Topic
Property insurance
Insurance terms
Insurable risk
Business insurance is designed to protect your company against insurable risk, or the likelihood of a loss. But it’s important to understand that even the most comprehensive insurance policies don’t cover every type of risk.
Insurance terms
Named perils
Named perils coverage is a type of business property insurance that only protects you from hazards and risks explicitly described in your insurance policy.
Insurance terms
Open perils
A commercial property insurance policy that covers open perils protects your business possessions from most causes of loss or damage. However, this option is typically more expensive than a policy that covers named perils.
Insurance terms
Rider
A rider is an insurance modification that adds extra protection to a policy and enables businesses to customize it to their specific needs.
Insurance terms
Actual cash value
The actual cash value is how much your business property is worth in its current state. This value is calculated by subtracting the depreciation from the replacement cost.
Insurance terms
All-risk coverage
An insurance policy with all-risk coverage covers claims from all incidents that aren’t specifically omitted in your contract.
Insurance terms
Assessed value
Assessed value is an estimation of how much your property is worth. It is determined by your local city hall or a municipal assessor.
Insurance terms
Coinsurance
Coinsurance refers to either a property insurance clause that requires clients to purchase adequate coverage or a joint insurance policy provided by multiple insurers.
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