A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability. The CGL policy was introduced in 1986 and replaced the “comprehensive” general liability policy.

A policy designed to provide protection against catastrophic losses. It generally is written over various primary liability policies, such as the business auto policy (BAP), commercial general liability (CGL) policy, watercraft and aircraft liability policies, and employers liability coverage. The umbrella policy serves three purposes: it provides excess limits when the limits of underlying liability policies are exhausted by the payment of claims; it drops down and picks up where the underlying policy leaves off when the aggregate limit of the underlying policy in question is exhausted by the payment of claims; and it provides protection against some claims not covered by the underlying policies, subject to the assumption by the named insured of a self-insured retention (SIR).

A commercial auto policy that includes auto liability and auto physical damage coverages; other coverages are available by endorsement.

A property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form; most builders risk policies are written on inland marine (rather than commercial property) forms. Coverage is usually written on an all risks basis and typically applies not only to property at the construction site, but also to property at off-site storage locations and in transit. Builders risk insurance can be written on either a completed value or a reporting form basis; in either case, the estimated completed value of the project is used as the limit of insurance.

A policy used to reduce the specific deductible provided in a Commercial Property Policy.

A commercial crime policy is a crime insurance policy that is designed to meet the needs of organizations other than financial institutions (such as banks).

The extortion expense coverage found in some professional liability technology policies covers the insured for reasonable and necessary expenses incurred as a result of a network extortion threat.

Directors and officers liability insurance is a type of liability insurance covering directors and officers for claims made against them while serving on a board of directors and/or as an officer.

Third-party employment practices liability coverage refers to a separate insuring agreement contained within employment practices liability insurance (EPLI) policies that covers liability claims brought by nonemployees (typically, customers, clients, and vendors) against employees of the insured organization.

Worker’s Compensation -The Alternative Assessment Procedure (AAP) is a special agreement between the Canadian provincial workers compensation funds that provides trucking companies with an optional assessment program that simplifies the reporting of payrolls and payment of premium in the various jurisdictions.

Associate in Fidelity and Surety Bonding (AFSB) is a professional designation awarded by The Institutes upon successful completion of five national exams, three of which are designed specifically for this program and two of which are Chartered Property Casualty Underwriter (CPCU) exams.