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PIKE Insurance Service has collected a list of Insurance Terms Definitions to help Contrators fully understand what they're getting themselves into when choosing an Insurance Carrier. The list is several pages, so PIKE listed each page of definitions, alphabetically. Use the navigation system to the right and browse the list of definitions by name or click through each page using the "NEXT PAGE " button at the top each page.

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Not sure where to start or what questions to ask? Let one of PIKE's Customer Service Reps. help you. PIKE is here to assist you with:

 
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Basic Name Perils

Covered perils in a property insurance contract: fire, lightning, windstorm, civil commotion, smoke, hail, aircraft, vehicles, explosion and riot.

BI

A shorthand expression for "bodily injury."

Bid Bond

Guarantees an owner, the "oblige," that the accepted contractor will actually undertake the work and that the contractor will furnish performance, payment, and, perhaps, maintenance bonds — or that the contractor will pay the owner the difference between the amount of the contractor’s accepted bid and the bid of another contractor who has to be called in to complete the project.

Binder

A binder is a legal agreement that serves to effect insurance coverage for a specified period of time until the actual insurance policy can be issued. A binder can be issued by either an insurance agent or company and must provide the following information:

  1. Name of insured
  2. Type of insurance coverage
  3. Limits of insurance
  4. Covered perils
  5. Name of insurance company

Binding Authority

The authority extended to an agent by an insurer to provide insurance, usually on a temporary basis, until a policy can be written.

Broad Form Property Damage Coverage Including Completed Operation

This coverage extension is of great value to the general contractor as respects "completed operations" property damage liability claims. Without it, the normal Comprehensive General Liability policy will not respond for "completed operations" claims (i.e., claims rising out of work performed on behalf of the insured by subcontractors or employees). With it, this exposure is covered.

Broadened Named Insured Wording (Broad Language)

Regarding liability coverage’s, these coverage’s will automatically apply to ". . . any affiliated, associated, allied or subsidiary company or entity (including subsidiaries thereof), now held or hereinafter acquired or constituted . . ."

Builder's Risk (COC)

Indemnifies for loss of or damage to a building under construction. Insurance is normally written for a specified amount on the building and applies only in the course of construction. Coverage customarily includes fire and extended coverage and vandalism and malicious mischief. Builders risk coverage can be extended to a "special" form as well. The builders risk policy also may include coverage for items in transit to the construction site (up to a certain percentage of value) and items stored at the site.

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