An additional insured is a party other than the named insured who receives coverage under a policy, usually through an endorsement required by contract.

An aggregate limit caps the insurer's total payments for all covered claims during the policy period, regardless of the number of occurrences.

A claims-made policy covers claims first made against the insured during the policy period, regardless of when the underlying conduct occurred.

The declarations page is the summary page of an insurance policy identifying the named insured, policy period, coverage parts, limits, deductibles, and...

A deductible is the amount the insured bears on each claim before the insurer's payment obligation begins.

Defense within limits means the insurer's payment of defense costs reduces the policy limit available for indemnity, rather than being paid in addition to it.

An endorsement is a document attached to a policy that adds, removes, or modifies coverage, and it controls over conflicting language in the base policy form.

An eroding limits policy is one in which defense costs reduce the available policy limits, leaving less money to pay a settlement or judgment as the...

An extended reporting period allows claims arising from prior conduct to be reported after a claims-made policy expires.

An insurance policy is the contract between an insurer and a policyholder that defines what losses are covered, what is excluded, how much the insurer...

The insuring agreement is the section of a policy that states what the insurer promises to cover, defining the scope of coverage before exclusions narrow it.

The named insured is the person or entity identified on the declarations page as the primary party covered by the policy.

An occurrence is an accident, including continuous or repeated exposure to substantially the same harmful conditions, that triggers coverage under a...

An occurrence policy covers injury or damage that takes place during the policy period, no matter when the resulting claim is made.

A per-occurrence limit caps the insurer's payment for any single covered event, regardless of the number of claimants involved.

A policy condition is a requirement the insured must satisfy for coverage to apply, such as notice, cooperation, or submission to examination.

A policy exclusion is a provision removing specified risks from coverage that would otherwise fall within the insuring agreement.

Policy limits are the maximum amounts an insurer will pay under a policy, typically expressed as a per-occurrence limit and a separate aggregate limit.

The policy period is the span during which coverage is in force, defining which occurrences or claims the policy addresses.

A retroactive date in a claims-made policy excludes coverage for acts occurring before that date, regardless of when the claim is made.

A self-insured retention is an amount the insured must pay out of pocket, including defense costs in many forms, before the insurer's obligations begin.

A sublimit caps payment for a specific category of loss at an amount lower than the policy's overall limit.

Tail coverage is the purchased extension allowing claims to be reported after a claims-made policy ends, protecting against later-arriving claims.