| Appraised Value |
Value placed on property by a qualified expert |
| Auto Physical Damage |
Damage to University-owned vehicles |
| Bond |
Guarantee to pay if specific conditions are met |
| Business Interruption |
Coverage for lost revenue due to a covered occurrence |
| Certificate of Insurance |
Form that evidences insurance including insurer, coverage and limits |
| Collision |
A type of physical damage resulting from collision with another vehicle
or other object. |
| Comprehensive |
A type of physical damage not resulting from collision |
| Claims Made Coverage |
Coverage that responds to incidents arising on or after the policy retroactive
date and which are reported during the term of the policy. |
| Excess Insurance |
A layer of insurance coverage that is second to primary insurance |
| Indemnification |
Agreement wherein one party agree to pay for the loss or damage it causes
to another |
| Liability |
Legal obligation to reimburse for damages to third parties |
| Liquor Liability |
Amounts the University is legally obligated to pay to reimubrse for damages
to third parties arising out of the serving of alcohol |
| Occurence Coverage |
Coverage that responds to incidents arising from the coverage period -
regardless of when those claims are reported. |
| Premiums |
Amounts charged for insurance coverage. Premium factors include loss experience
and exposure. |
| Primary Insurance |
The first layer of insurance coverage |
| Replacement Cost |
The cost incurred to replace property with like, kind and quality |
| Reserve |
The amount estimated to be paid to resolve a claim |
| Restitution |
Proceeds recovered from a third party as recovery for damages or losses
incurred by the University |
| Retention |
The deductible amount of an insurance policy |
| Risks |
The term used to denote the exposure to damages involving human or physical
assets. |
| Salvage |
Any proceeds from repaired, recovered or scrapped property |
| Self-Insurance |
University funds set aside to meet losses it retains |
| Subrogation |
Any proceeds of negotiations or legal action taken against negiligent
third parties. |
| Total Incurred |
The sum of amounts and reserved for a claim |
| Umbrella Coverage |
A layer of insurance coverage that is second to more than one layer of
primary insurance |
| Volunteer |
A person providing authorized services to the University without compensation |
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