Some Deemers insurance companies affix endorsements to property insurance policies in which all property damage (PD) is “assumed” to have occurred at a particular point in time. For example, an endorsement may provide that all covered PDs are deemed to have occurred at the time the damage occurred, regardless of when the damage was discovered. Under these types of endorsements, informally called “assessors” by some, the policyholder’s knowledge of the claim is irrelevant to which policy is initiated. As with “first knowledge” approval, a particular loss can only trigger one policy (assuming all affected policies have this provision type), but the actual policy that is triggered may differ between the two approaches.
A deep link is a link from one website to a specific page on another website without permission in a way that infringes or reduces the intellectual property rights or advertising revenue of the owner of the site it links to. In this situation, the linking site uses the intellectual property rights of the linked site to add value to the first site. For example, consider a publishing firm that provides its clients with information about human resources policies and procedures. His online material contains a series of links to a specific page on the HR consulting firm’s website. The consulting firm is suing the publisher, alleging that the links violate the consulting firm’s intellectual property rights. This is because the links enhance the publishing firm’s website by bypassing the consulting firm’s home page and minimizing potential compensation to the consulting firm. This is because the bulk of the consulting firm’s advertising revenue comes from the homepage. Liability coverage related to unlawful external links is available under the cyber threat and privacy insurance policies, in particular under the Website Media Liability Insurance Agreement. In addition, illegal direct links are covered by traditional forms of media liability insurance.
Defamation is any written or oral communication about a person or thing that is untrue and unfavorable. Media liability and general liability policies generally provide coverage for defamation claims (although general liability policies exclude such coverage for media business insureds).
Default insurance is designed as an alternative to tying contractors, default insurance is first party insurance that compensates the insured in the event that the insured contractor or subcontractor fails to fulfill their contractual obligations. Insureds are required to develop and implement rigorous procedures for pre-qualifying contractors and retaining a percentage of losses. Typically, this coverage is best suited for large projects or large general contractors with a significant percentage of subcontracted work and established relationships with subcontractors.
Debt maturity is the degree of risk inherent in a bond to which bondholders are exposed. An issue that is completely “cancelled” means that both principal and interest on the bonds are at risk of total loss.
The Defense Bases Act is a law that extends the LHWCA to certain categories of employees working overseas. The three main divisions of insured employees are: (1) those who work on military bases acquired from a foreign government after 1940, (2) employees of civilian contractors and subcontractors engaged in public works projects for the U.S. government outside the continental United States, and (3) persons employed outside the continental United States by a US employer whose purpose is to provide welfare or other similar services to the Armed Forces as approved by the Secretary of Defense.
A protection clause is an insurance clause in which the insurance company agrees to defend, in respect of the insurance provided by the policy, all claims against the insured person.
The Defense Expenses Supplements are intended for use in Commercial General Liability (CGL) policies. These non-standard confirmations state that if the insurer agrees to provide protection to the insured, but it is later determined that the claim will not be covered by the policy (and thus there is no obligation to protect), the insurer is entitled to reimbursement of the costs of protection incurred up to that point. The endorsement is intended to comply with court rulings in some states that the insurer’s right to reimbursement must be preserved in the language of the insurance policy. Some of the acknowledgments require the insurer to give written notice that coverage may not apply (reservation letter) and the insurer’s intention to seek reimbursement of defense costs if the claim is determined not to be covered.