Bumbershoot is excess liability coverage for policyholders exposed to serious maritime risks. The policy covers both non-marine and maritime liability, i.e. defense and indemnification, general average, collision, claim and labor relations, as well as general liability risks.
The burden of proof is the standard by which a fact or statement must be proven. The burden of proof usually falls on one side or the other. It is almost always a worker in workers’ compensation cases.
The cost of incineration is the ratio of losses incurred up to a specified amount over and above the theoretical premium that would be required just to cover the losses.
Business Auto Policy (BAP) is a commercial automotive policy that includes auto liability insurance and coverage for physical damage to vehicles; other coatings are available upon approval. With the exception of automotive related businesses and trucking or trucking firms, the Commercial Vehicle Policy (BAP) meets the auto insurance needs of most commercial organizations.
Business continuation insurance is when a business owner dies, money to ensure the business can continue. This money can be used so that the surviving partner or co-owner can buy out part of the business of the deceased from his estate. The estate and the surviving family may not want this business, but they need the money. Life insurance provides the money to make this happen. Commonly referred to as insurance to finance a sales contract.
Business Continuity Management (BCM) is an integrated approach to business continuity planning, emergency response, and crisis management. It involves the development and management of strategies, plans and actions that provide protection or alternative means of operation for those business operations or processes whose interruption could threaten the company’s survival.
A business continuity plan (BCP) is a written document that summarizes the steps to be taken in the event of a natural or man-made disaster that assesses the ability of a business to recover from loss and subsequent business interruption. It is a hedge against the impact of a disruption on an organization. It typically includes the estimated recovery of lost business profits due to damage to: own businesses, key suppliers/customers, adjacent buildings, key assets (such as bridges, highways) and utility outages. The BCP describes the decision framework and extended mechanisms and procedures that enable an organization to maintain an acceptable level of operations in the event of a failure.
Business income insurance is commercial property insurance that covers the loss of income suffered by a business when damage to its premises, due to a covered cause of loss, slows down or suspends its operations. Coverage covers losses incurred during the time needed to repair or replace damaged property. It can also be extended to damages incurred after repairs have been completed within a specified number of days. There are two forms of business income coverage Office Insurance Services Office, Inc. (ISO): Business income and incremental expenses form (CP 00 30) and Business income coverage without additional expenses form (CP 00 32). Business Income Coverage (BIC) is also called business interruption insurance.
The Business Income Worksheet is a form used to estimate an organization’s annual business income over the coming 12-month period for the purpose of selecting a business income limit for insurance. The selected percentage or multiple of the organization’s estimated annual business income for the forthcoming 12-month period should be based on how long it would take to replace all damaged property and resume operations in the worst case loss case. For some organizations, this period may exceed 12 months. Most insurers require a completed business income table as a condition of activating the Agreed Value of Business Income Coverage option.