Payee
A loss payee receives payment for damage to property it has a financial interest in. It is a property concept, not a liability one.
September 3, 2026Read more →
Insurance BrokersGlossarySubmissions
Loss Run
A loss run is the carrier's claims history for an account. Underwriters read it before anything else in a submission.
September 2, 2026Read more →
Insurance BrokersGlossary
Occurrence vs Claims Made
An occurrence policy responds to losses that happen during the term. A claims made policy responds to claims reported during it. The difference decides who pays.
July 30, 2026Read more →
Insurance BrokersGlossary
Per Occurrence vs Aggregate
Per occurrence caps what one claim can pay. Aggregate caps the total for the policy period. A contract asking for a limit rarely says which it means.
June 9, 2026Read more →
Insurance BrokersGlossary
Primary and Non-Contributory
Primary and non-contributory means one policy pays first and does not seek contribution from the other party's insurance. It requires an endorsement.
August 21, 2026Read more →
Insurance BrokersGlossary
Professional Liability
Professional liability covers claims arising from professional services and advice. General liability excludes it, which is why contracts name it separately.
June 22, 2026Read more →
Insurance BrokersGlossarySubmissions
Statement of Values (SOV)
An SOV lists every insured location with its values and construction detail. It is the document underwriters price property risk from.
June 5, 2026Read more →
Insurance BrokersGlossary
Sub-Limit
A sub-limit caps a specific coverage below the policy limit. The certificate shows the headline limit, not the sub-limit that actually applies.
July 7, 2026Read more →
Insurance BrokersGlossary
Umbrella vs Excess Liability
Excess liability follows the underlying policy's terms. An umbrella can be broader. Contracts asking for total limits often accept either, but the wording differs.
August 26, 2026Read more →
Insurance BrokersGlossarySubmissions
Underwriting Appetite
Appetite is the set of risks a market actively wants. Submitting outside it wastes time on both sides and slows everything down.
August 3, 2026Read more →
Insurance BrokersGlossary
Waiver of Subrogation
A waiver of subrogation stops an insurer recovering from a third party after paying a claim. It must be endorsed, and it only binds the insurer that granted it.
August 12, 2026Read more →
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