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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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Railroad Protective Liability

Liability coverage designed to protect a railroad from liability claims arising out of the operations of others on or adjacent to railroad property.

Rate Filing

Documentation filed by an insurer with the state requesting a change in the existing rates.

Rating Bureau

A private organization that classifies and promulgates manual rates (or loss costs).

Replacement Cost Coverage

This form of insurance provides coverage on the basis of full replacement cost without deduction for depreciation on any loss sustained, subject to the terms of the co-insurance clause. This coverage applies to both building and contents items as specified on the face of the policy. No deduction is taken for depreciation in arriving at the proper amount of insurance needed to comply with the co-insurance clause.

Risk Retention Groups (RRG)

Liability insurance companies owned by their policyholders. Membership is limited to people in the same business or activity, which exposes them to similar liability risks. The purpose is to assume and spread liability exposure to group members and to provide an alternative risk financing mechanism for liability. These entities are formed under the Liability Risk Retention Act of 1986. Under law, risk retention groups are precluded from writing certain coverages, most notably property lines and workers' compensation. They predominately write medical malpractice, general liability, professional liability, products liability and excess liability coverages. They can be formed as a mutual or stock company, or a reciprocal.

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