Boiler The most common type of fired pressure vessel, water is heated

Fired Pressure Vessel Closed container, heated by the direct fire of burning fuel, can withstand internal pressure.

Unfired Pressure Vessel Closed vessel, not heated by the direct fire of burning fuel.

Expediting Expense Examples of expediting expenses are the payment of over time wages to make repairs, or the use of overnight shipping to obtain needed parts.

Suspension Condition Allows the insurer or any of its representatives to immediately suspend the insurance against loss to that equipment.

Joint or Disputed Loss Agreement If multiple insurers provide an organization’s equipment breakdown insurance and its commercial property insurance coverage disputes may occur.

Jurisdictional Inspections Condition Condition typically states that if any covered equipment requires inspection to comply with state, county, or municipal boiler and pressure vessel regulations, the insurer will perform jurisdictional inspections on the insured’s behalf.

Adverse Selection The tendency for people with the greatest probability of loss to be the ones most likely t purchase insurance.

Bankers Blanket bond Combination of a bond and insurance contract which provides the broadest coverage

Seasonal Increase Provision Provision include BOP that address fluctuatin personal property values by automatically increase the amount of insurance certain time periods

Crop Hail Insurance Insurance offered by private insurer that covers crops agains loss caused by hail.

Multiple Peril Crop Insurance(MPCI) Insurance offered by the federal government that covers unexpected production losses due to natural causes such as drought, excessive moisture/
Animal Mortality Insurance Insurance that covers loss of valuable animals, death resulting from accident…..

Feedlot Insurance A specialized type of livestock coverage that covers animals while in the custody of a commercial feedlot operator.

Financial Institution Bond A policy that covers the crime loss exposure of financial institutions such as banks, savings and loan institution.

Combination Safe Depository Policy A policy that enables a financial institution to cover loss of or damage to its customers’ property in the insured’s safe-depository.

Mortgage Impairment Insurance Insurance that protects a lending institution or mortgage servicing agency against losses arising out of the insured’s failure to maintain insurance protecting mortgage property.

Title Insurance Insurance that protects against loss resulting from defects in a title to real property.

Surety Bond A written contract that expresses one party’s promise to answer for another party’s failure to do something as promised

Principal The party to a surety whose obligation or performace the surety guarantees.

Obligee The party to a surety bond who receives the surety’s guarantee that the principal will fulfill an obligation or perform as promised.

Surety The party to a surety bond that guarantees to the obligee that the principal will fulfill an obligation or perform as required by the underlying contract, permit, or law.

Suretyship The obligation of one entity to answer for the debt, default, or miscarriage of performance of duties by another entity

Contract Bond A surety bond guaranteeing the fufillment of obligations under construction contracts or other types of contracts.

Bid Bond Contract bond guaranteeing that a contractor bidding on a construction or supply contract will enter into the contract and will provide a performance bond if the bid is accepted.

Performance Bond A contract bond guaranteeing that contractor’s work will be completed according to plans and specifications.

Maintenance Bond A contract bond guaranteeing that the work will be free from defects in materials and workmanship for a specified period after the project is completed.

Subdivision Bond A contract bond guaranteeing a local governmental authority that a subdivision developer will complete the subdivision in accordance with approved proposals and at the developer’s expense.

Supply Contract Bond A contract bond guaranteeing that a supplier will perform the designated supply contract according to specifications.

License and permit Bonds Surety bond that provide payment to the obligee for loss or damage resulting from violations of the duties and obligations imposed on the licensee or permit holder.

Public Official Bond A commercial surety bond guaranteeing that a public official will perform his or her duties faithfully and honestly.
‘
Court Bond A classification of surety bonds guaranteeing that a person an organization will faithfully perform certain duties prescribed by law or by a court or will demonstrate financial responsibility for the benefit of another until the final outcome of a court’s decision.

Attachment Bond A judicial bond guaranteeing that, if the court decides against a plaintiff who has requested attachment of the defendant’s property, the defendant will be paid any damages that result from the property attachment.

Release of Attachment Bond A bond that guarantees that the insured will pay any damages and court costs if the courts should decide in the claimant’s favor.

Appeal Bond A judicial bond guaranteeing that a plaintiff who appeals an adverse decision to a higher court will pay all court costs of the appeal.

Defendant’s Appeal Bond A judicial bond guaranteeing that a defendant who appeals an adverse decision to a higher court will pay the entire judgment, plus court costs and interest, should the higher court sustain the initial judgment for the plaintiff.

Fiduciary Bond A court bond guaranteeing that a person appointed by a court to administer the property or interest of others will faithfully perform his or her duties.

Miscellaneous Bond Any bond that does not fit well under the other primary categories of surety bonds formulated by the Surety and Fidelity Association of America.