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ACCOUNTS RECEIVABLE - Provides coverage if accounts receivable records are damaged by an insured peril making them uncollectible, including cost to reconstruct such records.


ACTUAL LOSS SUSTAINED – Provides coverage for the interruption of business caused by the direct physical loss of insured property by an insured peril. Includes net profits, standing charges and extra expenses.


ADVERTISING INJURY - Injury from advertising – using others advertising ideas, or infringement of others copy right, trade dress or slogan.


BODILY INJURY - This provides coverage for damages, due to bodily injury, sickness, disease and/or death of others caused by your negligence.


BUILDING - Building, including fixed structures, fittings, fixtures, extensions and additions.


BUILDING BY-LAWS - The standard Replacement Cost policy usually excludes increased building costs due to the imposition of any bylaw or ordinance. Coverage is provided for increased in building costs due to by-laws.


BURGLARY DAMAGE TO BUILDING - Provides coverage for damage to the building caused by burglary or robbery or attempt thereat.


BURGLARY/ROBBERY/THEFT - Terms used in Crime Insurance. For a burglary to occur there must be visible signs of forced entry or exit. For Robbery to occur there must be violence or threat of violence towards insured. Theft provides broader coverage, but does not include mysterious disappearance.


BUSINESS INTERRUPTION (PROFITS) - A form of Business Interruption coverage which continues until the organizations profits have returned to the same position as prior to the loss occurring, subject to an indemnity period which is usually 12 months.


CONSEQUENTIAL LOSS/FOOD SPOILAGE - The word "consequential" means something following as an effect of result. It is an indirect result of the occurrence that causes the loss. For example, a cold storage area is without electrical power, foodstuffs spoil as a result or as a consequence. This is a consequential loss, not a direct loss.


CONTINGENT BUSINESS INTERRUPTION – A form of Business Interruption coverage where you suffer a loss of income due to a neighbouring premises, or contributing/recipient property, suffers loss or damage from an insured peril. You will be indemnified for you lost income.


DATA RESTORATION – Coverage for the additional costs of repairing or replacing Data as a result of an accident.

DEBRIS REMOVAL – Coverage is extended for the expense of removing debris caused by damage to property by an insured peril.


DEPOSITORS FORGERY - Coverage providing indemnification to the insured (and his bank) for loss caused by forgery or alteration of cheques, notes or other written promises to pay.


EARTHQUAKE – Damage to property caused by an earthquake.


ELECTRONIC DATA PROCESSING EQUIPMENT - Covers electronic data processing equipment for damage to the equipment, cost of reproduction of records, extra expense resulting from damage by a covered peril and included mechanical breakdown and electrical disturbances.


EMPLOYEE BENEFIT LIABILITY - Coverage to protect employers who may be held liable for errors and omissions in the administration of employee benefits programs.


EMPLOYEE DISHONESTY - Provides coverage for loss of property or money resulting from Employee Dishonesty.


EMPLOYERS LIABILITY/CONTINGENT EMPLOYERS LIABILITY - Provides coverage against the legal liability of an Employer for injuries to employees - coverage applies in situations where a worker does not come under any Workers Compensation law. Contingent Employers Liability extends coverage for claims by employees who are covered under Workers Compensation, but may bring suit against their employer.


EQUIPMENT - Furniture, fittings, fixtures, machinery, tools, utensils and appliances.


EQUIPMENT BREAKDOWN – Provides coverage for losses specifically excluded under the property policy such as explosion of pressured vessels, electrical arcing and mechanical/refrigeration breakdown. Coverage is provided for property damage and should include business income consistent with the property policy.


EXHIBITION FLOATER - Covers property on exhibition. Coverage is usually restricted to property anywhere in Canada or the continental United States of America except Alaska. Coverage also applies when in transit between insured's premises and an exhibition site and between exhibition sites.

EXPEDITING EXPENSES – Reasonable extra costs to make temporary repairs, speed up permanent repairs or to speed up permanent replacement.


EXTRA EXPENSE – Insures the additional costs incurred in order to continue as nearly as practicable the normal conduct of business following the direct physical loss or damage by the perils insured against.


FLOOD – Damage to property caused by flood.


GLASS COVERAGE - Provides coverage against all damages to glass, lettering, ornamentation caused by accidental breakage of such glass which occurs during the policy period subject to the exclusions in the policy.


HAZARDOUS SUBSTANCES – Coverage for the increased cost to repair, replace, clean up or dispose of affected insured property as a result of the involvement of a substance which ahs been declared by the government to be hazardous.


IN-TRANSIT – Provides coverage for goods in transit anywhere in North America.


INTERRUPTION BY CIVIL AUTHORITY – Insures the actual loss, not exceeding two weeks, while access to the premises is prohibited by order of civil authority. Must be due to a direct loss/damage to a neighboring premises by an insured peril.


LIQUOR LIABILITY - provides coverage in the event that claims related to liquor are made against the business. Most classically, such claims involve damages as a result of the actions of an intoxicated person.

MEDICAL EXPENSE - Pays medical expenses resulting from bodily injury caused by an accident on your premises, or locations next to your premises, or when caused by your operations. These payments are made without regard to your liability.


MONEY ORDER & COUNTERFEIT PAPER CURRENCY - Loss due to the acceptance in good faith, in exchange for merchandise, money or services; of any money order.


MONEY & SECURITIES - Provides coverage for destruction, disappearance or wrongful abstraction of money from a premise.


NON-OWNED AUTOMOBILE SPF #6 - Provides protection to the employer against claims arising from employees who use their own vehicles, or rented vehicles, in the course of their employment. In the event of an accident, the employee may have inadequate insurance to respond and may be sued by the third party. The third party can in turn sue the employer if the employee was using the car in the course of his/her employment.


OFF PREMISES POWER – Loss arising from the interruption of business resulting from the direct physical loss/damage to property located within 1klm of your premises. The property must be used to generate or supply services to the premises.


PEAK SEASON - this provides additional limits of insurance on property to reflect increases in values due to seasonal fluctuations.

PERSONAL INJURY - Injury other than those arising out of bodily injury such as false arrest, malicious prosecution, wrongful entry or eviction, libel or slander, violation of privacy.


PLANTS, TREES AND SHRUBS – Coverage for plants, trees and shrubs growing in the open on your premises.


PRODUCT LIABILITY – Coverage for claims arising out of your products sold, manufactured, handled or distributed.


PROFITS - A form of Business Interruption coverage which continues until the organizations profits have returned to the same position prior to the loss occurring subject to an indemnity period which is usually 12 months.


PROPERTY DAMAGE - This provides coverage for damage or loss of use of property of others.


POLLUTION CLEAN-UP – Expenses provided to clean up pollutants due to an insured peril.

SERVICE INTERRUPTION/FOOD SPOILAGE – Coverage where equipment not owned or operated by the insured causes loss to the insured as a result of an accident.


SEWER BACK-UP – Property loss due to the backing up of sewers.


SIGNS – Coverage for outdoor signs.


STOCK - Packing, wrapping and advertising material. Merchandise of every description, including food & beverage stock.


TENANTS IMPROVEMENTS - Improvements, alterations and betterments.


TENANTS LEGAL LIABILITY INSURANCE - Coverage is provided for damage to the premises which you lease or rent, but do not own.


VALUABLE PAPERS - Covers loss or destruction of valuable papers, notes, records, customer lists. This is all risks insurance that provides coverage at the premises, in transit and temporarily at the premises of others.


These definitions are for information purposes only to clarify certain terminology commonly used in insurance policies. It does not by any means replace or change any terms, conditions, exclusions or limitations of the policy wording currently in use by the insurer. The policy wording takes precedence over any other document issued.