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616-805-8203

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Lansing, MI
517-482-7900

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Insurance Definitions:

Contingent BI/PD:Provides coverage for bodily injury and property damage claims that arise out of your professional services as an inspector (subject to all terms and conditions within your specific policy)

Independent Contractors:Employees or inspectors working for the firm who are given a 1099 instead of having payroll deductions taken from their pay. Inspector Protector provides for up to two Independent Contractors coverage at no additional cost. Over two Independent contractors there is a $50.00 charge per person.

Additional Insured:Policy includes Additional Insured for Agents and other Referring Parties.

Named Insured:The person or entity specified in the Declarations of the policy.

Wrongful Act:Any actual or alleged breach of duty, neglect, error, negligent misstatement, misleading statement or omission or Personal Injury committed solely in the conduct of the Insured’s Professional Services.

Insurance Definitions:

Additional InsuredAn individual or entity that is not automatically included as an insured under the policy of another, but for whom the named insured's policy provides a certain degree of protection. An endorsement is typically required to get additional insured status. The named insured's impetus for providing additional insured status to others may be a desire to protect the other party because of a close relationship with that party (e.g., employees or members of an insured club) or to comply with a contractual agreement requiring the named insured to do so (e.g., customers or owners of property leased by the named insured).

Additional Named InsuredAn individual or entity, other than the first named insured, identified as an insured in the policy declarations or an addendum to the policy declarations. Such an individual or entity would have the same rights and responsibilities as an individual or entity named as an insured in the policy declarations (other than those rights and responsibilities reserved to the first named insured only).

Annual AggregateThe maximum dollar amount that can be paid under a policy during a one-year period.

General Aggregate LimitThe total amount that will ever be paid by an insurance policy regardless of the number of claims made against it.

Building Ordinance CoverageProvides coverage when a community has a building ordinance stating that when a building is damaged to a specified extent (usually 50%), it must be completely demolished and rebuilt in accordance with current building codes rather than repaired. Special attention is required when establishing the amount of insurance.

Business Interruption InsuranceThis covers the loss of earnings as a result of damage or loss of business property. Reimbursement for salaries, taxes, rents, and other expenses plus net profits that would have been earned during the period of interruption can be included.

Debris Removal CoverageCovers the cost of removing debris after damage from fire or other covered peril that requires debris removal before reconstruction of the damaged building can begin.

General Liability or Business LiabilityThis is coverage in the policy that responds to covering lawsuits alleging bodily injury, property damage, personal injury, and advertising injury arising from premises, operations, products, and completed operations of the shop owner. This policy will provide for an attorney for legal defense and will pay up to the policy limits stated with in the chosen policy, in the event of settlement or an adverse jury verdict. The General Liability policy covers the insured shop itself and respective owners, directors, officers, and employees. In addition to General Liability, a shop owner can choose to have additional Professional Liability (Errors and Omissions) Insurance to cover certain types of lawsuits that arise out of the rendering of their services.

Products Completed OperationsThis coverage provides for damages arising out of products used, sold, handled or distributed by the insured shop. Completed Operations covers damages occurring after the services have been completed or after a product sold by the shop has been used for its intended purpose.

Personal and Advertising InjuryInjury arising out of an offense committed during the policy period occurring in the course of the named insured's advertising activities if such injury arises out of libel, slander, defamation, violation of right of privacy, piracy, unfair competition or infringement of copyright title or slogan. It covers legal defense costs and damages from lawsuits that claim false, malicious or misleading statements, advertisements, promotional flyers or brochures, web sites, etc.

Damage to Premises Rented to YouThis coverage is formerly known as Fire Legal Liability Coverage – it covers the shop owner’s liability to others if the shop owner occupies a leased or rented property for which the shop owner could be held legally liable for damage to the property due to a fire or an explosion.

Medical ExpensesThis coverage is available in various forms against expenses incurred for medical treatment and care as a result of bodily injury or illness, e.g., major medical expense, surgical expense, and hospitalization insurances. Insurance that covers expenses for medical treatment.

PropertyThis coverage in a policy responds to covered losses at specified locations to owned or leased buildings, machinery, equipment, inventory, supplies, and contents arising from perils such as fire, lighting, wind, hail, theft, vandalism, vehicle collision, etc. The shop owner is normally reimbursed for property losses on a replacement cost basis to the amount specified with in the policy. The Property portion should also provide coverage for the indirect loss of the shops income such as lost profits and continuing operating expenses which result when the shops operations are shut down or diminished due to a covered direct loss to building or contents. Special property extensions of the policy may add Inland Marine, Crime, and other coverage’s for losses to property off premises, property in transit, computer equipment, valuable papers, employee dishonesty, forgery & alteration, money & securities, and other types of losses if the shop owner so chooses to add these coverage’s.

Employment Practices LiabilityThis covers your business against claims by workers whose legal rights as employees of the company have been violated. Employment Practices Liability Insurance provides protection against many kinds of employee lawsuits, such as the following: · Sexual harassment · Discrimination · Wrongful termination · Breach of employment contract · Negligent evaluation · Failure to employ or promote · Wrongful discipline · Deprivation of career opportunity · Wrongful infliction of emotional distress · Mismanagement of employee benefit plans. The cost of EPLI coverage depends on your type of business, the number of employees you have and the various risk factors such as whether your company has been sued over employment practices in the past. The policies will reimburse your company against the costs of defending a lawsuit in court and for judgments and settlements. The policy covers legal costs, whether your company wins or loses the suit. Policies typically do not pay for punitive damages or civil and criminal penalties. Liabilities covered by other insurance policies such as Workers Compensation are excluded from EPLI policies.

CyberFlex CoverageThis coverage is intended to meet the needs of shop owners who have an active web site and whose activities on the site are geared to promote, advertise, and grow their business. This coverage is to help provide a peace of mind for these shop owners that have this internet exposure. CyberFlex coverage includes the following:

· Internet-related Personal and Advertising Injury Coverage protection for several liabilities arising out of content provided on a computer network, including the Internet.

· Worldwide coverage extending to the entire web site and including web site advertising for others via banner ads and links.

· Electronic Vandalism - for mid-sized businesses, this covers data damaged by hackers or viruses.

· Virus Damage and Web Site Vandalism - for small businesses, this covers data and equipment damaged by viruses. Also featured is coverage for business income and extra expense losses due to the willful or malicious alteration of a policyholder's Web site by another party.

· Web Site, Internet and Communications Services Business Income - covers the loss of income or extra expense incurred as a result of an interruption in Internet service, Web-site hosting service or e-mail access

· Denial of Service Attack - covers loss of income resulting from rogue traffic preventing legitimate customers from accessing a policyholder's Web site without physical loss or damage to data.

· Good Faith Advertising Expense - covers advertising expenses incurred solely to regain customer faith after a covered loss.

Professional Liability / Errors and Omissions LiabilityThis coverage with in a policy responds to covering lawsuits alleging certain wrongful acts, errors, or omissions arising out of the delivery or performance of professional services for a fee. Unlike the General Liability Policy which covers a different type of lawsuit, the Professional Liability Policy covers certain lawsuits alleging purely economic damages. Such pure economic damages lawsuits occur when the injured party alleges that they have suffered a monetary loss due to the failure of the shop to provide services in a timely fashion, failing to provide services according to generally accepted standards within the specific industry, or failing to perform services per the alleged terms within the specific industry.

Errors and Omissions LiabilityIn the service business customers can claim that the service they received was not up to the standards of that specific service industry or the service provided was done incorrectly, and that this error has cost them money or caused them harm in some way. In the litigious world we live in, many shop owners choose to protect themselves with an E & O insurance policy. This will cover the largest expense associated with an E and O claim which is the legal defense needed to prove liability or innocence. E & O policies are designed to cover many of these defense costs and ultimately the final judgment if the shop owner does not win the case.

Business AutoThis specific insurance covers owned, non-owned, and hired autos for liability, uninsured motorists, underinsured motorists, comprehensive, and collision. Even if your shop does not own any vehicles, you still need Non Owned and Hired Auto Liability to cover those who may be in your employment who may be running errands on behalf of the shop.

Workers' CompensationWorkers' Compensation Insurance may be required by state law with in the state that the shop is in operations in. This provides benefits to employees and uninsured subcontractors who are injured on the job. The benefits include payment of medical bills, lost wages, and lump sum awards for certain disabilities and disfigurements, and a death benefit. Most states require this coverage. Secure can easy add a Work Comp Policy to cover your employees or independent operators if you so choose.

UmbrellaAn Umbrella policy provides additional limits of liability coverage in $1,000,000 increments to help to protect against catastrophic claims. The Umbrella policy extends the limits of the underlying General Liability, Business Auto, and Employers' Liability Policies. Umbrella insurance can be a very inexpensive way to buy peace of mind against possibly losing everything a shop owner may own in a lawsuit. Secure can add this additional coverage and peace of mind for a very reasonable cost to your policy if you so choose.

Employee DishonestyThis specific insurance coverage is to cover a criminal act committed by an employee acting alone or in collusion with others against the shop or the shop owner. There must be intent by the employee to cause the shop a loss and to obtain a financial benefit for the employee or someone else. Coverage insures against loss of money, securities, and property other than money and securities it also extends to your customers property while at your premises.

Tenants Improvements for Increased Cost of ConstructionThis coverage provides additional limits of insurance for the possibility of increased cost that may be caused by enforcement of building, zoning or land use laws, in order to repair, rebuild or construct property damaged by a secured loss.

Business Income and Extra ExpenseThis coverage helps reimburse you for your actual loss of earnings for up to 12 months resulting from a covered loss to your property. It also helps with the extra expenses needed to set up and continue your operations, such as renting temporary shop space.

Equipment BreakdownThis will cover the cost to repair or replace equipment such as computers, air conditioning, phone systems from a loss or damage caused by mechanical breakdown or artificially generated electric current.

Money and SecuritiesThis helps cover stolen, destroyed or lost money and securities that maybe used in your business.

Water Damage Legal LiabilityThis will cover your liability if water damage as described in your policy, resulting in property damage to premises rented to you.

Identity RecoveryThis coverage applies to business owners whose identity has been stolen or is suspect that they are identity theft victims. It helps provide assistance in speeding the recovery process. It will also expense reimbursement up to the policy specified limit for covered expenses arising out of a defined identity theft event for speedy recovery

Forgery or Alternation CoverageThis type of insurance covers losses sustained through forgery or alteration of outgoing negotiable instruments made or drawn by you, or drawn on your account(s), or made or drawn by one acting as your agent. This includes loss caused by any of the following: · Checks or drafts made or drawn in your name, payable to a fictitious entity · Checks or drafts, including payroll checks, executed through forged endorsements · Alteration of the amount of a check or draft

Named Perils InsuranceAn insurance policy which covers only defined perils or causes of loss. This is the opposite of an All-Risk policy, which covers all perils except those specifically excluded.

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

Definitions are for informational purposes only. Please refer to policy for a complete list of coverage definitions.


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