Soft Market is the one side of the market cycle, which is characterized by low rates, high limits, flexible contracts and high coverage availability. Related Terms# Hard Market# in the insurance industry, an upturn in the market cycle, with premiums rising and capacity for most types of insurance declining. May be...
Terrorism - the use of violence to produce terror for political or ideological purposes. Terrorism is distinct from war in that it need not be the act of a military force or be directed by a sovereign power. Foreign acts of terrorism may be certified as an insurable loss exposure under the Terrorism Risk Insurance Act...
Third-Party Beneficiary Principle allows a third party to sue to enforce a contract if the contracting parties intended to benefit the third party at the time the contract was executed.
Transit Coverage - inland marine coverage on the insured’s property while in transit over land from one location to another. Related terms# All Risks Coverage# Property insurance covering losses arising from any incidental cause, except those specifically excluded. This is different from named risk coverage, which only...